Litecoin Price Analysis: LTC Declines But Recovery Expected Soon

In the last 24 hours, the price of Litecoin has decreased impulsively to the downside but has found some temporary support. The decrease would be expected to continue but soon we are to see the start of another increase as the recovery should continue.

  • Further decrease could be seen to the $85 support zone before the 2nd wave ends.
  • After the completion of the current retracement, another upward move would be expected as the 3rd wave out of the starting upward wave is to develop.
  • If the price recovery gets stopped out at the $122 horizontal level on the three-wave move we have likely seen another corrective structure to the upside after another impulsive downfall.
  • But if the price manages to impulsively push the price above the $122 level and stay there on the next retracement it would more likely mean that we are seeing an uptrend continuation.

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Litecoin Analysis LTC/USD

From yesterday’s high at $100.6 the price of Litecoin has decreased by 9.73% as it fell to $90.32 at its lowest point today around which the price is currently being traded.

Some temporary support is found as the price decrease has been stopped out for the time being but we are yet to see if this support serves as a reversal point or are we to see the decrease continue.

On the hourly chart, you can see that the price to retest the horizontal resistance level on yesterday’s high and got rejected there which is why a breakout occurred below the lower ascending trendline.

This minor breakout indicates that the first-wave increased ended with the price retracing after.

If we are seeing the 2nd wave out of the higher degree five-wave move it could continue its downward trajectory to the support zone at $85-83 as to establish firm support before another impulsive move might occur.

Prior to the five-wave recovery, we’ve seen a complex WXYXZ correction ending from the yearly high at $144 which is a decrease of 44.62%. If this correction was another retracement in the uptrend from the 15th of December the now seen five-wave recovery could be the start of the next impulse wave as the uptrend continues.

However, more likely we have seen the completion of the bullish period from 15th of December as the 5th wave of the Minor degree ended at $144 level. If this is true, then we are now seeing the higher degree correction to the downside out of which the complex one would be its first wave.

That would make the recovery seen from last Wednesday the corrective upside wave before the price stars falling more impulsively to the downside.  In that scenario, the increase now projected to be the five-wave move would end as a three-wave one potently as an interaction with the $122 zone.

If the price doesn’t increase above the $122 horizontal zone and the rejection there pushes it back below $100 the likelihood of further decline would increase, but if the price starts moving impulsively above the level and finds support at the $122 zone on the next retracement, we would likely be seeing the uptrend continuation.

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Bitcoin Price Analysis: Recovery Expected to Hit $11,300+

Over the weekend we have seen the recovery continuation but another retracement below the 0.236 Fib level where the price is currently being traded. As the level was broken on the quick spike another increase above it would be expected to the next one at $11308.

  • Last Wednesday we’ve seen the completion of the WXY correction.
  • The recovery that followed is most likely to develop in a five-wave manner which is why another increase would be expected from here.
  • This recovery could be the sub-wave of the starting upward impulse or the upward correctional wave.
  • After an interaction with the 0.382 Fib level and the first retracement, we are to reevaluate the possibilities.

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Bitcoin Analysis BTC/USD

The price of Bitcoin continued decreasing last week and came down to $9162 at its lowest point on Wednesday. Since the price came down to those levels we have seen a recovery to the upside starting to play out with the price initially retesting the 0 Fib level for resistance after which strong bullish momentum was caught for breakage of the FIb level.

As the next Fib level at $0.236 was retested on Thursday, the price made a minor retracement below it on the next day but continued increasing over the weekend managing to move slightly above it, reaching $10986 at its highest point on Saturday which was an increase of 20.13% measured from the weekly low at $9162.

Currently, the price is being traded at $10560 as it fell below the 0.236 level and is consolidating in a sideways range. On the hourly chart below you can see that the price of Bitcoin ended its three-wave correction of a higher degree with the Y wave’s ending point being a lower low compared to the ending point of the W wave.

The Y wave ended on the projected level which makes the likelihood of the WXY correction ending more probable.

The recovery we’ve seen after has been showing impulsiveness with the price managing to increase by 14% last Wednesday in one hour. This recovery is likely to end as a five-wave structure as it could either be the start of the next uptrend impulse wave or yet another corrective upside move if the WXY correction is to get prolonged by two more waves.

As we are most likely seeing another increase after this minor retracement for the 5th wave to develop, interaction with the 0.386 Fibonacci level would be expected which would bring the price of Bitcoin to $11308.

From the first lower degree correction after the currently seen five-wave move ends we are to reevaluate the possibility of both outline scenarios.

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Litecoin Analysis: LTC Increases Over 31% This Weekend

Over the weekend the price of Litecoin has increased by over 31% with strong momentum as the majority of the increase occurred yesterday when the price increased parabolically.

  •  The price has exceeded the prior high and is currently inside the territory of the upper horizontal resistance range above $109.
  • Interaction with the upper resistance at $122 could be expected before the end of the increase.
  • As we are seeing the ending wave from the upward impulse, shorty a downturn should start.

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Litecoin Analysis LTC/USD

The price of Litecoin has followed the market’s bullish momentum over the weekend as it increased by around 31%, coming from Friday’s low at $88.6 to $116.154. The price is currently being traded at $114 as it has been stopped out around the resistance levels of today’s high but this might be only a temporary resistance as the price is set to continue its increase.

On the hourly chart, we can see that the price increased above the horizontal resistance level at around $109 and has entered the territory of the upper horizontal range as a breakout has been made both from the lower range and from the corrective structure made from 16th of May which was considered the 4th wave out of the five-wave impulse to the upside.

As we are seeing the development of the 5th wave another increase could be seen for the price of Litecoin as it hasn’t reached the upper horizontal resistance level at $122.3 with whom the interaction could be expected before the completion of the impulsive move.

We could have seen the end of the upward move as the price reached my target and is showing signs of struggle to keep up the upward momentum which we can see from the last couple of hourly candles and the wick from the upper side, indicating that the price encountered strong sellers pressure.

Since we are seeing the completion of the five-wave impulse which started on 29th of April which is the ending wave of the higher degree impulse, very soon we are likely to see the start of the higher degree downturn which would set to propel the price in a downward trajectory to some of the broken significant resistance levels as to establish and retest them for support.

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Bitcoin Analysis: BTC Continues Rising Over The Weekend, Further Gains Expected

Over the weekend the price of Bitcoin has started increasing again and with strong momentum as a breakout from the corrective triangle has been made.

This breakout momentum is the ending wave of the counts of all degrees which is why after its completion a higher degree correction is likely to take place, but not before further increase as the breakout momentum continues to push the price for another high.

  • The price exceeded the prior high as a breakout from the corrective structure was made, which validated that we are seeing the development of the 5th wave.
  • This 5th wave is from the Minute count from the impulsive move from 26th of April which is the 5th wave from the higher degree Minor count.
  • As it hasn’t developed fully another higher high would be expected before we see a sharp downturn in the market.

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Bitcoin Analysis BTC/USD

The price of Bitcoin was sitting at $7840 at its lowest point on Friday, from where we have seen an increase of 13.58% over the weekend as the price came up to $8905 at its highest point today.

Looking at the hourly chart, you can see that the price came up to the exactly projected levels for the ending of the 5th wave of the Minute count, but that doesn’t mean that the increase is over.

As we have seen a breakout from the ascending triangle and that with strong momentum, the price is now likely to continue moving to the upside as the 5th wave should develop fully.

The 4th wave correction has developed the ascending triangle from which, yesterday a breakout has been made and by looking at the wave structure it appears that It has developed on the first two waves out of the expected five-wave move which is why it is now most likely developing its 4th lower degree one, as we are seeing the yesterday’s momentum slowing down.

If this is true then another wave and I believe the final impulsive move to the upside would now develop after which we are to the higher degree downside move as the impulsive increase which started on 26th of April would.

This increase would be the 5th wave of the higher degree count which is why after its completion it would mean that the 7th of February would end.

The expected downside move would most likely lead the price of Bitcoin back to some of the broken resistance levels on the way up, as to retest them for support and the most significant one is at around $6250.

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Litecoin Analysis: LTC Price Rallies, Looking for over $106

The price of Litecoin fell yesterday inside the support zone around $85 where it found support and caused the price to switch trends in an impulsive manner. This could be an indication that another increase in the form of the 5th wave has started developing to the upside.

  • The price hasn’t gone below $85 before turning sharply the other way which means that it hasn’t entered the territory of the 2nd wave and implicates that we are likely to see another increase to the upside.
  • If the price started developing the 5th wave it is set to exceed to go above last Thursday’s high at $106.23.

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Litecoin Analysis LTC/USD

From yesterday’s low at $85.35 the price of Litecoin has increased by 12.39% as it came up today to $95.92 at its highest point around which the price is currently being traded. The price increased impulsively and parabolically which indicates strong bullish presence.

Looking at the hourly chart, you can see that the price came up to the level of the prior high made over the weekend and ended on Monday’s open after it fell inside the territory of the horizontal support range.

This could indicate that strong support is present at the $85 level area below which it is considered as the territory of the 2nd wave out of the five-wave impulse to the upside.

As of last Thursday, we’ve seen the end of the 3rd impulse wave, the downside movement which followed was likely the 4th and has ended yesterday on the interaction with the 1st waves ending point vicinity.

Considering the momentum seen afterward the movement which followed is the 5th wave. If this is true, then we are now going to see the price of Litecoin exceeding the last Thursday’s high at $106.23.

The price could go only to the significant horizontal resistance at $109.35 before the completion of the five-wave move as the interaction with the level hasn’t been made on the previous increase which would only be 3.2% more than the last Thursday’s high before the end of the impulsive increase.

As we are most likely now seeing the development of the 5th wave, after it ends I would be expecting a higher degree downturn in trend for the price of Litecoin.

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Bitcoin Analysis: BTC Price Recovers, Upside Break on The Cards

The price of Bitcoin has decreased yesterday but found support on the currently seen structure which looks like it is going to be developed as a symmetrical triangle out of which a breakout to the upside would look likely now that the price is in an upward trajectory again and hasn’t come below $7442.

  • An interaction made yesterday with the significant ascending support level made the price going in an upward trajectory which indicated strong support.
  • The increase seen from yesterday could be the start of the breakout momentum to the upside, especially considering that the price hasn’t entered the territory of the presumed 2nd wave.
  • This could also correctional as the price found resistance below yesterday’s broken minor horizontal support level at around $7895 which is now being retested for resistance

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Bitcoin Analysis BTC/USD

From yesterday’s low at $7556, the price of Bitcoin has increased by 4.68%, measured to the highest point the price has been today, which is at $7900.

On the hourly chart, we can see that after yesterday’s interaction with the ascending trendline the price found support there and has started increasing again and has recovered to the levels from which the downfall was made.

This recovery hasn’t still pushed the price above the prior high which is why I am still considering that we are seeing a downtrend and the recovery seen could be the retest of the broken minor horizontal support level which now serves as resistance.

This increase seen could also very well be the beginning of the next 5th wave to the upside which will shortly be verified if the price manages to continue moving to the upside. The possibility that the increase seen from last Friday being a five-wave impulse is still there as the price hasn’t entered the territory of the now labeled B wave which if impulsive would be the 2nd one out of the five-wave move.

As the price is in an upward trajectory this possibility looks more likely at this point which is why further upside would be expected with the price exceeding the prior high and potentially going above the resistance found at around $8300 level.

This would be the ending wave which is why after its completion I would be expecting the start of the higher degree downtrend.

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Litecoin Price Analysis: LTC Showing Signs of Weakness

Litecoin has been moving sideways from yesterday but has started to show first signs of the potently starting downtrend as the price moved below the minor ascending trendline made from last Friday. If the breakout confirms further downside movement would be expected.

  • If the price falls below $89.192 it would mean that the increase seen from Friday and over the weekend was correctional.
  • If the price continues moving to the downside and goes below $84.1 it would mean that the five-wave increase of a higher degree ended on last Thursday.

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Litecoin Analysis LTC/USD

The price of Litecoin has been moving sideways from yesterday and has mostly been hovering around $91.2 without managing to go above $92.5 which was its minor horizontal resistance point.

As the price hasn’t gone up above the mentioned level but a series of minor higher lows have been made and ascending trendline formed but today it got broken with the price spiking down to $89.45 at its lowest point today.

On the hourly chart, you can see that the price went below the ascending trendline which was formed from last week on Friday when the price started recovering after a decrease of around 20%.

Similarly like in the case of Bitcoin the price started to break out to the downside from the current structure but we still can’t say that this is a valid breakout as the price is above the significant horizontal level at $89.192 which isn’t significant as support on itself but is an invalidation level for the assumption that the recovery seen over the weekend is the start of the next impulsive move to the upside.

If we are seeing the 4th corrective wave taking place out of the next five-wave increase the price cannot enter the territory of the 2nd wave which would be below the mentioned level. The price already spiked down below it on Monday which increased the likelihood of the increase being a three-wave correction but the candle managed to close significantly above on the hourly chart which paints an inconclusive picture.

Last week the price reached $107 at its highest point on Thursday which could have been the end of the higher degree five-wave move but it could have also been the 3rd wave with the final one yet to come.

This is soon to be verified as the price is now likely headed further to the downside and if it goes below the third horizontal level seen on the hourly chart it would enter the territory of the 2nd wave from the higher degree and would invalidate the presumption of the 5th wave coming after.

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Bitcoin Price Analysis: A Breakout to the Downside Likely Started

The price of Bitcoin has been moving sideways from yesterday but it has now started to move to the downside. This downside movement could be another five-wave move like we’ve seen from last Thursday which would mean that the structure formed from there is an ABC of a higher degree count in which case another move to the upside would be expected.

The other possibility would be that the downside move could only be a minor one as the increase seen over the weekend is the expected upside move in which case the price cannot go below $7450.

  • A breakout started but it is still unconfirmed
  • The price needs to hold above $7450 if we are seeing an impulsive upward move.
  • If the price goes below it the increase seen from Friday was a three-wave correction.

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Bitcoin Analysis BTC/USD

From yesterday’s open at $8020 the price of Bitcoin has been moving sideways, hovering around the level but was mostly holding above $7893 until now when the price started moving below it with it currently being traded at $7802.

Looking at the hourly chart, we can see that in the last hour, the price of Bitcoin spiked down to $7757.1 level as the opening of the candle was on the horizontal support level.

As the hourly candle still hasn’t closed we still can say that a breakout occurred but it definitely looks like it has started. This horizontal level is only a minor one and isn’t all that significant, but this breakout could be an early indication of the expected downside move to some of the support levels out of which the closest one would be at the ascending trendline from 11th of May.

It is still unclear whether or not the increase seen from last Friday and continued over the weekend was correctional or impulsive. This would be verified soon as the price is starting to move to the downside and if it goes below $7450 level it would mean that the increase was correctional as the price would enter the territory of the now labeled B wave which if impulsive would be the 2nd out of the five-wave increase.

If the price holds above the level and starts moving to the upside again a more likely scenario would be that the increase seen over the weekend is another five-wave impulse wave which is set to push the price for a breakout from the descending trendline and higher then the last Thursday’s high at $8300.

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Litecoin Analysis: Is LTC Headed for a Correction?

The price of Litecoin has spiked down below the significant horizontal level at $90.5 which could indicate that we are seeing the three-wave correction from last Friday to the upside instead of the next impulse wave.

If this is true, then the price is now headed for further downside movement as the five-wave impulse ended last Thursday with the downfall made after being the first wave of the higher degree to the downside and the recovery seen over the weekend being it’s second.

  • Litecoin has fallen below its significant indication level which means that we are likely seeing the start of the next impulsive move to the downside shortly.
  • Last Thursday’s high is in that scenario the ending point of the increase was seen form 26th of April.
  • The further downside would be expected from here, although confirmation is awaited.

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Litecoin Analysis LTC/USD

From Monday’s open at $96.116 the price of Litecoin has decreased by 7.32% as it came down to $89 on the same day.

Since yesterday’s low, a small recovery has been made with the price currently being traded at $90.7 but the momentum looks like it’s slowing down as a lower high has been made compared to the previous one, made close to today’s open.

Looking at the hourly chart we can see that the price came down to the significant horizontal support level last Friday around the vicinity of the 1st wave out of the five-wave impulsive move which started on 26th of April which could be the wave 4 if the impulse hasn’t ended.

As strong sellers momentum has shown last week the downfall made could be the start of the higher degree downside move as the five-wave impulse ended on Thursday which is soon to be verified.

An interesting situation occurred yesterday for the price action development of Litecoin, namely the price fell below $90.5 level which was the significant indication level of labeling behind the increase seen from last Friday.

If the downfall made on Friday was the 4th wave the increase that followed should be the start of the next impulsive move, but as the price fell below the mentioned level and spiked down further it entered the territory of the presumed 2nd wave which it cannot do on the 4th wave which is why I am considering that more likely the five-wave impulse ended and that the increase seen ended as well as the three-wave correction after the initial downfall.

What’s interesting is that the price made a large wick to the downside so we still cannot say conclusively that it entered the 2nd wave’s territory as the candle hasn’t closed inside its territory and the price made a recovery above the significant horizontal level.

We are shortly going to see the proper validation but for now, it more likely looks like the price is heading further down as the five-wave increase from 26th of April likely ended.

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Bitcoin Analysis: BTC Needs to Overcome Strong Resistance at $8200

From Monday the price action of Bitcoin has created a head and shoulders pattern with the expected downward move which has developed like expected yesterday.

The price has increased above the H&S pattern’s horizontal level but has shown signs of weakness as it found strong resistance before managing to exceed the prior high.

Now further downside would be expected as the correctional three-wave move to the upside ended which is set to be shortly confirmed by the price action movement.

  • The price has encountered strong resistance at around $8200.
  • We have likely seen a three-wave correction to the upside from last Friday
  • The further downside would be expected to around $7100-7000 area.

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Bitcoin Analysis BTC/USD

From Monday the price has been decreasing and came down to $7676 as the price action created a head and shoulder pattern which is considered to be the “top” pattern.

As the price fell another upside move has been made after but with the price struggling to exceed the Monday’s high before showing signs of weakness as it encountered resistance below it at around $8020.

The price is currently being traded at $7936 and has been in an upward trajectory since yesterday but as it hadn’t exceeded the previous high on the yesterday’s upward momentum it is now likely headed down to some of the significant support levels out of which the currently most significant one would be the ascending trendline made from 11th of April.

Last Thursday the price reached the end of the 5th impulsive move of the lower degree count which is why we’ve seen a straight downfall after.

As this downfall was made in a five-wave manner the increase that followed is likely a correctional one if it ends as a three-wave move, and considering that the price has shown the signs of weakness it is likely to end as a three-wave increase.

This still hasn’t been confirmed as the price hasn’t fallen below the invalidation levels and hasn’t come up above the prior high which would mean that the move has been made in five waves.

This makes the outlook uncertain but the most likely outcome would be that we have seen the end of the higher degree 5th wave of the Minor count on last Thursday in which case the price action movement that followed would be viewed as correctional one.

The other possibility would be that price is now headed for further upside movement with the increase seen from Friday being the start of the next five-wave increase but considering the resistance shown and the impulsiveness behind the decrease seen last week I don’t believe that’s likely.

More likely we are seeing the higher degree move to the downside out of which the last weeks decrease is its starting wave with the increase seen after being a correctional second wave of a higher degree.

This would soon be verified as the price is to shortly interact with some of the significant levels but for now, I would be expecting further downside movements potentially back below $7000.

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Litecoin Analysis: LTC Needs to Hold Above $90 for Further Gains

The price of Litecoin has decreased impulsively from Thursday to Friday when it came down to its significant horizontal support area after which we have seen a slight recovery over the weekend.

This recovery we’ve seen over the weekend could be the start of the 5th wave if it hasn’t ended or it could be a correctional three-wave move to the upside as the 5th wave ended on Thursday.

  • The price needs to hold above $90.5 if we are seeing the impulsive move to the upside developing.
  • If the price continued moving below $90.5 we have seen the end of the three-wave correction to the upside which means that shortly another impulsive move to the downside would start similar to the one seen from Thursday to Friday.

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Litecoin Analysis LTC/USD

Last Thursday, the price of Litecoin came up to $106 at its highest point from where a decrease of 19.31% has been seen until Friday as the price came down to $85.564 at its lowest point.

As Friday’s low was made to the significant support area the price started recovering and came up over the weekend by 12.42% measured to today’s open at $96.187. Since today’s open the price has started moving to the downside again and is currently being traded at $91.2.

On the hourly chart, you can see that the price came down to the horizontal support zone around the vicinity of the ending point of the first wave which broke out for the descending channel on the 30th of April which could mean that it was the 4th wave out of the five-wave impulsive move.

It is presumed that the impulsive move ended on Thursday especially considering that the price started decreasing fast with strong momentum in which case we are seeing the correctional structure developing or even the higher degree downside move.

This will soon be verified as the price is now in an upward trajectory and has developed a three-wave structure which if corrective has ended with the price now headed to the downside which already started. But as it is holding above the Friday’s high which is the first wave of the now developing move it could very well be the 4th wave of the next five-wave move to the upside.

If the price manages to hold above $90.51 and starts moving to the upside above today’s high at $96.56 we are likely seeing another impulse wave which would be the ending one, but if it continues its downward trajectory and starts moving below $90.51 we are most likely seeing further downside movement below the horizontal support zone.

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Bitcoin Analysis: BTC Price Recovers & Hits Resistance Level

The price of Bitcoin has recovered from Friday’s decrease over the weekend and came up close to the levels of the starting point of the mentioned decrease before showing signs of the top as the head and shoulder pattern developed.

This is now very likely to end with more downside movement as the three-wave structure developed which is likely to end as a correction to the upside.

  • Bitcoin increased by over 15% but came back to the significant resistance area at the prior high and is showing signs of weakness.
  • The increase seen over the weekend is likely correctional which is why another downside move would be expected shortly.
  • Another possibility would be that the price started the final 5th wave as it hadn’t ended but this is not as likely.

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Bitcoin Analysis BTC/USD

On Friday, the price of Bitcoin has been in a downward trajectory with strong momentum as the cryptocurrency decreased from $7917 to $7105.7 at its lowest point.

From there the price has started increasing again and has continued doing so over the weekend until today’s open when the price reached $8215 which is an increase of 15.62% but since today’s open the price has started decreasing again and is currently being traded at $7881.

Looking at the hourly chart, we can see that the price of Bitcoin recovered the downfall which started last Thursday with the price getting close to the starting point of the mentioned decrease but has come slightly lower than its highest point before showing signs of weakness.

The downfall which started on Thursday was made in a five-wave manner and with the increase, after developing in three waves we could be seeing the development of the higher degree 5-3-5 correction after the 5th impulse wave ended.

The price action has formed a head and shoulders pattern with the horizontal level at $7890 serving as support which was also indicated by the large wick from the downside seen on the last couple of hourly candles. This could be the first sign that the price of Bitcoin isn’t heading higher on the currently seen upward momentum which started on Friday.

If we are seeing the development of the ABC correction after the 5th impulse wave ended the price is now likely to develop the C wave which would also be in a five-wave manner similar to the downside movement seen from Thursday to Friday.

If this occurs the price would likely find support on the still unconfirmed ascending trendline but if it goes below it and is developing an ABC correction it could end around $6980 area.

The other possibility would be that the decrease seen on Friday was the 4th wave retracement from the previous wave which would mean that the increase seen after is the ending 5th wave and is likely to continue moving further up, but in either way, I would be expecting a retracement first.

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Litecoin Analysis: LTC Needs to Hold Above $87 for Bullish Outlook

The price of Litecoin has started decreasing with strong momentum with a decrease made of over 18% from yesterday’s high. This could indicate that the price entered the seller’s territory as it came up spiking impulsively close the next significant resistance point.

There is still a possibility of another wave to the upside which is soon to be verified from the price levels, namely if the price manages to hold above the current levels but it looks more likely that the expected downturn has started.

  • The sharp downturn has been seen which could be the beginning of the higher degree downtrend
  • The price needs to hold above $87 for the possibility of another increase to be considered before the starting downtrend of a higher degree
  • If we see the price fall below $87 it would enter the territory of the lower range with more downside to be expected.

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Litecoin Analysis LTC/USD

Litecoin has decreased by 18.96% from yesterday’s high at $106.26 as it came down to $86.11 at its lowest point today. The price is currently being traded at around $87 as temporary support has been found at the lower range resistance level.

Looking at the 15-min chart, we can see that the price of Litecoin fell to the significant resistance zone from the vicinity of the 1st wave’s ending point where it found some support and has retested the level on two occasions.

The downfall was made after the price interacted with the resistance level of the expanding triangle in which it was since the last run up from the horizontal resistance zone and a breakout form the structure has been made.

This breakout could indicate that the five-wave increase ended as the price started moving impulsively to the downside. There could still be a possibility of another increase as the price hasn’t come up to the significant horizontal resistance at $109.35 for an interaction in which case the expanding triangle wave structure would still be the part of the 3rd wave.

This will soon be verified as the price is on the 1st wave’s ending point vicinity so if it starts entering the territory of the 2nd the possibility would be overruled.

More likely we’ve seen the completion of the upward move which was a five-wave impulse and as the price started moving impulsively to the downside with strong momentum it could very well be the start of the higher degree downtrend.

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Bitcoin Analysis: A Sharp 15% Drop in BTC Price, Where Next?

The price of Bitcoin reached its extension limits yesterday and has likely ended its bullish momentum from 26th of April which is why a sharp downturn has occurred.

This downturn was expected and now that it has started we could be seeing the start of the higher degree movement to the downside.

  • Bitcoin has decreased by over 15% from yesterday’s high indicating strong bear presence.
  • As the ending wave likely completed we are seeing the higher degree downtrend developing with the price of Bitcoin potentially going to $6250 for a retest of the broken resistance area.
  • If we are seeing the higher degree downtrend the price is now headed to some of the significant support levels but as the bullish structure developed fully and the momentum behind today’s selloff is strong it could end as a correctional upswing before further lows.

Bitcoin Price BTC

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Bitcoin Analysis BTC/USD

Bitcoin reached $8302.4 at its highest point yesterday but started decreasing from there at first slowly but then with strong momentum as the price fell to $7005.8 at its lowest spiked today which was a decrease of 15.62%.

The price is currently being traded at $7269 as a small recovery has been made.

Looking at the 15-min chart, we can see that the price broke out from the ascending channel on the downside and has come down to its first significant support level around the 0.236 Fibonacci level where it is establishing support.

The ascending channel was viewed as a continuation pattern with another final push to the $8515 significant horizontal resistance level expected to play out but it now looks like the 5th wave of every count has ended which is why a sharp downturn has been made.

This sharp downturn was expected after the completion of the 5th wave and now that the ending wave has developed fully it likely started. The five-wave move seen from 26th of April is considered the 5th wave from the higher degree count which also ended with the mentioned wave as it is the sub-wave of the impulsive move.

This is why now I would be expecting to see the price of Bitcoin going significantly lower than the current levels as the price is in a lookout for support.

The Fibonacci level currently offers support but strong seller’s momentum has been seen in the last 24 hours which could indicate that the higher degree downturn has in fact started.

The price of Bitcoin could now go back to $6250 significant resistance area for a retest of support but since the area hasn’t offered much resistance on the way up it is still unclear whether or not the level will serve as support which opens the possibility of further lows.

The post Bitcoin Analysis: A Sharp 15% Drop in BTC Price, Where Next? appeared first on Blockonomi.

Litecoin Price Analysis: LTC Price Increases 28% Over Weekend

The price of Litecoin increased by 28% over the weekend but strong selling pressure was exhibited since. The increase made, broke out from its descending triangle like expected and came up to the projected level but hasn’t done so in the expected fashion which could impact the overall count.

  • Price increased but the momentum is slowing down
  • Sharp decline has been seen which could be an early indication of the selling being activated
  • The price needs to hold above $84 for the bullish scenario to be considered

Litecoin Price

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Litecoin Analysis LTC/USD

Over the weekend the price of Litecoin increased by 28.13 as it came up from $73.68 on Friday’s low to $94.412 at its highest point on Sunday but the price declined by over 10%, falling down to $84 level on the same day above which it has been traded currently.

On the 15-min chart, you can see that the price came up to the projected level but hasn’t come down first like expected.

The presumed B wave ended inside the descending triangle on the last ABC correction of the Subminor count but this doesn’t reflect the higher degree count which is viewed as potentially correctional because the price broke out from the descending channel on 30 of April in a three-wave manner.

This breakout could very well be the first wave of the five-wave impulse to the upside in which wave case the price cannot go below the $84 level which it has successfully done since Sunday, but as the price came down indicating strong sellers pressure it might start doing so very soon.

If however, the price holds above it and from today’s low we see further increase above $94.35 it would mean that we have seen the five-wave impulse potentially as the first wave of a higher degree rather then an ABC correction to the upside.

After the price completes the current increase we are soon going to receive a proper validation but as the price structure is currently forming another micro ascending structure it is likely to end as another minor increase that could be the second wave of the higher degree move to the downside and especially as the price action moved in five waves but correctively this looks like a more likely outcome.

The post Litecoin Price Analysis: LTC Price Increases 28% Over Weekend appeared first on Blockonomi.

Bitcoin Price Analysis: BTC Broke Significant Resistance, Bull Market Incoming?

The price of Bitcoin broke the significant resistance area around $6250-6500 and made substantial gains over the weekend. This breakout is highly significant as it could indicate the end of the bear market but the price now needs to hold above it before for a proper confirmation.

  • The price increase is the ending wave of the Minute impulse but the further increase could be seen if the Minuette impulse hasn’t ended.
  • A sharp decline occurred on Sunday which could be an early indication of the starting downtrend as the price reached its top according to an alternative count
  • Today’s increase would in either way be the ending upside movement before a higher degree downtrend.

Bitcoin Price BTC

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Bitcoin Analysis BTC/USD

From Friday, when the price of Bitcoin was $6220 at it’s lowest point we have seen an increase of 19.31% measured to yesterday’s high at $7421.6. but immediately made a corrective decline to $6870.  Since yesterday the price has started increasing again as it came up to $7341.4 at its highest point today.

Looking at the 5-min chart, we can see that the price broke out from the significant resistance encountered at around $6250-6500 with strong momentum.

This breakout hasn’t been my primary expectation as I thought that we are seeing the 5th wave as an ending diagonal but the ascending structure proved to be the 4th wave correction after all which is why the 5th wave developed further beyond its resistance level.

The price action created an ascending channel that led the price above the significant horizontal resistance level and the ascending resistance after which a minor pullback to retest the mentioned levels for support was made.

This could have been the first two waves out of the five-wave move to the upside if we follow the channeling principle. The formation of another ascending channel followed but this time a steeper one as the breakout momentum increased.

Today’s increase would according to this count be the 5th wave which is set to surpass the Sunday’s high which is why further upside could be expected potentially to $7723 level before we see the expected downturn as the higher degree impulse wave would end.

Another possibility would be that the five-wave increase ended on Sunday as the first ascending channel consisted of the first three waves, in which case the breakout upswing was the 5th.

If this is true then we are seeing the beginning of the higher degree decrease that is set to push the price back to the broken horizontal resistance levels at around $6250.

This level is highly significant and its breakage is now signaling the potential confirmation of the end of the bear market as it was a significant invalidation point from my projected scenario in which the upside movement seen from 15th of December is correctional.

Even though the price came above the level and my count got invalidated I wouldn’t change my overall bearish outlook until we see the price holding above it.

The post Bitcoin Price Analysis: BTC Broke Significant Resistance, Bull Market Incoming? appeared first on Blockonomi.

Litecoin (LTC) Price Analysis: A Breakout is Soon Expected

The price of Litecoin has interacted with its significant resistance level from the descending triangle in which it is correcting from 4th of May, as the price came up from $73.7 to $79. As the interaction ended as a rejection the price has started moving to the downside and is currently being traded at around $76.3.

  • Correction still likely in play as the wave structure implies
  • The price increased but is still inside the territory of the descending triangle
  • The further downside would be expected before a decisive move to the upside

Litecoin Price

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Litecoin Analysis LTC/USD

From yesterday’s high at $78.433 the price of Litecoin has decreased by 6.03% today, measured to its lowest point at $73.7. Since then, recovery has been made with fast momentum as the price increased to $79 which was a 7.19% increase in a matter of 15 minutes.

The price is currently being traded at $76.3 as the spike to the upside was an interaction with the descending resistance from the triangle in which the price is correcting from Saturday. The correction developed after the price broke out from the descending triangle of a higher degree but since it hasn’t developed in a five-wave manner and rather ended on a three-wave move this breakout will most likely not continue pushing the price further to the upside.

After the presumed ABC to the upside ended we have seen and lower degree ABC move followed by a five-wave move to the upside after which another ABC correction developed.

These three structures could have constituted a higher degree three wave correction in which case today’s increase could be the beginning of the next move to the upside that is set to push the price for a breakout to the upside, but as the price got rejected by the descending triangles resistance and considering that the price hasn’t interacted with some of the significant support levels I believe that further downside movement should be expected to around $72 level or even further below.

Even if we see a breakout to the upside from the descending triangle I think it could be the third wave out of the higher degree move to the upside out of which the first ABC correction to the upside would be its first wave.

As the price is now in a downward trajectory we are going to see if the projection holds, as if the price falls below $74.5 I would consider changing it.

The post Litecoin (LTC) Price Analysis: A Breakout is Soon Expected appeared first on Blockonomi.

Bitcoin BTC/USD Analysis: Tops $6400 Key Resistance

Bitcoin’s price came to the projected ascending resistance level at around $6400 today and has recently moved above it.

  • A breakout from the ascending channel but the breakout is still unconfirmed.
  • The price came up to the projected level but another minor increase could occur.
  • This could have marked the end of the expected 5th wave and the end of the WXY correction.

Bitcoin Price BTC

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Bitcoin Analysis BTC/USD

On yesterday’s open the price of Bitcoin was $6140 we have seen an increase to $6300 area but a decrease afterward to $6180 level. From there the price started increasing again and has come up to $6300 around today’s open and continued increasing until it reached $6438 which is the highest point today.

Looking at the 15-min chart, we can see that the price of Bitcoin came up to the projected level but has managed to go slightly above it. As the price has encountered resistance, indicated by the formed cluster, we have seen a minor retracement staring to develop. The price currently in a descending movement but the further increase could be expected as the C wave of the presumed ABC correction is to develop.

The C wave could have ended as I see a five-wave move but its degree is still unclear as it could be the 3rd wave from the higher degree. The price has entered the seller’s territory above $6256 which was pointed out as a likely scenario in my previous posts and considering that we are seeing the last stages of the five-wave impulse from the Minor count I believe that the sell-off will start very soon.

This would be the end of the WXY correction from 15th of December which developed as a retest of the significant horizontal support around $6250 which got broken on 14th of November last year when the price of Bitcoin came down from $6500 to $3226 in two goes.

In the first go the price dropped from $6477 to $3694 in 14 days which was a 42.96% decrease and after recovering to $4448, continued decreasing for another 27.65% to $3226.

Considering that now the price took 147 days to recover back to the broken support level I am certain that we are seeing a corrective move which is why I believe that now as we are seeing the completion of the Y wave from the WXY correction further trend continuation to the downside.

This will be verified by the price behavior at certain key support points when the price starts going to the downside but for now, in, either way, I would be expecting the start of a downtrend.

The post Bitcoin BTC/USD Analysis: Tops $6400 Key Resistance appeared first on Blockonomi.

Crypto Market Update: Bitcoin Price Holds Up, Where Next?

From yesterday’s high at $189,461,919,398 the evaluation of the cryptocurrency market cap has decreased to $182,190,576,634 at its lowest point today but has recovered slightly and is currently sitting around $185,918,937,373.

On the global chart, we can see that the evaluation is currently interacting with the significant horizontal resistance level made by the wave structure from 3rd of April as an attempt has been made yesterday for a breakout to the upside.

Bitcoin Price BTC

The attempt ended as a failure with the evaluation falling back immediately after but another attempt could be made before a proper rejection takes place which could be in play now as the interaction with the significant horizontal resistance is being made.

Crypto Market Moves

  • The market is in red with an average percentage of change among the top 100 coins in the last 24 hours ranging from 0.5-3%.
  • The biggest loser is Waltonchain with a decrease of 10.37% and is the only one in double digits among the once in red, while there are six coins in double digits that are in green among which the biggest one is Arcblock with an increased of 28.59%.
  • Bitcoin’s market dominance has continued increasing as it came up from 55.07% at its lowest point yesterday to 56.45% around where it is currently sitting.

On the Bitcoin’s market dominance chart, you can see that the evaluation has been on the rise from 8th of April when it was sitting at 50.38% at the open and has come up by over 6% measured to today’s high.

Looking at the market cap evaluation chart you can see that in the same period the market moved sideways which indicates that in time of uncertainty people tend to flock to Bitcoin most likely for the fast position liquidation purposes in the times of the declining market.

This again shows why I am viewing this evaluation as a “confidence indicator”, which in this case is showing that market sentiment is starting to get bearish since the 3rd of April when the prices reached their peeks and started ranging sideways or showing declines around 8th of April.

Bitcoin Analysis BTC/USD

From yesterday’s high at $6288 the price of Bitcoin has decreased by 4.46% today as it fell to $6007 on Bitfinex exchange. Since then a small recovery has been made to around $6158 below which the price is currently being traded.

On the hourly chart, we can see that the price immediately after the interaction with the significant horizontal resistance level at $6265.6 yesterday started falling down with fast momentum which confirmed the significance behind the level and the presence of strong resistance at those levels.

The price fell to below the previously broken minor horizontal resistance made by the two prior highs of the corrective movement but landed on the ascending trendline which again offered support.

As a higher high has been made yesterday and on today’s open another higher low, the price action has started forming an ascending range like the one from which it previously broke out off. This pattern is known as an ending diagonal and occurs only in the wave 5 out of the five-wave impulse.

Considering that the sub-wave counted are showing a remarkable resemblance I believe we are seeing the end of the five-wave impulse of the Minute count which is also the last wave from the Minor count. Before the end, we are likely to see another increase as the last ABC correction to the upside should develop and would be the third interaction with the ascending channels resistance level.

If that occurs the price would enter the seller’s territory above the $6256 level for a short period before a downtrend starts.

Looking at the price action we can see that the bulls are still in control but last few runups have been followed by an equal amount of selloffs when the price got close to the seller’s territory. This indicates that the bulls are near exhaustion but the bears are still not putting a lot of pressure although they have power.

This final increase could be interpreted as a final attempt for a breakout to the upside above the significant horizontal resistance level at around $6256 so a quick spike above it, entering the seller’s territory would trigger another round of strong selling.

As the bulls would get exhausted, bears would take control for which we are going to look at the $6007 level which is the last price point from which the increase occurred, thus the price going below it would indicate that the bearish sentiment has overruled the market.

Zooming out on to the 4-hour chart you can see that the price is expected to go to the upper horizontal support level from back in November last year which is at around $6400 before the end of the 5th impulse wave.

As above the level is the territory of the 2nd wave of a higher degree the price cannot go higher on the 4th wave in which it is presumably in and is completing an Intermediate WXY correction.

This is why the level serves as my count invalidation point and would be closely monitored, but as I am expecting a downtrend shortly the count would soon get validated.

The expected downtrend would be the 5th wave of the higher degree count and would be a trend continuation after the price came up to the significant broken support for a retest of resistance.

It would be expected to go below the 3rd wave which was the December 15h low when the price was at around $3226. I would be expecting the price of Bitcoin at around $1300-1200 before the end of the bear market but the expected 5th wave from impulse wave to the downside of a Primary count might not be it as we could see further correctional movements before the end of the bear market.

Conclusion

The market has decreased in the last 24 hours but another minor increase would be expected before we enter a bearish period.

As the market confidence diminished, indicated by the Bitcoin’s market dominance chart and the market coming to the key resistance point I believe that we are seeing the final exhaustion before the start of the declining market.

Bitcoin’s price action is showing ending patterns with clear signs of the reversal ahead.

The expected increase would be the final ABC correction to the upside which is set to enter the seller’s territory above $6250 level before an immediate decline to $5806 which would mean that the bears have taken control.

This would be the end of the correction from 15th of December when the price fell to $3226 and the beginning of another move to the downside which is set to push the price below the mentioned level.

The post Crypto Market Update: Bitcoin Price Holds Up, Where Next? appeared first on Blockonomi.

Bitcoin (BTC) Trading At Key Resistance: Where is it Headed Next?

From yesterday’s low at $179,150,555,361 the evaluation of the cryptocurrency market cap has increased to $188,890,376,230 at its highest point today. Since then the evaluation has retraced and is currently sitting at around $187,221,000,000.

Bitcoin Price BTC

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Looking at the global chart, you can see that the evaluation came up to the resistance level of the currently seen range and has got rejected by the level. As this structure looks expanding another movement to the downside to its support level could occur if the attempt for a breakout ended as a rejection.

This also might be a temporary retracement as the resistance has been encountered.

Crypto Market Moves

  • The market is in green with an average percentage of change among the top 100 coins in the last 24 hours is ranging around 4.1%.
  • The biggest movers are in double digits and are mostly ranging around 11% while the biggest one is ABBC Coin with an increase of 24.54%.
  • Bitcoin’s market dominance has been increasing as it came up from 55.07% at its lowest point today to 55.83% around which it’s currently sitting.

On the Bitcoin’s market dominance chart, you can see that the evaluation previously broke out form the descending trendline and has been on the rise since the start of April and has come above the significant horizontal level which was retested for support and the evaluation continued moving to the upside.

Bitcoin Analysis BTC/USD

Over the weekend the price of Bitcoin has been moving sideways after increasing by 7.35% on Friday when the price came up from $5721 to $6142 at it’s highest point.

The sideways movement made by the price action formed a symmetrical triangle in which a three-wave correction developed until yesterday when the price came down to $5929 and retested the support level again before starting the next impulsive move to the upside which led the price for a breakout to the upside.

From yesterday’s low $5929 the price of Bitcoin increased by 5.91% today as it came to $6275 at its highest point today. On the 15-min chart, you can see that the resistance found at the significant horizontal level is putting pressure on the price which caused the formation of a cluster around it. If we are seeing another impulsive move the upside this cluster would be its 4th wave which means that another move above the level would be expected.

The resistance found at the current level might be higher than the upward momentum in which case we could see a fast downfall to the broken resistance for a retest of support in which case the price couldn’t exceed the $6095 level if the wave is a five-wave impulse.

Zooming out on to the hourly chart, you can see that the price broke out from the ascending channel in which it was correcting since 3rd of April.

This could be viewed as the 5th wave from the Minor count as the correction inside the ascending channel was the 4th wave which is why we are seeing the next five-wave impulse of the Minute count developing to the upside.

The breakout from the ascending channel and the interaction with the significant horizontal level only occurred on the Bitfinex chart as the price of Bitcoin hasn’t came above $6000 level on other major exchanges.

 

Looking at the Coinbase chart, we can see that the price of Bitcoin hasn’t broken out from the ascending channel and instead of interaction with the significant horizontal resistance level we are seeing the interaction with the channel’s resistance.

This may indicate that the increase has ended in which case an immediate rejection will occur, but the cluster which has been formed looks bullish as its putting pressure on the key resistance level.

If the ascending channel was the 4th wave of the Minor count and has ended on Friday 26th low we could be seeing the ending of the first impulse move in which case I would be expecting to see a retracement to around mid-range of the channel according to Coinbase chart and to the broken channel’s resistance according to the Bitfinex chart before a proper breakout can be seen.

The significant horizontal level at around $6250 is the key horizontal support level which got broken in November last year when the price fell from around $6500 to $3230 in one go. It is the key invalidation level for my primary count as well as its the beginning of the territory of the 2nd wave which the price cannot enter on the presumed 4th wave which is developing as the three-wave WXY correction which has been outlined in some of my previous analysis.

 

 

As the price on Bitfinex chart came up to the mentioned level and is now forming a cluster around it, but hasn’t done so on the BLX chart (Brave New Coin Liquid Index for Bitcoin) there still hasn’t been any invalidation and the price has further room to the upside before the invalidation could occur and the price would need to stay above the level and not just enter the territory with a spike.

This key resistance interaction would be expected before the end of the WXY correction and is most likely going to serve as a retest of resistance after it got broken as support, so the rejection by the resistance found at those levels could set the price for the expected downturn which would be the trend continuation and the 5th wave for a higher degree count.

Market sentiment

Bitcoin’s hourly chart technical indicators are signaling a buy.

Pivot points

  • S3 4234.4
  • S2 5059.4
  • S1 5578.7
  • P 5884.4
  • R1 6403.7
  • R2 6709.4
  • R3 7534.3

Conclusion

The price of Bitcoin still differs on Bitfinex exchange from other major once and which is why on the Bitfinex chart we have seen interaction with the key horizontal resistance level at around $6250 while on Coinbase chart the resistance found is from the ascending channel from got broke in the first case.

In either way the price has interacted with significant resistance level and has formed a cluster which indicates that a decisive move is heading next.

This decisive move might be a strong move to the downside which looks more likely in this time as the resistance found is significant enough, but the buyers could catch more momentum then currently exhibited which may cause a strong breakout to the upside.

The post Bitcoin (BTC) Trading At Key Resistance: Where is it Headed Next? appeared first on Blockonomi.

Bitcoin Price Analysis: Bitfinex Premium as US Justice Department Seizes Tether Funds

Another round of suspicious activity can currently be seen on the Bitfinex exchange as the news regarding Tether funds seizure by the US Justice Department are starting to emerge.

Bitcoin Price BTC

According to the official indictment document on, the United States Justice District Court, Southern District of New York has charged Reginald Fowler and Ravid Yosef who are linked to operating bank accounts on the behalf of Bitfinex and other crypto exchanges on four charges:

  1. Conspiracy to Commit Bank Fraud.
  2. Bank Fraud
  3. Conspiracy to Operate an Unlicensed Money Transmitting Business
  4. Operation of an Unlicensed Money Transmitting Business

U.S. Attorney Geoffrey S. Berman said:

“Reginald Fowler and Ravid Yosef allegedly ran a shadow bank that processed hundreds of millions of dollars of unregulated transactions on behalf of numerous cryptocurrency exchanges.  Their organization allegedly skirted the anti-money laundering safeguards required of licensed institutions that ensure the U.S. financial system is not used for criminal purposes and did so through lies and deceit.  Thanks to the investigative work of the FBI and the IRS-CI, they will be prosecuted for their actions.”

The court ordered the seizure of all the funds generated through such activities and has confirmed that the seizure of the part of the fund’s already occurred from the various branches of the HSBC Bank on the accounts opened by the mentioned individuals.

One of those accounts, HSBC Bank USA account 141000147, has been confirmed to be linked to Bitfinex which can also be clearly seen on the tweeted made by Larry Cermak, the Block Managing Editor back in October 2018 which are the instructions given for a wire transfer from Bitfinex.

This confirms that at least the part if not the whole sum of the frozen $850.000.000 is actually held by the US Justice Department and that the business won’t continue as usual after fixing “banking issues”.

The news is highly significant and the fact that other cryptocurrency exchanges have also been represented by the mentioned individuals could make a huge impact on the market in the following period, serving as a catalyst for another downturn which has been annunciated by my Elliott Wave count numerous times.

Crypto Market

Meanwhile, the evaluation of the cryptocurrency market cap has been on the rise and came up from around $174,8B at yesterday’s open to $187,686,632,477 at its highest point today.

On the global chart, we can see that the evaluation hasn’t broken the significant horizontal resistance level but the interaction has been made with the evaluation making a quick peek above it before falling back.

Bitcoin’s market dominance has also been increasing and came up to 55.5% from yesterday’s low at 54.37%.

Bitcoin Analysis BTC/USD

The price of Bitcoin keeps increasing on Bitfinex compared to other exchanges and made a 7.59% difference today and came up to $6141 at its highest point today.

It looks like the price broke out from the significant resistance which was offered by the upper ascending trendline of the ascending channel in which the price action was bouncing from 3rd of April and was considered as a corrective structure before the furtehr increase.

I was expecting further movement to the downside before the final increase starts but it appears that the increase seen from last Friday was the beginning of the 5tf wave of the Minor count.

On other major cryptocurrency exchanges, the price came up today at its highest point to $5800-5700 and hasn’t broken the significant ascending resistance level which has been on the Bitfinex chart (which I regularly use).

Coinbase chart

 

Bitstamp chart

 

Bittrex chart

Considering the news we could clearly link it to this suspicious activity seen on the price charts as Bitfinex’s differs by a significant amount.

Looking back at the Bitfinex 4-hour chart, you can see my Elliott Wave count according to which the structure from 15th of December, when the price of Bitcoin reached $3228 at its lowest, is a WXY correction. This means that after its completion I have been primarily waiting for a trend continuation to the downside but first, the five-wave structure to the upside was to develop.

This type of correction occurred numerous times since the beginning of the bear market which I have outlined in some of my previous posts:

Looking at the daily chart we can see that the price of Bitcoin is close to the $6250 level with which the interaction has been awaited before the end of the 5th wave of the Minor count.

This level is a significant invalidation point of my project scenario in some of my previous posts as it’s considered to be the beginning of the 2nd wave’s territory in which the price cannot enter on the 4th wave whose development I am assuming we are seeing.

Now as the 4th wave ends I would be expecting the 5th wave to the downside to start developing and would lead the price of Bitcoin for further lows below the one at around $3300-3200 area.

Conclusion

The significant news headline regarding the US Justice Department District of New York is likely to serve as a strong catalyst for the expected downturn in the market.

We are yet to see when this news starts really impacting the market as it is only starting to emerge but when it does I would be expecting a lot of panic selling especially of Tether which could temporarily cause the price of Bitcoin to rise exponentially before crashing down hard as investors move from USDT to BTC for fiat money which may already be started on Bitfinex as out of the ordinary activity has been seen on the price charts.

The post Bitcoin Price Analysis: Bitfinex Premium as US Justice Department Seizes Tether Funds appeared first on Blockonomi.

Crypto Market Update: On The Rise, Bitcoin & Litecoin Analysis

From yesterday’s open at $1173,3B the evaluation of the cryptocurrency market cap has been on the rise and came up to $177,124,443,290 at its highest point today around which it is currently sitting.

Crypto Price Update

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On the global chart, you can see that the evaluation is still around the media point of the horizontal range from the 3rd of April and is in an upward trajectory potentially headed toward its upper level at around $180B level.

Crypto Market Moves

  • The market is in mixed colors with an insignificant percentage of change as it ranging between 1-2% on average among the top 100 coins.
  • The biggest mover is in green and is Aurora with an increase of 7.25% followed by Komodo with an increase of 5.14%.
  • Out of those who are in red, the biggest losers are Ravencoin with a decrease of 4.56%, followed by Populus with 4.54%.
  • Bitcoin’s market dominance has been also increasing from yesterday and came up from 54% to 54.5% where it’s currently sitting.

Bitcoin BTC/USD

From Monday’s low at $5385 the price of Bitcoin has increased by 6% measured to today’s high at $5710 which is the highest point the price has been since the start of the week.

Looking at the hourly chart, we can see that the price again came up to the significant resistance point as an interaction with the ascending interrupted trendline has been made.

This interrupted trendline is the resistance line of the still unconfirmed ascending channel seen on a higher time-frame and is considered to be the outline of the corrective structure which started on 15th of December.

Now that the price came up to those levels and I have counted 5 waves out of the last increase seen from Monday we are now most likely going to see a pullback or the start of the higher degree move to the downside.

The price is still inside the territory of the ascending channel made from 3rd of April which is considered to be the correctional structure after the 3rd wave of the Minor count ended, so after its completion, I would be expecting another and the final wave to the upside.

Before that can happen the correction should develop fully and as I’ve counted the sub-wave I think that before the price could continue above the currently interacted resistance levels a pullback to its support level should occur or even a breakout to the downside.

Considering the vicinity of the significant horizontal resistance level at around $5806.7 we might see further increase for interaction with the level before the start of the sharp downfall and will correlate with the interaction of the ascending channels resistance from 3rd of April.

Market sentiment

Bitcoin is in the buy zone, as indicated by the hourly chart technical indicators.

Pivot points

  • S3 4112.3
  • S2 4747.3
  • S1 5074.6
  • P 5382.3
  • R1 5709.6
  • R2 6017.3
  • R3 6652.3

Litecoin LTC/USD

From Monday’s low at $69.42 the price of Litecoin has increased by 12.86% measured to yesterday’s high at $78.37 which is the weekly high so far. Since yesterday the price has fallen to $75.8 as a minor retracement has been seen but the price started increasing again and is currently being traded at $77.8.

On the hourly chart, you can see that the price of Litecoin ended its WXY correction to the downside which started on 3rd of April as the resistance trendline from the corrective structure has been broken with strong momentum and I have counted the sub-wave of the structure.

The price is currently retesting the horizontal resistance at the prior support around the vicinity of the W wave’s ending point which proved to serve as resistance on the yesterday’s interaction as after the interaction has been made a minor pullback occurred.

Looking at the increase from Monday I think that we are currently seeing the development of its 5th wave which could end as a truncation considering the resistance found at around $78 but the increase could continue for a bit further as there is still more room to go.

In either way, since the increase is soon to end a higher degree pullback would be expected which if the price behavior is impulsive is going to be the 2nd wave of a higher degree and is likely to end as a retest of the broken descending resistance level.

The target price for the expected decrease would be around the purple interrupted level around $72.4.

Market sentiment

Litecoin is in the buy zone with moving averages signaling a strong buy.

Pivot points

  • S3 51.044
  • S2 63.294
  • S1 68.589
  • P 75.544
  • R1 80.839
  • R2 87.794
  • R3 100.044

Conclusion

The evaluation of the cryptocurrency market is still in the median point the current horizontal range made from 3rd of April while Bitcoin has interacted with the significant resistance point of its current range which is an ascending one.

In the case of Litecoin, the price has broken its significant resistance level which is a descending one. The charts of the cover coins are showing that the correctional structure from 3rd of April is completed or is near completion which is why very soon we are going to see a move with stronger momentum.

The expected move is likely to be the one to the upside but further correction movements could occur before its begging with the increase seen from Monday being its continuation rather than the beginning of the next impulse wave to the upside.

The post Crypto Market Update: On The Rise, Bitcoin & Litecoin Analysis appeared first on Blockonomi.

Bitcoin Cash Surges Over 20% in a Day: Market is in the Green

From yesterday’s low at $167,665,513,530 the evaluation of the cryptocurrency market cap has increased to $176,362,941,028 at its highest point today which is an increase of little below 10 billion dollars but has retraced since and is currently sitting at $174,918,303,428.

Bitcoin Cash Price

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On the global chart, you can see that the evaluation of the cryptocurrency market cap broke out from the horizontal range in which it was consolidating since last Friday, from the upper side and has pulled back to the broken resistance for a retest of support. The evaluation is still inside the territory of the higher degree horizontal range and came up to around its median point.

Crypto Market Moves

  • The market is in the green with an average percentage of change among the top 100 coins ranging around 4%.
  • The biggest movers are in the green as well with double-digit gains out of which Ravencoin is the biggest one with an increase of 17%, followed by Bitcoin Cash with around 11.86%.

Bitcoin Cash BCH/USD

From yesterday’s open at $229.8 the price of Bitcoin Cash has increased by around 20% measured to the higher point the price has been today which is at $276.8. Since then the price has pulled back slightly and is currently sitting at around $265.


Looking at the 15-min chart you can see that the price of Bitcoin Cash increased in a five-wave manner from yesterday’s open which indicates impulsiveness and considering the fact that the increase made was around 20% it could definitely be the start of a higher degree impulse wave.

If this is true then the price is now headed for a higher degree 2nd wave which is corrective in nature and could bring the price back by around 8% from the current levels as a retracement to the 0.618 Fib level or the next one at 0.786 would be expected.

If this occurs the price of Bitcoin Cash is set to complete a retracement around $240 area before we see an uptrend continuation, but if the price continues moving lower then the levels of the yesterday’s open the projection would get invalidated.

Zooming out on to the hourly chart, we can see that the price of Bitcoin Cash is still inside the territory of the descending channel in which it was since 15th of April and has come up for interaction with its resistance level where resistance was found.

The structure looks corrective as I’ve counted the sub-waves which have shown the end of the WXY correction count. As after the presumed Y wave ended we’ve seen a five-wave impulsive increase it looks like the correction might have ended but since the price is still inside the territory of the corrective structure we could be seeing the prolongation of the corrective structure in which case the today’s increase would be the second wave X.

This will soon get validated as the price has ended its five-wave increase so a retracement would be expected before the price could breakout from the structure on the 3rd and the wave with usually the highest momentum.

Zooming out even further on to the 4-hour chart, you can see that the descending channel structure is the 3rd wave from the Minute WXY correction and now that it has likely ended a higher degree impulse wave could start.

As another possibility would be that we are seeing the continuation of the corrective movement the price could continue decreasing to some of the significant support levels around $183 which would be the wave Z from the third correctional structure or the ascending trendline which is still unconfirmed support trendline dating from 15th of December.

If the price of Bitcoin Cash retraces back and doesn’t fall below the $240 before it starts moving impulsively again we are likely seeing the start of the next impulse wave to the upside, but if it does go below the level and continues moving below the yesterday’s open, we are more likely seeing the prolongation of the last corrective structure in which case the interaction with the significant horizontal support levels at around $183 would be expected.

Market sentiment

Bitcoin Cash is in the buy zone as indicated by the hourly chart technical indicators.

Pivot points

  • S3 150.83
  • S2 212.41
  • S1 235.99
  • P 273.99
  • R1 297.57
  • R2 335.57
  • R3 397.15

Conclusion

The cryptocurrency market has continued increasing in evaluation over the last 24 hours with the price of one of the major cryptos indicating impulsiveness.

This could be trap before higher degree downfall or it could be the start of a breakout to the upside from the horizontal range of a higher degree seen on the global chart.

As the evaluation is still inside its territory as well as the price of Bitcoin Cash is inside the territory of its corrective structure we still can’t say if another runup has started but this will soon be validated from the price action movement as a pullback is now expected from which depth we are to reevaluate the projections.

The post Bitcoin Cash Surges Over 20% in a Day: Market is in the Green appeared first on Blockonomi.

Turning Point: Market Increases, Will it Continue? BTC/USD Analysis

From yesterday’s low at $167.563,671,307 the evaluation of the cryptocurrency market has increased and is currently sitting over $171B level.

This increase was expected as the evaluation retested the vicinity of the last Friday’s low and was the key horizontal support level from the currently seen horizontal range in which the evaluation has been moving sideways.

Bitcoin Price BTC

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On the hourly chart, you can see that the evaluation came above the median point of the range and is in an upward trajectory headed towards its resistance at around $173B.

Crypto Market Moves

  • The market is mostly in green but with an insignificant average percentage of change among top 100 coins in the last 24 hours.
  • The highest movers are in the green as well, with the highest being MonaCoin with an increase of 11.15%.
  • Bitcoin’s market dominance has been decreasing from yesterday and is currently sitting at 54.5% which is 0.55% lower.

Bitcoin Analysis BTC/USD

From yesterday’s low at $5393.9 the price of Bitcoin has increased by 2.41% measured to today’s high at $5523.6. The price is currently slightly lower as strong resistance has been found around the current levels. 

On the 15-min chart, you can see that the price action formed an expanding triangle from Sunday until today as the attempt for a breakout to the upside is currently being made.

The price looks like it found some strong resistance as indicated by the last 15-min candles which is why now we are going to see if the trend turns and we see a fakeout or would a proper breakout occur. 

As Wednesday’s high was most likely the 5th wave out of the five-wave impulse to the upside we could be seeing the correction of a higher degree starting to develop in which case the two outlines structures would be its two sub-wave and is why they have been labeled as two ABC corrections.

The weekend’s increase has developed in a three-wave manned and as the price fell below the $5416 level and entered the territory of the B wave it confirmed that we aren’t seeing a five-wave move to the upside developing but that the increase indeed ended as a three-wave correction.

The price is still inside the territory of the ascending channel with whose support level the price interacted on Friday’s low, so we could still be seeing the development of the same correctional structure that started on 3rd of April.

This would mean that the 5th wave hasn’t ended but since I’ve counted five sub-waves I think that it has which is why now I would be expecting a breakout to the downside which would be the 4th wave of the higher degree with another and the final increase expected after.

The first ABC move has also made an expanding triangle from which a breakout to the upside has been made which we are seeing again on a lower degree. This fractal implies that the seen increase is still the part of the same structure and is most likely the continuation of the higher degree correction to the downside which is why after the current increase ends I would be expecting another shart move down as we’ve seen on Friday.

As the price is for now in an upward trajectory and has most likely broken out from the last expanding triangle a continuation to some of the significant resistance levels could be likely which could bring the price of Bitcoin retesting some of the interrupted ascending trendlines around $5720 area.

The price is still inside the territory of the ascending channel made from 3rd of April so no conclusive statements could be made at this point, but as the wave structure looks corrective more than impulsive I believe that we are going to see a breakout to the downside before the price could continue for another and the final increase.

Market sentiment

Hourly chart technical indicators are signaling a strong buy.

Pivot points

  • S3 4112.3
  • S2 4747.3
  • S1 5074.6
  • P 5382.3
  • R1 5709.6
  • R2 6017.3
  • R3 6652.3

Conclusion

The market has increased slightly like projected yesterday and but none of the significant resistance points haven’t been broken which makes it hard to say if the increase would continue on.

Bitcoin’s price is showing signs of struggle at the current levels and with the market cap evaluation close to its horizontal resistance we are soon to see if the interaction ends as a rejection or would the buyers catch enough momentum for a breakout.

If the price of Bitcoin starts immediately pulling back we are likely to see further downside movement with a potential breakout to the downside from the ascending channel made from 3rd of April but if the price doesn’t fall below $5380 again a bullish outlook would be more likely.

The post Turning Point: Market Increases, Will it Continue? BTC/USD Analysis appeared first on Blockonomi.

Market Stagnates Over Weekend: Is this the Calm before the Storm? (BTC Price Analysis)

Over the weekend the evaluation of the cryptocurrency market cap has been hovering around the $171B level.

On Friday’s the evaluation fell to $167,258,754,023 at its lowest point, immediately after it came up to $173,150,000,000 at its highest but maintained to stay inside that range.

Today it started moving to the downside again but hasn’t broken the Friday’s low level as it came down to $167,563,671,307 before the move has reversed.

Bitcoin Price BTC

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Looking at the hourly chart we can see that the evaluation is still in the horizontal range from Friday which was made after a sharp decrease from around $179B level has been made in a matter of hours.

This is why we could interpret the stagnation as a consolidative range which is set to bring the buyers and the sellers closer to consensus. As the evaluation is in a downtrend this is most likely to end as a breakout to the downside with further decrease ahead.

Crypto Market Moves

  • The market is mostly in the red today as the evaluation decreased by approximately 4.25 billion dollars from today’s high at around $171,8B
  •  The average percentage of change is ranging around 2.7% but with the biggest losers in double digits like Aurora, NULS, WAX, Ravencoin, Orbs who are down by around 10-12%.
  • Bitcoin’s market dominance has been steadily increasing over the weekend as it came from 54.3% at its lowest point on Saturday to 55.05% where it is currently sitting.

 

On the Bitcoin’s market dominance chart, you can see that the evaluation broke out from the descending triangle and came above the horizontal resistance level of the prior high. As it is currently being retested from the upside further continuation would be expected at least to 55.2% level which correlates inversely with the expected decrease in the market cap.

Bitcoin Price BTC/USD

From Friday’s open at $5187 which was also the lowest the price has been from 16th of April, we have seen an increase of 6.75% on Sunday when the price came up to $5537.6.

Since then the price has been in a minor downtrend and has led the price to spike slightly below the $5400 level around which the price is currently being traded.

On the hourly chart, we can see that the price of Bitcoin fell to the significant ascending support level on Friday’s low where it found support, as the price came spiking to the upside after the interaction has been made.

The price increased in a three-wave manner to the upside until it came up to the horizontal resistance level at around $5562 where it found resistance and started moving to the downside.

The price action is forming another minor descending expanding triangle which could be the fractal of the previous higher one made by the corrective structure labeled as the first ABC after the impulsive 5th wave ended. As after Friday’s low which was the ending point of the first ABC we have seen a three-wave move it could be the second ABC correction to the upside from out of the higher degree three-wave correction.

This means that now seen expanding triangle could be the starting structure of the third ABC correction and considering the fractality it looks likely.

If this is true, then we are going to see another interaction with the resistance level of the expanding triangle around the $5460-5470 level which is also a minor horizontal significant level before another move to the downside which would be likely to end on the significant ascending trendline – the support level from the ascending channel of a higher degree. As the price is still inside its territory we might be seeing the start of a breakout to the downside which we are going to see from the expected interaction with the ascending trendline.

Market sentiment

Hourly chart technicals are signaling a sell.

Pivot points

  • S3 4112.3
  • S2 4747.3
  • S1 5074.6
  • P 5382.3
  • R1 5709.6
  • R2 6017.3
  • R3 6652.3

Conclusion

Over the weekend the cryptocurrency market has been moving sideways and was mostly hovering around $171B level but today another minor downfall was made close to the levels of the Friday’s low.

This stagnation might be interpreted as consolidation that was made after the previous market slump which is why another move the downside is likely.

Bitcoin’s price chart is also showing bearish signs as the price recovered from Friday’s low but failed to surpass the resistance found at around $5562 level which caused another downturn as the price fell to $5370 at its lowest point today.

The price is still inside the territory of the ascending channel made by the price action from 3rd of April so now that the price is in a downward trajectory an interaction with its support level would be expected which would bring the price down to $5260.

The post Market Stagnates Over Weekend: Is this the Calm before the Storm? (BTC Price Analysis) appeared first on Blockonomi.

Crypto Market & Bitcoin (BTC) Experiences Sharp Fall – What Next?

From yesterday’s high at $179,113,158,177 the evaluation of the cryptocurrency market has fallen to $167,258,754,023 at its lowest point today. Since today’s low, the evaluation has made a recovery to $173,150,288,406 but is currently sitting around $170B level again.

Bitcoin Price BTC

Looking at the global chart you can see that the evaluation moved fast to the downside as the majority of the decrease was made in a matter of hours. The evaluation fell below its horizontal support level at around $175B but is looking like it found some temporary support as a bounce has been made.

Crypto Market Moves

  • The market is in red with an average percentage of change among the top 100 coins in the last 24 hours ranging from 2.66-4.8%.
  • The highest movers are also in red and are in double digits like NULS, Market, and BAT which have decreased by around 11%.
  • Bitcoin’s market dominance has increased slightly as it came up from 54.41% to 54.81% where it is currently sitting.

Bitcoin BTC/USD

From yesterday’s high at $5536 the price of Bitcoin has come down by 8.65% measured to the lowest point the price has been on today’s open which is at $5058.5. The price managed to recover quickly and spiked back above the minor horizontal support level at around $5375 which is currently being retested for support.

On the hourly chart, you can see that the price of Bitcoin came down to the significant ascending trendline for an interaction which is the support level from the ascending channel formed from 3rd of April and the interaction ended as a bounce, again confirming the significance of the level, as the price spiked by over 6.5% after the interaction has been made.

We are currently seeing the attempt for recovery and as the price is currently retesting the minor horizontal support level from the upside we are soon to see if it will hold or not.

Previous to the downfall the 5th wave out of the Minute count has ended which is why this kind of downfall was expected to develop but it might only be the beginning of a higher degree move to the downside as the price increase ended on the significant ascending resistance levels. The yesterday’s high was a retest of the horizontal resistance at $5562 which ended as a rejection which propelled the price to move in a downward trajectory.

As the price is still inside the territory of the ascending channel it is still unclear whether or not this decrease could be the start of the higher degree correction to the downside so if the price continues moving to the downside after we have seen a corrective spike to the upside I could mean that the next move is developing which is set to push the price below the significant support for a breakout to the downside.

Zooming out on to the 4-hour chart you can see that now as the 5th wave from the Minute count ended I would be expecting a downtrend which could be the 4th wave out of the higher degree impulse as we have seen the completion of the 3rd. I am still considering the move from the 15th of December to be correctional as is labeled as the Intermediate WXY out of which the Y wave is in development.

If this is true the price is to now complete a five-wave move to the upside from the Minor count which is set to retest the broken key horizontal support level at around $6250 before the end of the bullish upswing or could end slightly lower to somewhere around the lower horizontal level at $5806, but before that a retracement down to the broken key resistance level at around $4300 looks highly likely and according to the EW theory highly probable as the 4th wave could interact with the 1st wave’s ending point.

I don’t believe that the price is headed that low for the 4th wave as it is more likely to end as another interaction with the lower ascending trendline which is the support level from the still unconfirmed ascending channel that was formed by the structure from 15th of December and in particular regarding the support level from 8th of February when it was first established. This would lead the price to around $4600 area before another higher high can be made.

The other possibility would be that the 4th wave of the Minor count that is expected to lead the price for a breakout from the ascending channel of a lower degree was actually the corrective structure seen from 3rd of April. In that case, the price could continue moving to the upside from the current levels and in particular considering that the price bounced from its support level again. The sub-waves imply otherwise but this possibility is still valid.

Market sentiment

Bitcoin’s hourly chart technical indicators are signaling a sell.

Pivot points

  • 3 4384.9
  • S2 4812.8
  • S1 5076.4
  • P 5240.6
  • R1 5504.3
  • R2 5668.5
  • R3 6096

Conclusion

The price of Bitcoin has experienced a sharp decline of over 8% in a matter of hours which could be an early indication that the expected retracement has started.

This is still not validated since the price is still inside the territory of its current ascending structure whose support got retested on today’s open.

As the price has ended its five-wave increase coming to the significant resistance level of the ascending channel of a higher degree, now, the further downside would be expected to around $4600 if we are seeing the development of the 4th Minor wave or even to $4300 which was the significant resistance, broken on the 2nd of April with strong momentum.

The post Crypto Market & Bitcoin (BTC) Experiences Sharp Fall – What Next? appeared first on Blockonomi.

Crypto Market Update: Bitcoin (BTC) & Stellar (XLM) Price Analysis

From yesterday things haven’t changed much on the evaluation of the cryptocurrency market as it is still hovering around the same levels at around $177B.

Crypto Price Update

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Looking at the global chart you can see that at the moment the evaluation is retesting the minor horizontal support level, broken yesterday, for resistance which was already retested and did serves as resistance on the yesterday’s interaction as another minor downfall was made but ended as a higher low which could indicate some bullishness.

Although the evaluation is far from showing bullishness this minor increase could continue moving above the currently seen resistance for a bit longer before another rejection takes place as we are most likely seeing a small correction to the upside after the yesterday’s downfall ended.

Crypto Market Moves

  • The market is in mixed colors today with an insignificant percentage of change among the top 100 coins in the last 24 hours.
  • Out of the highest movers the biggest one is in red with a decrease of 11% and is Maximine Coin, followed by Bitshares with a decrease of 5.19%.
  • Out of those who are in green the biggest movers are ICON with an increase of 9.34% followed by Augur with 7.46%.
  • Bitcoin’s market dominance has also been hovering around the same levels from and is currently sitting around 54.4%.

Bitcoin BTC/USD

From yesterday’s high at $5652.7 the price of Bitcoin has fallen down by 4.04% measured to its lowest point today at $5424.1 and even spiked further down to $5392 but recovered since and is currently sitting at around $5475.

Looking at the 15-min chart you can see that the price of Bitcoin made another interaction with the significant ascending resistance level yesterday which is why it ended as a rejection which propelled the price in downward trajectory again.

As I’ve counted five waves out of the last increase I think that what we are currently seeing could be the start of the higher degree downside movement as this was the completion of the 5th impulse wave to the upside out of the Minute count.

The price action is currently forming and ending diagonal which is a descending one so we could expect to see a minor increase which looks like it already started as the price of Bitcoin came above its resistance level and is currently retesting it for support from the upside, but if the 5th Minute wave ended this upside movement would be only a temporary one as the higher degree correction develops and we see a breakout to the downside from the ascending channel inside whose territory the price has been from 3rd of April.

As the price of Bitcoin increased by 66.1% in one go, coming from $3422.4 on 8th of February until yesterday when it reached $5684 we could have seen the end of the last bullish upswing.

This doesn’t mean that another one isn’t coming as I think that the significant broken support at around $6250 now serving as resistance would get retested by the end of this bullish period, but for now I would be expecting a downtrend which could either be the 4th wave from the higher degree count with one more higher high to go, or the end of the upswing altogether.

Market sentiment

Bitcoin is in the buy zone as indicated by the hourly chart technicals.

Pivot points

  • S3 4384.9
  • S2 4812.8
  • S1 5076.4
  • P 5240.6
  • R1 5504.3
  • R2 5668.5
  • R3 6096.3

Stellar XLM/USD

From Monday’s high at around $0.115 the price of Stellar has decreased by 12.74% measured to the lowest point yesterday at around $0.1. From yesterday’s low, the price came up slightly and is currently sitting at $0.10567.

On the 4-hour chart, we can see that in the case of Stellar the price has definitely ended it last five-wave move to the upside and is now undergoing a three-wave correction to the downside.

This might end as a five-wave move to the downside with the price going lower than projected but the interaction with the significant horizontal support level at $0.0977 is to be expected.

This last five-wave increase to the upside was the Y wave according to my count from the WXY correction that started on 15th of December like in the case of other major cryptocurrencies which could indicate the future potential direction of the market in general as strong correlation is shown and in particular as this is now expected to develop on the Bitcoin’s chart as well.

If we see further downside movement below the significant horizontal support level the price is likely developing the higher degree five-wave move which would be the beginning of the higher degree downtrend which is a trend continuation after the three-wave WXY correction to the upside ended.

There is a possibility that the level would hold in which case the now seen ABC could be the prolongation of the WXY, but considering the momentum shown I don’t believe that’s likely.

Market sentiment

Stellar is in the buy zone as indicated by the hourly chart technicals.

Pivot points

  • S3 0.09586667
  • S2 0.10573667
  • S1 0.11047334
  • P 0.11560667
  • R1 0.12034334
  • R2 0.12547667
  • R3 0.13534667

Conclusion

The prices of the major cryptos are showing signs of weakness as they have encountered strong resistance yesterday which cause another market slump.

This could be an early indication that the downtrend has now started which could either be the long-awaited trend continuation after the three-wave correction to the upside ended or it could be another minor correction before the final increase.

If the price of Bitcoin keeps falling down below the $5368 level we are likely to see a breakout to the downside from the ascending channel with further downside movement ahead, but if the price manages to stay above the $5226 level another higher high could be expected before the end of the bullish upswing.

The price of Stellar is showing the end of the bullish upswing with the price currently experiencing a steep downside movement but it to could be either the prolongation of the same correction with another higher ahead before the end of the correction and for that to be validated we are going to look what happens around $0.1.

If the price manages to stay up above it another increase would be likely but if the price continues moving to the downside below it we are more likely seeing the development of the higher degree impulse to the downside as in that case we are going to see a five-wave move instead of the currently projected three-wave one which is considered to be correctional.

The post Crypto Market Update: Bitcoin (BTC) & Stellar (XLM) Price Analysis appeared first on Blockonomi.

Bitcoin BTC/USD Analysis: The Market Dips as Key Resistance Was Reached

Yesterday, the evaluation of the cryptocurrency market cap has increased to its key resistance level from the current range as it came up to around $185B at its highest point and even peaked to around $185,443,000,000.

The resistance there was clearly stronger than the upward momentum which is why the interaction ended as a rejection which prolled the evaluation in a downward trajectory and is currently sitting at $177,084,543,495.

Bitcoin Price BTC

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On the global chart, we can see that the evaluation is still inside the territory of the corrective structure and is now likely headed toward some of its support levels as it is in a lookout for support.

Some temporary support has been found at the current levels but further downside movement could be expected from here potentially to around $170B area where the lower horizontal support of the current range is.

Crypto Market Moves

  • The market is in red with an average percentage of change among top 100 coins in the last 24 hours ranging around 8.66%
  • The biggest losers are in double digits and are mostly concentrated around 12%, while the biggest one is Wax with a decreased of 18.21%.
  • Oddly the only one in the green today is REPO with an increase of 29.98% and is the biggest mover among the top 100 coins.
  • Bitcoin’s market dominance has further increased and came up from 52.8% at its lowest point yesterday to 54.73% at its highest today. This is due to the fact that the price of Bitcoin decreased the lowest in the last 24 hours as it came down by only around 2%.

On the Bitcoin’s market dominance evaluation chart we can see that it too is starting to reach its key horizontal resistance level from the horizontal range in which it is stuck from August last year.

There is still more room to the upside before the upper levels of the range are to be met but we could again be seeing the start of a breakout to the upside to my long projected level at around 68%.

Bitcoin BTC/USD

From yesterday’s high at $5646 the price of Bitcoin came down by 3.68% to its lowest point today at $5438.3 and even spiked further down in short period leaving a wick on the hourly chart. The price is currently being traded at $5494.1.

On the hourly chart, we can see that the price found some temporary support around the vicinity of the second wave out of the previous correction but is likely headed further down if we are seeing the development of the 5th Minute wave to the upside which I believe it’s likely.

The price of Bitcoin has most likely ended its correction as a five-wave WXYXZ which was the 4th wave of the higher degree impulse wave to the upside.

The price of Bitcoin yesterday came up to the significant resistance level of the ascending channel made by the corrective structure and the upper resistance level of the ascending channel from the still unconfirmed structure seen on a higher time frame.

As the price got rejected by the resistance found the level might get confirmed but further price action development is needed before a strong confirmation can be made in particular meaning that the next movement to the upside which would be the 5th wave out of the Minuette count shouldn’t exceed it as well.

Bullish momentum has been stopped out and the price is still inside the territory of the ascending range which could mean that we are still seeing the development of the same correctional structure labeled as the 4th impulse wave of the Minute count.

But as the price made a higher high and another one is expected we are soon to reassure the validity of the assumption. If we are seeing the development of the 5th impulse wave then the price cannot fall below the purple interrupted line at $5360 which is presumed to be the ending point of the 1st wave end the beginning point of the 2nd wave’s territory which the price according to the EW territory cannot enter on the 4th wave.

The 5th wave could develop higher than projected potentially reaching the significant horizontal resistance at $5806.

Zooming out on to the 4-hour chart you can see that if the price continues for another higher high and we do see the five-wave impulse develop as the 5th wave of the Minute count, it would be the 3rd wave of the higher degree Minor count which means that a 4th wave correction is to start developing after.

This five-wave move that dates from 8th of February is the Y wave from the WXY correction to the upside according to my count so after it ends a trend continuation to the downside would be expected with new lows ahead, but if the price continues moving above the horizontal significant level at around $6250 the count would start to get invalidated.

Before that, we are most likely to see some downside movement either as the now presumed 4th wave or some kind of a downtrend altogether the end of the currently seen increase was the end of the upswing from 8th of February.

Market sentiment

Bitcoin is in the sell zone, as indicated by the hourly chart technical indicators.

Pivot points

  • S3 4384.9
  • S2 4812.8
  • S1 5076.4
  • P 5240.6
  • R1 5504.3
  • R2 5668.5
  • R3 6096.3

Conclusion

The market reached its key horizontal resistance level at around $185B level and as the resistance was stronger then the upward momentum, the interaction ended as a rejection causing another slump.

This decrease may be reactionary in which case another increase would occur as the buyers haven’t been overruled, or it could be that the sellers have started to take control of the market in which case further downside is to occur.

Bitcoin’s market dominance is over 54% is showing that some temporary support is found and that another increase is to be expected but that will prove to be a wrong assumption if the price falls below $5360 level.

In either way since the price of Bitcoin is also inside its corrective range and has gotten rejected by its resistance, another expected increase to $5806 might be the last before we see a correction of a higher degree.

The post Bitcoin BTC/USD Analysis: The Market Dips as Key Resistance Was Reached appeared first on Blockonomi.

Bitcoin Price BTC/USD Analysis: After Rejection at Minor Resistance, What Next?

Yesterday, the evaluation of the cryptocurrency market cap has reached $181B at its highest point. As the high was made the evaluation started decreasing until today when it came down to  $177,496,000,000 which is the daily low.

From there another minor increase has been made but only to $179,543,331,062 which was today’s high. Currently, the evaluation is sitting slightly lower but since it is still in an upward trajectory.

Bitcoin Price BTC

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Looking at the global chart, we can see that the evaluation has interacted with the currently seen ascending channels resistance level where it got rejected again.

Now that the price has fallen to approximately half of the range inside the channel and has started increasing again we are soon to see if a breakout to the upside occurs or would the evaluation pull back to the channels support level or even breakout to the downside.

Cryptocurrency Market Moves

  • The market is currently in mixed colors with an insignificant average percentage of change among the top 100 coins in the last 24 hours.
  • The biggest mover among the top 100 is Maximine Coin with a decrease of 12.49%
  • Out of those who are in green the biggest gainer is Crypto.com with an increase of 9.34%.

Bitcoin’s market dominance has been decreased slightly and is currently sitting below the 52% mark.

Bitcoin BTC/USD Analysis

From yesterday’s high at $5341.8 the price of Bitcoin has decreased by 2.03% measured to today’s low at $5233.5 but has recovered since and is currently being traded at $5292.9.

On the hourly chart, we can see that the price found support on the median line of the currently seeing ascending channel which is actually the support level from the higher degree one and serves as a significant support point.

The price action has still been bouncing inside the ascending channel which was formed on the 12th of April when the price of Bitcoin dropped by over 9% in one go after which a three wave ABC to the upside developed and then another sharp decrease.

This movement could have been the third ABC correction of a lower degree which means that the correction could have ended on 15th of April.

As the price increased in a five-wave manner afterward it could also indicate that the correction is over and that we are seeing the start of the next impulsive wave to the upside out of which the seen five-wave increase from 15th of April would be its first sub-wave.

In order for that to be validated the price cannot go below the $5114 level as it is the territory of the 2nd wave from the last five-wave increase which looks like it ended on a slight higher high as the 5th wave truncation ending diagonal.

Now that the 5th wave ended on the ascending channels resistance level as a rejection a downside movement occurred and from its depth, we are to see in which direction would the next structure lead the price for a breakout.

This whole ascending channel could be corrective in nature as prior to it a sharp decrease has been seen which would mean that another downside movement could occur before it ends. If that happens the price target for the decrease would be to some of the minor horizontal support levels inside the $4800 zone.

Zooming out on to the 4-hour chart, you can see that this correctional structure from 3rd of April is considered to be the 4th wave from the Minute five-wave impulse to the upside which means that after it ends another run-up would be expected but it is still unclear whether or not the correction ended or not.

With the currently seen ascending structure still intact as the price is still inside its territory we could see potentially some upward movement to the higher degree ascending channel’s resistance at around $5562 before a breakout to the downside.

 

Market sentiment

Bitcoin’s hourly chart technical indicators are signaling a buy, with moving averages signaling a strong one.

Pivot points

  • S3 4068.9
  • S2 4622.2
  • S1 4862.9
  • P 5175.5
  • R1 5416.2
  • R2 5728.8
  • R3 6282.1

Conclusion

In the last 24 hours, the price of Bitcoin has interacted with the resistance level of the ascending channel in which it is stuck from 12th of April and failed to break out to the upside.

This failure could result in a breakout to the downside, in which case the price could go down to $4800 level but it could also end as a breakout from the minor ascending channel after which an interaction with the higher degree ascending channels resistance could end as a rejection that is going to set the price for a steeper downside movement to the support zone.

It could very well breakout to the downside on the currently seen downtrend, but in either way when the current correction which started on 3rd of April another increase would be expected to $5806 horizontal level or even higher as the 5th impulse wave to the upside out of the Minute count should develop.

That 5th wave can even go to retest the ultimate pivotal point at around $6250 but strong momentum would be needed for the price to continue moving above that level and considering that the price has recovered by almost 60% and that the majority of the momentum ended I don’t believe that we are to see the price of Bitcoin higher than that.

The post Bitcoin Price BTC/USD Analysis: After Rejection at Minor Resistance, What Next? appeared first on Blockonomi.

Augur (REP) Price: Increased 19% from Yesterday, Will it Keep Going?

From yesterday the cryptocurrency market has increased from $175,836,935,727 at its lowest point to around $180B level which was interacted with on today’s high. This increase is a continuation of the minor uptrend which started on Monday when the evaluation was $170,339,246,773 at its lowest point.

As now the market has recovered by approximately 10 billion dollars in the evaluation and has made an increase in a five-wave manner the minor bullish upswing has come to an end.

Augur

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Looking at the global chart we can see that the evaluation made a higher high compared to the one made on Monday which was at around $176,2B which could be an early sign that a higher degree uptrend started.

The ascending trendline from the current range wasn’t been broken which is why we still can’t validate the possibility by the made higher high. This means that we could be seeing the continuation of the ascending structure which has started forming on the 12th of April after a straight downfall was seen.

Cryptocurrency Market

  • The market is in green mostly today with an average percentage of change ranging around 2.3%.
  • The biggest movers are in green out of which Augur and Maker have shown the highest gains of around 10.5%.
  • Bitcoin’s market dominance has been still hovering around 52% as the market’s evaluation has been moving in the same range as well.

Augur REP/USD

After news of a Coinbase listing, the price of Augur has increased by over 19% from yesterday’s low at $19.1281 spiking over $22.23 momentarily.

Currently, the price is sitting at $21.43 with a tight cluster being formed around those levels as the price most likely encountered significant resistance while the buyers are still present and are maintaining the price.

On the hourly chart, we can see that the price of Augur came above the minor horizontal resistance level at $20.659 which is the ending point of the previous five-wave impulse wave and is serving as a significant pivot point.

Prior to the increase which started on the 12th of April, a three-wave movement to the downside was seen and has been labeled as an ABC correction.

As the correction ended an increase started again but we are still yet to see if the increase is the part of a higher degree correction which would in conjunction with the previous one to the downside constitute and the expected third to the downside constitute a higher degree three-wave correction.

If we are seeing the start of the next impulse wave to the upside then the increase seen from 12th till 15th of April would be its 1st wave. That means that today’s increase would be its 3rd wave and is the reason the mentioned minor horizontal level is serving as a pivot point, as if the price goes below it would enter the territory of the 2nd wave.

If this occurs, then the price is headed for another lower low as it would mean that the starting impulse wave to the upside scenario would get invalidated.

If the price, however, retraces to the horizontal level and finds support there we would be most likely seeing the end of the 4th impulse wave to the upside after which another higher high would develop.

The price target for that higher high would be at the next significant horizontal resistance level which is at $24.13 which was already interacted with and the price got rejected and got propelled for correctional downside movement.

As the correction pushed the price down by 27.8% it might have ended which is why we have seen some bullish action from 12th of April which lead to a breakout to the upside from the descending channel made by the correctional structure which again indicates that we could very well be seeing the start of another impulse wave to the upside.

For now, as I’ve counted only three waves and with the price currently creating a bearish cluster, I believe that we are to see a move to the downside which will retest the key pivotal point at around $20.65. From the momentum of the downside movement and the depth of the retracement we are to evaluate the possibility of the projected outcome but for now, my primary count indicates that another lower low is headed next before we can see some sustainable bullish momentum.

Market sentiment

Augur is in the buy zone.

Pivot points

  • S3 3.910
  • S2 12.111
  • S1 15.424
  • P 20.312
  • R1 23.625
  • R2 28.513
  • R3 36.714

Conclusion

The price of Augur is looking like it ended its bearish momentum as the price chart is showing clear signs of struggle around its current levels.

A pullback is now expected from which we are to see the potential behind further price movements, namely if we are seeing the start of another impulsive move to the upside or have we seen a corrective increase before a lower low.

For the validation of both projections, the minor horizontal level at $20.6 is serving as an early indication as it is the beginning of the territory of the  2nd wave out of the presumed higher degree impulse which price cannot enter if the movement is impulsive.

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