Bitcoin Price BTC/USD Analysis: Needs to Break $6250

From yesterday’s open at $5040, the price of Bitcoin has increased by 5.08% measured to the highest point the price has been which is at $5296.7 around which it is currently sitting.

Bitcoin Price BTC

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Bitcoin Analysis BTC/USD

On the 15 min chart, we can see that the price came up inside the territory of the ascending channel and managed to go above the interrupter line which is the significant resistance level from the still unconfirmed ascending channel of a higher degree.

The momentum has been stopped out again by the resistance level of the current ascending structure which has been labeled as a B wave from an ABC correction of a higher degree.

Looking at the structure from 12th of April there is a clear indication that is corrective and the most significant validation is the downside movement seen on 15th of April labeled as the ABC when the price of Bitcoin fell from $5216.5 to $5032.

This was a decrease of 3.54% but its amount is not important for the validation but instead the fact that the price fell below the B wave which would have been the 2nd wave out of the next starting impulse wave.

As the price fell below what could have been the wave 2 of a five-wave move the scenario got invalidated.

This implies that the following structure is also part of the same correction and is most likely the third ABC correction of a lower degree which in conjunction with the prior two constitute a higher degree three-wave B.

We are now most likely seeing the end of the lower degree C wave as I have counted 5 sub-waves and in particular considering that the price interacted with the current resistance and started getting rejected.

This is why now I would be expecting a move to the downside which would be the C wave of a higher degree.

On the hourly chart, you can see the significance behind the currently interacted level for this structure inside whose territory the price action has bounced from 12th of April.

The price is above the significant resistance level of a higher degree and is the lower interrupted ascending trendline that has been presumed to be the resistance point of the ascending channel on a higher time-frame. This current cluster is has been formed due to the price position between the higher degree resistance point which serves as a support and the currently found resistance.

As a breakout is soon to happen I would be expecting a one to the downside below the ascending trendlines and on to the $4800 zone where the horizontal support level could stop the price anywhere in between.

This expected downside movement would be the last wave from the 4th wave of a Minute count as three consecutive corrections would have developed which means that after the end of this correctional movement another increase would be expected as the 5th wave out of the Minute five-wave impulse should develop.

We could see further prolongation of the current correctional structure with more sideways action before we see a downfall to the $4800 zone but overall things are still looking bullish.

Zooming out on to the daily chart you can see my long-term projection which is still valid. According to my count, this upside movement is the Y wave from the WXY correction from 15th of December and is the 4th wave from a higher degree impulse wave to the downside.

This means that after this increase ends a final 5th wave to the downside should develop which is set to push the price below $3200 zone which was the previous bear market low.

 

As the 1st wave ends around $6250 area it is considered the invalidation level because according to the rules of the Elliott Wave theory, wave 4 cannot enter the territory of the wave 2.

This is why I would be expecting another and final higher high to around $6200 which would retest the broken horizontal support after which another downside move would start.

Market sentiment

Bitcoin’s hourly chart technical are signaling a buy.

Pivot points

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

Conclusion

The price of Bitcoin has increased by around 5% in the last 24 hours but has encountered significant resistance at the current price action structure’s upper outline.

As the wave structure implies this movement was the part of the same correctional structure from 12th of April and is most likely to end with another downside movement to the $4800 zone but after the expected retracement another run up would most likely occur with the price of Bitcoin potentially reaching $6200.

Ultimately the bullish action seen from 15th of December is still corrective according to my count which is why after it ends I would be expecting another lower low for the bear market which is below $3200.

The post Bitcoin Price BTC/USD Analysis: Needs to Break $6250 appeared first on Blockonomi.

Crypto Market Update: Bullish Scenario Invalidated – Where is BTC Headed Next?

Yesterday the evaluation of the cryptocurrency market cap was sitting around $177B at its highest point. From there we have seen a decrease in the market as the evaluation started moving to the downside and came to $170,53B at its lowest point yesterday.

Since the start of the day, the evaluation has been on the rise again but has managed to recover only to $173,531 before another decrease has been made.

Bitcoin Price BTC

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Looking at the global chart, we can see that the wave structure has developed 3 waves from yesterday’s low. This could mean that the three-wave correction ended which would imply that the now seen decrease is the start of another downside movement like we have seen yesterday, but since the evaluation found support around the vicinity of the 1st wave’s ending point it could be the 4th wave out of the five-wave move to the upside.

If the evaluation continues moving to the downside and enters the territory of the 2nd wave it would validate the first scenario which I believe is more likely considering the market context.

Cryptocurrency Market

  • The market is in red mostly today with a small average percentage of change in the last 24 hours, as its mostly ranging around 1.3%.
  • The biggest loser is Bitcoin SV with a decrease of over 20% due to the fundamentals (Binance delisting), while the majority of the once that are in red are concentrated around 5.8%.
  • Bitcoin’s market dominance has been hovering still around 52% as the market is moving sideways from 11th of April.

Bitcoin Price BTC/USD

From yesterday’s high at the price of Bitcoin has decreased by 4.58% measured to today’s low at around which was only a quick spike as the hourly candle closed at $5031. Since then the price has made a slight recovery and is currently in an upward trajectory sitting at $5106.6.

Yesterday the price of Bitcoin was sitting around $5222 at its highest point when an interaction has been made with the lower interrupted line which is the unconfirmed resistance from the presumed ascending channel of a higher degree.

As the price got rejected by the resistance found it started decreasing with strong momentum and came down today to $4980 at its lowest spike breaking the support from the ascending channel in which the price action corrected from 3rd of April when the parabolic increase ended.

The hourly candle closed above the $5k mark but started experiencing sellers pressure around the minor horizontal support level from the upper range.

As a breakout from the ascending channel occurred the scenario in which the increase seen from 12th of April was impulsive has been invalidated, making the primary one bearish.

As now I am positively sure that the increase seen from 5th till 10th of April was corrective as well and not the 5th wave truncation I think that we are seeing the correctional continuation which is the 4th wave out of the higher degree impulse wave to the upside.

This indicates that more downside should be expected now that the support from the ascending channel got broken with the price of Bitcoin potentially falling down to the first resistance point to the upside which would now most likely serve as a support and is inside the $4800 zone.

Last week the price of Bitcoin experienced sideways movement from Monday until another spike to the upside was made to $5483.5 on Wednesday but straight after the price started plummeting down with strong momentum and made a downfall of around 10% in one go as it came down to $4935.7 on Friday.

This downfall could have been the third wave from the presumed WXY correction inside the ascending channel but as the channel got broken I am now assuming that the downfall was the first wave out of the third correctional structure in particular as it was made in a five-wave manner which could be the A wave, and as the following structure ended as a three-wave increase it has validated the B wave.

This means that now we are most likely seeing the development of the C wave from the third correction which will end as a Y wave of a higher degree and will be a correction before another and final move to the upside as the 5th impulse wave should start developing.

Market sentiment

Bitcoin is in the sell zone.

Pivot points

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

Conclusion

The cryptocurrency market has experienced another decrease in the last 24 hours which hasn’t been as significant in magnitude as it was in its character as it pointed out that more downside should be expected due to the fact it entered the prior low territory which invalidated the possibility of the prior increase being impulsive.

This is most likely the continuation of the correction which started on Wednesday, April 3rd which is now more downside would be expected.

This correction is considered to be the 4th wave of a higher degree impulse which is why after it ends a final increase would be expected before a higher degree to the downside starts.

This could lead the price of Bitcoin down to $4800 zone after which an increase above $5500 should occur.

The post Crypto Market Update: Bullish Scenario Invalidated – Where is BTC Headed Next? appeared first on Blockonomi.

Crypto Market Update: Recovery From Friday, What Next? Bitcoin BTC Analysis

Over the weekend the market capitalization of the cryptocurrency market has experienced sideways movement with a slight increase from Friday as it came up to around $177B at its highest point today, from $167,7B at its lowest point on Friday.

This increase of around 9,3 billion dollars isn’t considered a significant one as it was made in the last three days and could be interpreted as corrective retesting of the broken support as the evaluation previously made a significant downfall from $186,376,301,969.

Bitcoin Price BTC

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Looking at the global chart, we can see that the evaluation has been in a minor uptrend from Friday and came up to the half range of the previous decrease and has started moving slightly to the downside after it came up to those levels which could be an early sign of the resistance found.

Crypto Market Update

  • The market is mixed in color with an average percentage of change in the last 24 hours ranging between 1.5-2.5%.
  • The biggest movers are in green with the top gainers being in double digits like Insight Chain which increased by 13.64% followed by Lambda and Tezos with around 12%.
  • The biggest losers among the top 100 are ABBC coin with a decrease of 7.55% and Enjin Coin with 6.85%.
  • Bitcoin’s market dominance is currently sitting around 51.9% and has been decreasing from Friday when it was 52.22% at its highest point.

Bitcoin Price BTC/USD

From Friday’s low at $4984, the price of Bitcoin has increased by 4.7% measured to the highest point today which is at $5218. Since then the price has started moving to the downside and has decreased by 0.87% and is currently sitting at $5174.3.

On the hourly chart, we can see that the price of Bitcoin found support at the ascending channel’s support level which was been unconfirmed before the Friday’s interaction as the price at first came down below it, but quickly made a recovery back inside the territory of the channel and has been in an upward trajectory supported by the channels lower outlined level.

Now that the price came up to the lower resistance level from the ascending channel of a higher degree an interaction has been made which looks like it is going to end as a rejection.

If the lower interrupted level serves as resistance again the price is headed for a breakout to the downside from the minor ascending channel on whose support level the price has relied on to keep up the upward movement.

The ascending channel that we are seeing on the hourly chart could be correctional in which case it would be the 4th wave of a higher degree. If that is true than the upward movement that we have been seen from Friday could be the beginning of the next impulsive increase to the upside.

But considering the lack of momentum and the significance behind the resistance point above it looks like the price is headed for another downturn before we could see some impulsive increase.

Zooming into the 15-min chart I have examined the last upward wave structure and as you can see I have counted three waves with the current one still in development.

As now the price is in a downward trajectory it the decrease stopped at around $5139 it could be the 4th wave out of the last five-wave increase which would mean that another retest of the upper resistance could occur as another interaction that could trigger the sellers.

As there are three waves the structure could be correctional as an ABC correction to the upside after we have seen a five-wave downfall which could be the second wave out of the higher degree three-wave move to the downside.

In that case, the price of Bitcoin is set to go down to $4720 area. But if the current increase continues for two more wave it would most likely mean that we are seeing the development of the first wave to the upside of a higher degree.

Market sentiment

Bitcoin is in the buy zone.

Pivot points

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

Conclusion

The cryptocurrency market and with it the price of Bitcoin who still has the majority of the market share with slightly over 51% of its market dominance, has been recovering from Friday after a significant downfall has been made.

The previous decrease could have been either the last corrective decrease out of the corrective structure that started on 3rd of April in which case the increase seen from Friday could be the first wave out of the last 5th impulse wave to the upside, or it could be the start of the three-wave downward move if the corrective structure hasn’t ended in which case the increase seen from Friday could end as a three-wave minor correction to the upside before another drop.

The price of Bitcoin is currently in a downward trajectory so if the price continues moving below $5138 level which serves as an early indication of the projected scenarios, we are most likely seeing the correctional continuation, but if the price find support there and continues for another retest of the current upper resistance level we are most likely seeing the development of the lower degree five-wave increase.

The post Crypto Market Update: Recovery From Friday, What Next? Bitcoin BTC Analysis appeared first on Blockonomi.

Cryptocurrency Market Update: Higher Highs Incoming (BTC & BNB Analysis)

From yesterday’s high at around $174,223,193,840 the evaluation of the cryptocurrency market cap has decreased by around 9.1% as it came down to $158,320,949,057 at its lowest point today.

Crypto Price Update

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Looking at the cryptocap index we can see that a breakout from the ascending triangle occurred as the evaluation started moving to the downside with strong momentum but it found support around the vicinity of the prior low levels.

The evaluation has formed a similar structure to the one after the last week’s increase ended and we have seen a three-wave movement to the downside which was an ABC correction.

This context is pointing out that the increase we have seen from last Friday was also corrective and in particular as the evaluation hasn’t exceeded the last week’s high made on Wednesday which is why the last downfall could be the part of the same corrective structure.

Cryptocurrency Market

  • The market is in red with an average percentage of change in the last 24 hours ranging around 3.4% among the top 100 coins.
  • The biggest losers are Maximine Coin and ABBC Coin with a decrease of over 12% but out of those who are in green there are also 12% movers like Crypto.com Chain.
  • Bitcoin’s market dominance has increased by a little and is currently sitting at around 52.2%.

Bitcoin BTC/USD

From yesterday’s high at $5328.5, the price of Bitcoin has decreased by 7.04% measured to the lowest point to the price has been today so far which is at $4953.1. Since today’s low, the price has managed to come above the $5038 level which is a minor horizontal support point which is currently being retested again.

On the 15-min chart, we can see that yesterday’s downfall was made in a five-wave manner which has been labeled as the C wave from the third Subminutte correction after last weeks impulsive increase ended.

The price has made a dip below the support level from the presumed ascending channel in which the correction occurred and if now the price finds support there and doesn’t continue its downside trajectory that would most likely mean that we have indeed seen a three-wave correction of a higher degree.

If this is true, then the price is now set to go for another higher high but as it is now most likely headed upwards it could make an interaction with the broken lower interrupted level which is the first level from what’s presumed to be the resistance zone of the ascending channel of a higher degree.

If the price find resistance at around $5208 and starts again moving impulsively to the downside the increase could be the second wave from the higher degree downmove, but if the price manages to enter the territory of the resistance zone above and stays inside it for some time we might see a breakout to the upside for a higher high.

These wave structures are looking corrective so I don’t believe that we have started seeing the development of a higher degree downtrend but this would soon be validated.

Market sentiment

Bitcoin’s hourly chart technicals are signaling a buy.

Binance Coin BNB/USD

From last Wednesday when the price of Binance coin reached $20.56 at its highest point until yesterday when the price came down to $16.43 we have seen a decrease of 19.94%.

On the hourly chart, you can see that the price of Binance coin decreased in a five-wave manner from Wednesday which could be the start of an impulsive move to the downside as previosly the price has been in an uptrend from 15th of December which recovered the price for over 357%.

The impulsive move to the upside might not have ended in which case the last downside movement could be another correction before the final wave to the upside which I think its more likely as the last Wednesday’s increase has been labeled as the 3rd wave out of a higher degree impulse wave.

Now that the price found support on the minor ascending trendline and has started moving to the upside with strong momentum, increasing by 7.92% from yesterday’s low we are about to see what happens around the 0.786 Fibonacci level which serves as a significant resistance point.

If the price continues moving above it we are most likely seeing the continuation of the higher degree impulse but if it gets rejected and stars impulsively moving to the downside again, that could indicate the end of the bullish period for the price of Binance coin.

Market sentiment

Binance coin is in the buy zone.

Pivot points

  • S3 11.8202850
  • S2 15.3875880
  • S1 17.3238640
  • P 18.9548910
  • R1 20.8911670
  • R2 22.5221940
  • R3 26.0894970

Conclusion

The cryptocurrency market has experienced as a decrease that looks like it ended yesterday as today we are seeing some bullish price action movement.

The decrease seen yesterday is considered to be the part of the same correctional movement from last Wednesday when the bullish momentum stoped which means that now we could be seeing the start of another impulsive move to the upside which would be the final wave of a higher degree impulse.

There is a possibility that today’s increase is correctional and that the attempt for the trend continuation would fail which is why looking at the area around $5208 for the price of Bitcoin could serve as an indication.

If the price continues moving above we are most likely seeing another higher high but if the price gets rejected and starts moving to the downside again the other scenarion would be more likely.

The post Cryptocurrency Market Update: Higher Highs Incoming (BTC & BNB Analysis) appeared first on Blockonomi.

Bitcoin BTC/USD Price: Drop Backs Back to $5k but Decrease Could Be Correctional

From yesterday’s high at around $186,217,565,764 the evaluation of the cryptocurrency market cap has decreased by around 16 billion dollars as it fell to $169,764,489,119 at its lowest point today but has stayed above the $170B mark as it found some temporary support.

Bitcoin Price BTC

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On the global chart, you can see that the evaluation broke the minor ascending structure with strong momentum and fell close to the levels of the prior low but slightly higher, which could end as a higher low if the market participants offer to increase the buying activity in the following period.

The sellers are looking in control which is why the buying activity could shortly be overruled as another round of selling would commence.

Cryptocurrency Market

  • The market is in red with an average percentage of change concentrated around 7% for the major and around 11% for the others among the top 100 coins.
  • The biggest losers are Loopring with a decrease of 15.82%, followed by Nuls, WaykiChain, Waltonchain, and IOST which are around 14.59%.

Bitcoin’s market dominance has, of course, increased as it always does when the market confidence diminishes and is currently sitting at around 52% and reached 52.33% at its highest point today, coming from yesterday’s low at 50.79%.

Bitcoin Analysis BTC/USD

From yesterday’s high at $5481, the price of Bitcoin has decreased by 8.8% measure to the lowest point the price has been which is at $4999.3. The price is currently sitting at around $5078 as the price found support and started to move to the upside again. 

The price has started falling down fast since yesterday’s high as the majority of the decrease occurred in a matter of hours.

The price found support on what appears to be an ascending triangle or a channel which was confirmed now after the price decrease has been stopped out and has reversed direction.

The price came up to its resistance level on yesterday’s high and since the interaction ended as a rejection its upper level was confirmed at first. 

This wave structure confirmed that the previous increase was corrective and not the 5th wave truncation from the Minute count which means that the current downside movement is the part of the same correctional structure from last Wednesday when the first ABC correction to the downside occurred.

As three ABC corrections ended and formed an ascending triangle I am now considering that this structure is the 4th wave of the Minute count which means that another higher high is to be expected next and a breakout to the upside from the triangle.

If we see another increase, the price of Bitcoin is likely headed to some of the significant horizontal resistance levels out of which the most significant one is at $6256.

There could be a possibility that the 5th wave ended last week on Wednesday when the price came up to $5338 in which case this last five-wave decrease could be the start of a higher degree impulse wave to the downside.

But looking at the 4-hour chart you can see why I think the increase would continue further before we see the start of a higher degree impulse wave to the downside in which case the projected scenario would look like this:

Zooming out on to the 4-hour chart you can see the significance behind the horizontal resistance at $6256, as it was serving as a strong support point and the level which was broken with strong momentum and the price plummeted down by just over 50%.

This ascending triangle which has been formed by the last corrective movement is most likely is as I said considered to be the 4th wave of the Minute count.

If another higher high develops from here it might not be the end of the increase that is accounted as the Minor five-wave impulse that started on 7th February, so we might not see an interaction with the $6256 level just yet, but instead an interaction with the lower resistance level at $5806 for the end of the 3rd Minor wave.

If we are seeing the five wave impulse from 7th of February a higher degree downside movement would occur that could lead the price of Bitcoin back to the broken resistance level at around $4300 which was never retested after the price impulsively broke out from the lower range last week on Tuesday, and in particular because the 4th wave could end around the vicinity of the 1st wave’s ending point.

Another and the last increase would be expected from there if the scenario plays out accordingly which would be the 5th wave out of the Minor degree impulse that would lead the price to the mentioned significant support level now serving as resistance at around $6256 or even slightly higher.

Market sentiment

Bitcoin is in the sell zone with the moving averages signaling a strong one.

Pivot points

  • S3 2427.2
  • S2 3638.7
  • S1 4364.9
  • P 4850.2
  • R1 5576.4
  • R2 6061.7
  • R3 7273.2

Conclusion

The price of Bitcoin and the cryptocurrency market, in general, has experienced a decrease in the last 24 hours which could be a minor retracement after another higher high after which a major retracement would be expected, or could be the start of the expected downtrend.

This is why if the price continues moving below the currently found support levels at around $5000 the likelihood of the starting downtrend would increase, and if the price continues moving back to the upside and manages to get back inside the territory of resistance zone of a higher degree ascending channel and finds support there again around its lower level the likelihood of another higher high would increase.

The post Bitcoin BTC/USD Price: Drop Backs Back to $5k but Decrease Could Be Correctional appeared first on Blockonomi.

Bitcoin Price Still Increasing: Indepth Analysis of Next Moves

The cryptocurrency market cap has decreased from yesterday’s open by approximately 2.9% to its lowest point today but has started increasing again since and is currently sitting around the levels of yesterday’s open again.

The evaluation is on the rise but has come up to the significant descending trendline which serves as resistance which is why we are seeing the momentum slowing down.

Bitcoin Price BTC

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The market is mostly in green with an insignificant average percentage of change in the last 24 hours as its ranging around 0.9%.

The biggest movers are in green like TrueChain with an increase of 23.51%, Crypto.com Chain with 16.47% and VestChain with an increase of 14.02%. Out of those in red, the biggest loser is ABBC Coin which decreased by 17.66% in the last 24 hours.

Bitcoin’s market dominance is still hovering around 50.8%

Bitcoin Analysis BTC/USD

From yesterday’s open at $5317.3 the price of Bitcoin has decreased by 2.64% at first as it came down to $5177.1 at its lowest point today but has since then increased again and came up to $5293.9 at on today’s high.

The price is currently being traded slightly lower, at $5276 but is still in an upward trajectory.

On the 15-min chart, we can see that the price of Bitcoin came up again to its significant horizontal resistance level on yesterday’s high when the interaction has been made. The level is significant as its the prior high level and is most likely serving as strong resistance as the impulsive upswing with strong momentum has been stopped out there.

The price attempted to surpass the level two times after the first ABC retracement but has failed to do so which is why it has created a cluster between it and the support offered by the still unconfirmed lower resistance line of the ascending channel of a higher degree.

After the first ABC ended an ascending channel was developed as the price continued increasing but since the increase looks corrective, judging by the wave structure, and hasn’t managed to pull the price above the significant resistance I think that it is the second corrective structure after the price of Bitcoin exponentially increased.

The ascending channel got broken from the downside on Monday, but the price found support on the unconfirmed lower resistance of the ascending channel of a higher degree. From there another attempt has been made but ended as a lower high which indicates that the buyers are starting to lose traction.

Today we have seen a minor breakout to the upside from the last unconfirmed structure which is a symmetrical triangle, but the price hasn’t come up to the horizontal resistance level yet.

Another interaction would be expected as the price is still in an upward trajectory but I believe that it is going to end as another rejection that is set to push the price back down below its current support level and potentially below the 1.618 Fibonacci level.

As the previous minor ascending channel has been labeled as a WXY correction the movement that followed could be its prolongation in which case the current upside movement would be its final wave Z.

The now expected downside movement would be a third correctional structure, most likely another ABC Zigzag which would in conjunction with the previous two correctional structures constitute a higher degree three-wave correction.

If this occurs I would be expecting to see the price of Bitcoin below $5000 again.

Zooming out on to the 4-hour chart, we can see that from 15th of December when the price of Bitcoin experienced an impulse increase until now we have seen the development of a three-wave structure. This structure is most likely going to end on the third wave as it is correctional according to my count and is likely to end after two more waves of a Minor degree, which is why now I would be expecting a movement to the downside as the 4th wave should develop after which another higher high could be made to some of the significant resistance levels.

This structure has been seen many times since the start of the bear market and below I have outlined some of the most similar once.

This is why I think that after the current five-wave impulse to the upside ends we are to see a trend continuation to the downside as this impulsive move is the third wave of the correctional structure.

Market sentiment

Bitcoin is in the buy zone overall but the oscillators are signaling neutral.

Pivot points

S3 3638.7
S2 4101.5
S1 4387.4
P 4850.2
R1 5313.0
R2 5598.9

Conclusion

The price of Bitcoin has continued increasing but with slow momentum and as it came up to the significant resistance levels a downfall is now likely.

This downfall would be another retracement before a final higher high according to my count and the price could reach $6200 area at its furthest before the impulsive move ends.

If it does end there the most significant support level would get retested for resistance, which was the horizontal support from which the price of Bitcoin broke down with strong momentum.

Looking at the 2014 correction I have pointed out the most likely stage in which we are in and as you can see the three-wave correction came up for interaction with the horizontal support level prior to the breakout which was retested and ended as a rejection, causing the price to move more to the downside for another low, which I think its going to happen now as well.

This means that the price of Bitcoin is projected to go significantly lower then the current levels before we see the end of the bear market, but if the price continues increasing past $6200-6500 area I would consider to invalidate my projection.

The post Bitcoin Price Still Increasing: Indepth Analysis of Next Moves appeared first on Blockonomi.

Cryptocurrency Market Analysis: Have We Seen The Bottom?

From yesterday’s high at around $179,965,352,747 the evaluation of the cryptocurrency market capitalization has decreased by around 4.5% measured to the lowest point it has been yesterday at around $169B but started increasing again from there and came up to around $176B at its highest today.

As the evaluation made another decrease but on a higher low so far the structure inside which it has been increasing from Friday has stayed intact.

Crypto Price Update

Cryptocurrency Market Analysis

On the hourly chart, you can see that the evaluation’s price action made an ascending structure from Friday as previously an impulsive increase has been seen.

The evaluation came back to the highest point it has been on the ending point of the prior increase on yesterday’s high where it found resistance. The prior high resistance has caused the evaluation to fall back and is currently forming a cluster around the minor horizontal support level with clear signs of struggle indicated by the wicks from both sides.

The wave structure inside the ascending channel looks more corrective then impulsive which is why I believe it was a three-wave ABC correction to the upside after previous ABC to the downside developed and is the second Minuette correctional structure.

As the upward movement inside the ascending channel ended the move to the downside started yesterday when the interaction with the prior high resistance was made, so the current downside movement could be the third consecutive correction which would bring  the price below the support level of the ascending channel which we are soon to see as the cluster is being formed prior to a decisive move.

The third ABC correction (not labeled) could have ended on the support level of the ascending channel as I see three waves, but it looks like the third hasn’t developed fully which is why I would expect to see another Minuette downfall below it.

Another possibility would be that the ascending channel has been formed by the 5th wave out of the five-wave impulse to the upside which can be clearly seen on the higher time-frame in which case it would end as a truncation as the 5th wave ended on the 3rd’s vicinity.

Zooming out on to the 4-hour chart of the total capitalization of the cryptocurrency market we can see that the increase seen last week is the 3rd impulse wave according to my count. It is the part of the Y wave from the Intermediate WXY correction that started on the 15th of December last year after the cryptocurrency market has decreased by 54% in its evaluation. The Y wave is a continuation of the first impulse wave to the upside and has started after the correction took place.

The corrective structure we have seen from 24th of December until 7th of February is a three-wave correction that led the market into a decrease to a high low compared to the one made on 15th of December and is considered to be the X wave from the mentioned Intermediate correction.

The upside structure that followed developed in five waves and in time I thought that it was the expected Y wave, but now that we have more historical data I think that it was corrective an a continuation of the X wave as fractals imply in particular as another similar downside movement occurred afterward.

These two additional waves could have been the prolongation of the previous three-wave correction or it could be the start of the Y wave as the 1st Minor impulse wave.

But in either way since the market reached its lower horizontal resistance level from the resistance zone above a retracement would now be expected as the 4th Minor impulse wave should start developing and would most likely be a retracement back to the levels from which the previous impulse move started as an establishment of support is needed for further upside movement.

Zooming out further on to the daily chart, you can see that the evaluation came up to the vicinity of the previous support level which was broken on the way down and is the ending point of the 1st impulse wave out of the C wave of the Primary count.

The currently seen Intermediate correction is the 4th wave correction of the mentioned five-wave move to the downside according to my count so if we see further increase above the $228,156,271,713 the projection would get invalidated as the 4th wave cannot enter the territory of the wave 2 according to the Elliott Wave theory which is why I am considering it as an invalidation level.

Conclusion

As this is the 4th wave from the higher degree impulse the final 5th one is expected to develop after it ends which means that I don’t believe that we have seen the bottom of the bear market like many are praising for currently and are accounting the recently seen exponential increase as the start of the  next “bull run”.

The market is likely headed for more downside before we see a bottom which most likely isn’t happening in an instant like many would wish.

More likely the “bottom” will last for two-three months with low volatility and we could expect to see things get pretty boring with many speculators giving up crypto entirely which would leave the people that are finding real utility among the cryptocurrency landscape.

The post Cryptocurrency Market Analysis: Have We Seen The Bottom? appeared first on Blockonomi.

Bitcoin Price Rises Over the Weekend, What’s Next for BTC?

On Friday, the evaluation of the cryptocurrency market cap has been sitting around $171B and from there continued its upward movement until today when it reached $185,834,567,541 at its highest point.

The evaluation started moving to the downside from there and came down to $178,610,692,940 on today’s low but is currently sitting around $180,5B level as it recovered slightly.

Bitcoin Price BTC

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Looking on the global chart, we can see that the evaluation made its increase in an ascending channel made after a corrective three-wave decrease.

The support level was broken and the evaluation is currently retesting it from the downside for resistance at the moment, and if the resistance is there, I would be expecting the start of an immediate retracement.

The market is mixed in color with an insignificant average percentage of change in the last 24 hours.

Out of the biggest movers, the once in green are Nano with an increase of around 10% followed by Verge with 11.17% and VestChain with 27.85%. Out of those who are in red the biggest losers are Loopring with 14.16% and Maximine Coin with 12.5%.

Bitcoin’s market dominance evaluation is currently hovering around 50.8% which is slightly up from the average over the weekend when it was hovering around 50.4%.

BitcoinBTC/USD

On Friday’s open the price of Bitcoin was sitting at around $4906. From there the price started increasing and came up by 8.68% measured to the highest point the price has been today which is at $5332.9.

The price has fallen from there by 3.73% as it came down to $5137.9 at its lowest today but is currently sitting at around $5208.

 

Looking at the hourly chart you can see that the price of Bitcoin came above the presumed ascending channels resistance level and has retested it on today’s low as it bounced from it but hasn’t come up to the broken support of the minor ascending channel that was formed from Friday.

Since the price was below the 1.618 Fibonacci level an impulsive move was made past the upper resistance and the price continued its upward trajectory for another higher high after the interaction with the resistance of the ascending channel which served as support.

The higher high was made to the levels of the previous one made on 3rd of April and since then the price started impulsively moving to the downside.

This could mean that the 5th wave of the upward impulsive move has ended which would then implicate that now we could be seeing the start of the retracement. As the price of Bitcoin experienced an exponential increase last week the price has entered into its corrective stage from 3rd till 5th ending as a three-wave ABC.

As we have seen the completion of the three-wave correction followed by what appears to be another five-wave move in an ascending channel the five-wave move of a higher degree has most likely ended as a retest of the prior high.

We might see another increase if the 5th wave hasn’t ended but considering that the prior high was retested and the price found resistance there which it into a downward trajectory breaking out from the ascending channel in which the increase was made I believe that we have seen the end of the corrective upswing.

There is also a possibility that the minor ascending channel was corrective in nature and is a part of the same correction as the prior ABC. If this is true that the price is now headed for another correction to the downside which will be the 4th wave out of the higher degree five-wave movement to the upside and in that case, another increase would be expected past the prior high at $5339.

Market sentiment

Bitcoin is in the buy zone.

Pivot point

S3 2427.2
S2 3638.7
S1 4364.9
P 4850.2
R1 5576.4
R2 6061.7
R3 7273.2

Conclusion

The price of Bitcoin has experienced an 8.68% increase over the weekend but the price hasn’t exceeded the prior high level before the ascending structure in which it was increasing got broken to the downside.

This could be the first sign on weakness with the price potentially starting to move into further downside trajectory but as none of the minor support level’s wasn’t been broken this likelihood is still awaited.

As the increase, we have seen over the weekend is the 5th wave of a higher degree impulse, an increase above the prior high level could be likely as the price is to continue for another higher high from here before we see the expected move to the downside.

If we see another higher high I don’t believe that the price of Bitcoin would go higher than $5562-5756 which is the next horizontal resistance zone above.

The post Bitcoin Price Rises Over the Weekend, What’s Next for BTC? appeared first on Blockonomi.

Crypto Market Update: Retracement Before Another Run? BTC & LTC Analysis

From yesterday’s low at $167,184,000,000 the evaluation of the cryptocurrency market capitalization has started increasing again and came up to $175,324,530,848 at its highest point.

The evaluation has pulled back slightly since then but is hovering around those levels still as it’s trying to keep up the upward trajectory.

Bitcoin Price BTC

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The market is mostly in red due to the previously made decrease we have seen about whose mid range the evaluation has gone back.

The biggest movers are in green as they have increased more in the last 24 hours then they have decreased from yesterday’s open, like Dogecoin which is up by 11.7%, Bitcoin Diamond 12% and Insight Chain with an increase of over 16%.

Bitcoin’s market dominance has fallen to 50.25% at its lowest point today coming from 51.26% on today’s high.

Bitcoin BTC/USD

From its highest point on Wednesday when the price came up to $5336.6 at its highest point, we have seen a decrease of 9.41% yesterday as the price fell to $4834 at its lowest point. Since that low, the price has increased by 5% measured to the highest point today at $5076 but has retraced since then and is currently sitting at around $5049.

Looking at the hourly chart you can see that the price of Bitcoin came up to the 1.618 Fibonacci level again today for a retest of resistance and the resistance was there judging by the wick from the upside on the current hourly candle as well as the one that first came to it.

It looks like a three-wave move to the downside has ended which is why we are seeing a minor uptrend developing but this uptrend could be only a prolongation of the correction that is now taking place after the price increased impulsively.

We could also very well be seeing the start of another increase which is set to surpass the Wednesday’s high if the impulsive move to the upside hasn’t ended so depending on the interaction with the resistance levels below we are to see the potential behind the further price action movement.

If the price continues moving above the 1.618 Fibonacci level I would consider that another increase is coming, but if we see a rejection the most likely scenario would be that the increase ended.

Previously we have seen an ascending channel which could have been the 5th wave out of the five-wave impulse in which case the now seen correctional structure would be the start of the downward movement of a higher degree as the Intermediate Y wave ended.

If this is true then the price of Bitcoin is headed for more downside below the point from which the last increase was made at around $4300 where the significant horizontal resistance point is, and considering that the level got broken with strong momentum a retracement back to those levels for a retest of support would be optimal.

But if the increase hasn’t ended the price of Bitcoin could continue moving to the upside for a one more high in which case I would be expecting an interaction with the $5562 horizontal support level which now serves as resistance and is likely getting interacted with.

Market sentiment

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

Pivot points

S3 3562.7
S2 3833.7
S1 3999.4
P 4104.7
R1 4270.4
R2 4375.7
R3 4646.7

Litecoin LTC/USD

From Wednesday’s high at $99.55 the price of Litecoin has fallen by 18.25% measured to the lowest point yesterday at $81.38 but since then it started increasing again and has managed to recover by 9.66% as it came up to $89.311

On the hourly chart, you can see that the price of Litecoin started decreasing in a three-wave manner from its highest point on Wednesday and as it ended another minor uptrend has started as we have seen in the case of Bitcoin. As I have counted the sub-wave I believe that the recovery is over or is near completion if we see the 5th wave continue moving to the vicinity of the yesterday’s open level but when it ends I would be expecting another move to the downside.

As the price of Litecoin increased exponentially in a five-wave manner we are now seeing consolidation taking place like expected but as the structure is still developing it is not clear whether or not it is going to be a quick correction before another run up or would this consolidation be the one before the start of a higher degree move to the downside.

We have seen an increase above the significant resistance point which got broken with strong bullish momentum so a pullback for the establishment of support is now needed if the price is to continue moving to the upside but if the increase ended altogether we are could be seeing the start of a trend continuation of a higher degree as this upward movement was correctional.

Market sentiment  

Litecoin is in the strong buy zone.

Pivot points

S3 50.865
S2 55.846
S1 58.643
P 60.827
R1 63.624
R2 65.808
R3 70.789

Conclusion

The cryptocurrency market has started consolidating after the exponential growth experienced in the past period so we are soon going to see if this run ended or will it continue further.

I believe that it is more likely that the increase has ended but there is a possibility of a further increase if the last wave from the impulsive move to the upside hasn’t ended.

In the case of Bitcoin that further upside movement could bring the price to its next significant resistance point at around $5562 so the room for growth is very small.

This is why now I would be expecting to see a higher degree downside move either in a form of the start of the expected trend continuation as the Intermediate WXY correction ended or the minor retracement before another minor run up.

The post Crypto Market Update: Retracement Before Another Run? BTC & LTC Analysis appeared first on Blockonomi.

Bitcoin & Bitcoin Cash Price Correcting: Where are They Headed Next?

From yesterday’s high at $185,255,258,000 we have seen a decrease of around 15,6 billion dollars as the evaluation of the cryptocurrency market cap fell down to $169,638,110,280 at its lowest point today.

Since today’s low, we have seen a slight increase to $175,524,000,000 which was today’s high but the evaluation has started moving sideways retesting today’s low and going back to the high levels again, currently sitting around $173,535,057,016.

Bitcoin Price

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On the global chart, we can see that the evaluation made the last increase in an ascending channel which was yesterday when the price reached the mentioned high level and started moving down fast as the majority of the decrease was made in a matter of hours.

The market is in mixed colors today as some of the cryptos increased more than the decrease they have experienced in the last 24 hours.

Bitcoin’s market dominance has been moving sideways as well like the movement seen now on the evaluation on the global chart hovering around 50.7% level.

Bitcoin BTC/USD

From yesterday’s high at $5331 the price of Bitcoin has started decreasing and has spiked down to $4842 at its lowest point today which was a decrease of 9.23%, but the price recovered shortly and came up above the $4970.5 which is a minor horizontal support level today.

Currently, we are seeing the price attempting to start a minor recovery and is in a slightly upward trajectory but as it interacted with the 1.618 Fibonacci level and was rejected there I don’t believe that the upward movement would continue for much longer.

On the hourly chart, you can see that the price action formed an ascending channel until yesterday when a spiked above the significant resistance has been made, entering the seller’s territory above the still unconfirmed ascending channel’s resistance level and the 1.618 Fibonacci level.

The price made a quick spike above the significant resistance and as it entered the zone above which the seller’s territory is most likely located, the selling was activated. The seller’s pressure pushed the price lower which is why we have seen a 9.19% pullback from yesterday’s high to today’s spike to the downside.

After the initial spike down a corrective increase took place in what appears to be a three wave move that ended as an interaction with the Fibonacci level that serves as support, setting the price into a downward trajectory again.

This could be the start of another downfall like we have seen from yesterday’s high which is the A wave of an ABC correction now likely developing which is why a move with a similar momentum to the downside is now expected.

If we have seen the end of the five-wave move to the upside, this current downside movement could be the start of a higher degree impulsive move so the price action could develop in a five-wave manner instead of the projected three-wave correction. If this would occur we are to see further downside then the lower Fibonacci level at $4685.

Market sentiment

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

Pivot points 

S3 3562.7
S2 3833.7
S1 3999.4
P 4104.7
R1 4270.4
R2 4375.7
R3 4646.7

Bitcoin Cash BCH/USD

Yesterday, the price of Bitcoin Cash was sitting at $351.3 at its highest spike, from where we have seen a decrease of 17.6% measured to the level on which the price found support today a couple of times which is at $289.5. The price spiked even further down, to $266 but an immediate recovery has been made above the mentioned level which serves as horizontal support today.

On the hourly chart, you can see that the price has started a retracement after reaching its most upper resistance levels around the still unconfirmed ascending channels resistance as well as the horizontal support level at around $317 which serves as resistance. The price has even gone slightly above those significant resistance points but as it entered the seller’s territory an immediate pullback occurred below the mentioned levels.

This pullback could be an early sign of a top similar to what we have seen after the Intermediate W wave ended with a huge spike before the price started moving to the downside in a corrective manner. As I have counted five waves I think the increase has ended although there could be further upside movements if the 5th wave hasn’t ended.

Now that the price is starting to show signs of the momentum slowing down we are most likely to see some corrective consolidation that could push the price back to retest the ascending channels resistance levels again before the interaction setting the price for more downside movement.

Market sentiment 

Bitcoin Cash is in the buy zone.

Pivot points

S3 48.77
S2 101.49
S1 135.22
P 154.21
R1 187.94
R2 206.93
R3 259.65

Conclusion

The cryptocurrency market has experienced an increase with strong momentum from Tuesday, but the increase even though strong was short-lived as it has halted today.

As the increase was exponential the un-sustainability behind it is evident so now that it has ended I would be expecting a strong downfall. There might be another higher high if the 5th wave for the impulsive move hasn’t been developed but the charts are implying that the prices have toped which is why now we are most likely seeing the start of the expected down move.

If the Intermediate WXY correction ended this downward move could be the expected trend continuation in which case we are starting to enter the last bearish stage of the bear market with new lows ahead, but it could also be only a small retracement before further correctional movement.

The post Bitcoin & Bitcoin Cash Price Correcting: Where are They Headed Next? appeared first on Blockonomi.

Analysis: Bitcoin Broke Major Resistance: Consolidation Now Anticipated

From yesterday’s low at around $146B the evaluation of the cryptocurrency market cap has increased by over 17,5 billion dollars as it came up to $163,653,743,177 to its highest point today which is currently being made. The evaluation is still in an upward trajectory as a breakout to the upside from the major resistance point has been made.

Bitcoin Price BTC

Looking at the global chart you can see that the momentum behind the breakout is strong as the majority of the increase occurred in a matter of hours today from $147,7B.

The market is today in green with an average percentage of change ranging around 12%. The biggest gainer is Bitcoin among the major cryptos with an increase of over 20% today, although some of the cryptos with a lesser market capitalization increased more like Metaverse ETP who experienced an increase of over 33% and the biggest gainer among the top 100 is REPO with an increase of 132.65%.

Bitcoin’s market dominance has also been increasing as the majority of the capital flowing into Bitcoin which is why it has increased in marked dominance from 50.17% at its lowest point today to 52.18% at its highest.

BTC/USD

From yesterday’s open at $4163 the price of Bitcoin has increased by 22.7% today measured to the highest point the price has been which is at $5108. The price is currently sitting at around $4795 as the price has started pulling back.

On the hourly chart, you can see that the price came to the descending trendline on Saturday when the interaction has been made after which a minor retracement occurred to the 0.786 Fibonacci level where the price found support on a quick spike as it came back to the significant resistance level and was hovering around before finally going above it slightly, retested it from the upside after which strong momentum was shown to the upside as the price increased impulsively and parabolically.

I was expecting that the interaction with the significant resistance level would end as a rejection with the price going down first to establish support on the lower ascending trendline around $3666 before we see a breakout to the upside but instead, the price continued moving to the upside and has managed to break major key resistance levels along the way.

This bullish momentum could be the continuation of the Intermediate Y wave and as the price spiked to just little over $5100 and retraced by around 7% after we are now seeing the first signs of the momentum slowing down. From today’s highest point the price has retraced by 7.48% but has started increasing again and is currently 5.25% lower than on its highest point which could be an early indication that the momentum would continue.

As the price has increased exponentially we are now most likely to see consolidation above the 1.272 Fibonacci level which will now most likely get tested for support.

Looking at the 4-hour chart we can see that the major resistance at $4300 has been broken as long as other significant resistance points to the upside. As the price reached the 1.618 Fibonacci level a pullback started so now we are to see if the increase continues or would the price start moving back below the significant resistance again.

Considering that from the 15th of December when the price of Bitcoin started entering the bullish period this structure looks corrective as prior to it the price of Bitcoin almost halved in value – dropping from around $6500 level to below $3300. The increase we have seen today was expected to occur after more interaction with some of the significant support levels so it is hard to say where it should be incorporated but I still think that we are seeing the development of the corrective Intermediate wave Y.

As consolidation is now awaited we are going to see from the depth of the pullback and the momentum behind the increase if the projection will get invalidated, but although we have seen a significant increase it could still be corrective.

Market sentiment 

Bitcoin’s hourly chart technicals are signaling a buy.

Pivot points

S3 3162.2
S2 3605.2
S1 3886.3
P 4048.2
R1 4329.3
R2 4491.2
R3 4934.2

Conclusion

The price of Bitcoin has increased by over 22% today and a breakout to the upside occurred unlike I was expecting.

This price action development is most likely a result of the positive sentiment surrounding the cryptocurrency market from 15th of December when it began but I still believe that this increase is correctional and could continue for much further potentially retesting the broken horizontal support level around $6500 before the price of Bitcoin is headed for further downside.

In either way, since the price increased exponentially we are now most likely going to see some consolidation before further increase so depending on the shown momentum and the depth of the pullback we are to reevaluate the potentially possibilities.

The post Analysis: Bitcoin Broke Major Resistance: Consolidation Now Anticipated appeared first on Blockonomi.

Bitcoin [BTC] Price Prediction: Attempting a Breakout?

The evaluation of the cryptocurrency market has increased over the weekend by around 6,751 billion dollars coming from $141,532,000,000 to $148,283,000,000 at its highest point on Saturday high but the increase ended only a quick spike as the evaluation immediately came back to to the same level from which the increase was made.

Bitcoin Price BTC

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On the global chart, we can see that the evaluation came up to retest the resistance level from the ascending triangle which was formed by the current structure from back in November last year so now as it came again to its level after the Saturday’s spike we are seeing today another interaction but on a steady increase is a sign of uncertain momentum and is most likely going to ends as a rejection, setting of the market for a bearish period.

The market is in mixed colors today with an insignificant percentage of change, as its ranging from 0.2-08% on average. The majority of the biggest movers are in green with an increase of around 7% although there are those in double digits like ABBC coin which experienced an increase of over 17% today followed by Enigma with an increase of over 13%.

Bitcoin’s market dominance is currently sitting around 50.1%  slightly lower than on Friday when it was 50.23%.

Bitcoin BTC/USD

The price of Bitcoin has continued moving to the upside over the weekend and has come up to the ascending triangle’s resistance line where it found significant resistance and was rejected but this hasn’t triggered a move to the downside as another attempt is currently being made for the price to breakout to the upside.

The price of Bitcoin was sitting around $4085 on Friday’s low close to the open and from there increased by around 3% coming to $4203 but came down to $4146 afterward from where another attempt has been made and the price is currently putting pressure on the mentioned resistance level.

On the hourly chart, you can see that the buyers haven’t given up just yet but the sellers are clearly defending the level which is why now are seeing the signs of struggle from both sides, as indicated by the wick on the last hourly candles and as the price is again retesting the significant resistance level on another attempt we are most likely going to see a rejection and the start of a move to the downside, especially taking into consideration that we have seen a minor five-wave move to the upside which clearly ended on Saturday.

Today’s attempt for a breakout is most likely corrective as the price of Bitcoin came down to the 0.786 Fibonacci level where it found support, so the buying was activated. Considering the momentum isn’t there for a breakout to the upside from the strong resistance level which was well respected in the past a rejection looks more likely which is why I think that the start of the downtrend is now imminent.

Zooming out on to the 4-hour chart you can see the significance behind the current resistance level as it was clearly respected in the past but unlike the prior two times when the interaction took place on a quick spike after which an even quicker move to the downside occurred, the price has now come slowly and is taking its time retesting the level which could indicate a different scenario.

Although we might see a breakout to the upside it would be needing a stronger momentum then currently shown, a rejection looks more likely. Prior to the upswing that started on last Monday, March 25th could be the fifth wave of a five-wave correction which is currently labeled as a three-wave ABC to the upside.

If we look at the structure after the Intermediate W wave ended we can see the resemblance which is why I would be expecting a similar scenario but the price has started behaving differently over the weekend so a breakout to the upside could occur.

If the price, however, continues increasing, I would be looking at the significant horizontal level at around $4374 for an interaction.

Market sentiment 

Bitcoin’s hourly market technicals are signaling a strong buy.

Pivot points

S3 3562.7
S2 3833.7
S1 3999.4
P 4104.7
R1 4270.4
R2 4375.7
R3 4646.7

Conclusion

The price of Bitcoin has experienced an increase of the weekend but nothing has been changed for the price projection as the price is still showing corrective momentum and is above the significant resistance levels.

Today another attempt is being made for a breakout to the upside which I think is going to end as a rejection which would set the price for the expected downside move.

The increase might continue past the current significant resistance point which is the resistance line of the ascending triangle but If the increase continues I won’t be expecting the price to go up for more then $100 as the next significant resitance point is around $4300.

A retest of the upper resistance could be just what the price needs for the expected downtrend to start as the quick spike to it could potentially trigger passive sellers which would be then chasing the price to the downside pushing it below the mentioned resistance levels and all the way down to around $3600 area which is where the optimal target would be for the ending point of the expected retracement.

The post Bitcoin [BTC] Price Prediction: Attempting a Breakout? appeared first on Blockonomi.

Crypto Market Update: BAT Increases 25% Will Bitcoin Hit $4300?

From yesterday’s high at around $143,435,000,000 we have seen a decrease at first to around $141,532,000,000 at its lowest point today, but since the evaluation came down to those levels another increase has been made slightly above the level of the yesterday’s high at $143,774,245,588.

Basic Attention Token Price

Looking at the global chart you can see that the evaluation has been rising ever since the three-wave move to the downside was made on the 4th of March and has formed an ascending channel.

You can see the similarities between the current structure and the structure that followed the end of the first impulsive decrease made until the 24th of December last year.

This resemblance indicates that after the ascending structure ends another third one to the downside would start developing as it did in January but it is still unclear when the current increase could end.

The evaluation finally made it above the prior high but since this increase is most likely corrective in nature I don’t believe that the evaluation increasing would continue for much longer.

The market is mostly in green today with an average percentage of change among top coins ranging around 0.3-2%. The biggest movers are in double-digit gain like for example Basic Attention Token with an increase of over 25% in the last 24 hours and followed by REPO with an increase of over 38%.

Bitcoin’s market dominance has been hovering around the same levels as its currently sitting at 50.4%.

Bitcoin BTC/USD

On yesterday’s open the price of Bitcoin was sitting at $4102 from where a decrease was made to $4065 at its lowest point. Another increase has started from there as the price came up to $4185.2 where it’s currently sitting.

Looking at the hourly chart you can see that I have readjusted my count as to include today’s increase as the 5th wave as the previously labeled ending point of the 5th wave was only the end of the 3rd one.

As the price continued moving for another high impulsively I believe that the C wave from the Minuette ABC correction to the upside ended which means that the B wave from the Minute count ended as well.

The B wave ended which is why now the C wave is expected to develop to the downside now so I would be expecting an immediate downfall below the 0.786 Fibonacci level which served as resistance and was broken today.

If my count is correct the C wave from the previous Minute ABC correction to the upside ended on the 0.786 Fibonacci level but this current increase could be the prolongation of that correction like we have seen after the Intermediate W wave ending on 24 of December last year after which a similar structure developed to the one after the second impulsive move to the upside ending on the 0.786 Fibo level.

If this is the prolongation of the mentioned correction the price is set to go to the most significant resistance level which would be around $4300 before we are to see the start of a downmove.

But if the C wave ended as my primary count suggests this current increase would be only a minor correction inside the third corrective structure to the downside which already started developing.

Market sentiment

Bitcoin is in the buy zone.

Pivot points

S3 3785.6
S2 3928.5
S1 3995.8
P 4071.4
R1 4138.7
R2 4214.3
R3 4357.2

Basic Attention Token BAT/USD

From yesterday’s open the price of BAT has increased by around 40%. The price has been increasing parabolically especially in the last couple of hours, showing strong momentum and is currently sitting at $0.31851

 

Looking at the hourly chart I have inspected the current increase and as you can see by the Elliott Wave count the movement is most likely over or is near completion around the 4.236 Fibonacci extension level. We could see another minor increase above it but considering that I have counted 5 sub-wave it could only be the extension of the final wave which means that there is little room to go.

As the five-wave move to the upside ended the price is now likely heading for a retracement which would most likely be to at least around the  $0.187285 as it was the upper horizontal resistance level which is likely going to get retested for support.

Market sentiment

Basic Attention token is in the buy zone.

Pivot points

S3 0.16562
S2 0.18255
S1 0.19201
P 0.19948
R1 0.20894
R2 0.21641
R3 0.23334

Conclusion

The cryptocurrency market has experienced another increase over the last 24 hours. The price of Bitcoin has increased only by a little while some of the other altcoins like BAT has increased significantly.

This increase was most likely corrective after the price’s previous started moving to the downside so after it ends I would be expecting an impulsive movement to the downside which we could see over the weekend.

First the prices have to finish their corrective increases which could in the case of Bitcoin end up to around $4300 which is the upper resistance level before the expected move to the $3600 area starts.

The post Crypto Market Update: BAT Increases 25% Will Bitcoin Hit $4300? appeared first on Blockonomi.

Bitcoin Cash [BCH] & Litecoin [LTC] Price Prediction: Trend Reversal Soon to Start

From yesterday when the evaluation of the cryptocurrency market cap was sitting at around $138B at the open we have seen an increase to $143,428,703,488 at its highest point today just slightly after the today’s open. Since then the evaluation has started moving to the downside and is currently sitting around $142,8B level.

Litecoin Price

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Looking at the global chart you can see that the evaluation came up in an ascending channel which looks corrective in nature, and as the price came again to its resistance levels a retracement would now be expected and ultimately a breakout to the downside. The evaluation still hasn’t exceeded the prior high at $143,569,769,556.

The market is mostly mixed in color with an insignificant percentage of change among top 100 coins. The biggest mover is Decentraland with an increase of 38$% and Raven Coin with an increase of over 30% in the last 24 hours.

Bitcoin’s market dominance has been decreasing and came down to 50.18% at today’s open.

Litecoin LTC/USD

From last Thursday when the price of Litecoin around $61.58 we have seen sideways movement in a range between $62.5 which was the resistance level and $58.2 which was the support level. With the price currently sitting around $61.613 and has retested the horizontal resistance level of the mentioned sideways range on today’s open.


On the hourly chart, we can see that the price of Litecoin ended its five-wave to the upside and has formed a descending structure after. The price has today broken its resistance line but has been stopped out at the minor horizontal resistance level with the price currently being in a downward trajectory. As the price is still above the resistance zone I was expecting a retest of its significant level at $57.558 which hasn’t occurred but the price fell close to it on Tuesday coming to $58.

This could indicate that the retested support was there as the price started increasing after and came up by 7.23% on the last increase. Considering that we have most likely seen the end of the five-wave impulse wave to the upside in an ending diagonal, we are most likely seeing the development of the now expected downside movement which could be either corrective if the Intermediate correction is to get prolonged or an impulsive move if the correction ended.

In either way, the increase we have seen ending on today’s open was most likely corrective and would be viewed as such until the price exceeds the prior high at around $68.

Market sentiment

Litecoin is in the sell zone.

Pivot points

S3 49.362
S2 55.374
S1 58.572
P 61.386
R1 64.584
R2 67.398
R3 73.410

Bitcoin Cash BCH/USD

From Tuesday’s low at $153.3 which was the lowest price has been from the start of the week measured to the levels of today’s open of around $172.8 at its highest spike, we have seen an increase of 12.67%. The price has started moving to the downside after today’s opening and is currently in a downward trajectory sitting at $166.

On the hourly chart, you can see that the price of Bitcoin Cash came up to the resistance level of the newly formed ascending channel in which it is consolidating after an increase of around 26.25% on the 3rd impulse wave.

We are most likely seeing the development of the 5th wave in an ending diagonal and considering that the price today came to the resistance levels of the current range and has started showing signs of weakness the price is now likely heading for a retracement back to its support levels which would start to intersect the horizontal resistance level at $155.9

The interaction with the mentioned horizontal resistance level is now expected as a retest of support if the price is to complete another upswing which would be the 5th wave. This upswing could very well end around the upper resistance zone at around $180 but after it ends I would be expecting another movement to the downside with strong momentum.

The prices have started showing their first signs of weakness as the upswing ended and we are most likely to see now the start of the expected downtrend or a minor correction before another higher high which would be the final one before the expected downtrend starts.

Cryptocurrency market has been mostly moving sideways from 25th of February and slightly to the upside which looks corrective so after this last increase ends I would be expecting a decisive move the to the downside stronger than the one seen on 24th of February.

Market sentiment

Pivot points

S3 113.89
S2 136.98
S1 151.16
P 160.07
R1 174.25
R2 183.16
R3 206.25

Conclusion

The cryptocurrency market has experienced an increase that lasted until today’s open as another minor downtrend has started afterward. This minor downtrend could be the start of a bigger move to the downside which if occurs could push the prices significantly lower or could be a minor retracement before one more higher high after which a downtrend development is expected.

Both LTC and BCH charts are showing that the uptrend is near completion with the price action forming ending diagonals so either today we are seeing the start of a trend reversal or further final wave development.

If the price of Litecoin starts moving to the downside from here I would be expecting an interaction with the $57.5 level but a breakout to the downside afterward as in the case of Bitcoin Cash which shows a similar pattern as the price is set to go below the current support level at $155.9.

The post Bitcoin Cash [BCH] & Litecoin [LTC] Price Prediction: Trend Reversal Soon to Start appeared first on Blockonomi.

The Market Rallies Today: Bitcoin Price Analysis

Since the start of the day, the evaluation of the cryptocurrency market cap has been on the rise and has come up from around $138B at today’s open to around $142,561,000,000 at its highest point today.

Bitcoin Price BTC

On the global chart, we can see that the evaluation came up to the resistance levels of the current range formed by the corrective movement we have seen from 15th of December and it serves as a strong resistance point.

The wave structure looks similar to the one after the first five-wave increase ended on 24th of December which is why I believe that after this increase retests the mentioned resistance line we are to see the start of an impulsive decrease to the downside like we did back then.

The market is mostly in green with an average percentage of change ranging around 3.4% in the last 24 hours. The biggest gainers are around 11% like EOS and Cardano out of the major once, while some of the minor altcoins have been increasing more with REPO being the biggest gainer today with an increase of over 59%.

Bitcoin’s market dominance has been decreasing and has come down to 50.4% today from yesterday’s high at 50.93%.

Bitcoin BTC/USD

The price of Bitcoin was sitting at $3951 on its lowest point yesterdays at has increased at first to around $3994 level where it retraced slightly and continued on moving to the upside today increasing by 3.73% coming to $4098 at its highest point.

On the hourly chart, you can see that the price action looks impulsive as the price increased parabolically to the upside in a five-wave manner. In conjunction with the price action movement, we have seen today in which the price made a higher low we have most likely seen the three-wave ABC correction to the upside after previously one to the downside ended around the intersection of the ascending trendline and the 0.618 Fibonacci level which both serves as strong support points.

If this is true then the price of Bitcoin has completed its B wave from a higher degree count which is why more downside would be expected from here below the 0.618 Fibonacci level, but that might not happen in a straight line as the price is surrounded by significant support/resistance points that are to be interacted with.

The price is now going to start another five-wave movement to the downside if my count is correct and seeing the first signs of struggle on the last hourly candle the sellers could be triggered but this “better price”.

The price is again above the horizontal resistance at $3994.4 which is a good sign and has come up above the previously seen sideways correction which ended on a breakout to the downside. This could indicate further price recovery but we are to see the potential behind the increase as we could be seeing the start of another corrective movement after the price of Bitcoin previously came down by 4.31%.

If we are seeing the start of another corrective structure this five-wave movement would be its first wave which means that we could see the price spiking even further to the upside on the C wave, potentially breaking the resistance around the 0.786 Fibonacci level.

But as this would be another retest of the above resistance it could very well be the 5th wave of five-wave correction instead of a three-wave ABC.

Market sentiment

Bitcoin’s hourly chart technicals are signaling a strong buy.

Pivot points

S3 3785.6
S2 3928.5
S1 3995.8
P 4071.4
R1 4138.7
R2 4214.3
R3 4357.2

Conclusion

The cryptocurrency market has experienced an increased in the last 24 hours which looks impulsive but is most likely a corrective one out of the higher degree correction in which case it would be the B wave.

This indicates that we are to see immediate price decrease if true, but then another increase could be made above the level of today’s high to upper significant resistance point at around $4130.

From the depth of the now expected downtrend we shall see the potential for another increase scenario but for now, my primary call stands for more downside to be expected as the trend should continue after this corrective increase ends.

The post The Market Rallies Today: Bitcoin Price Analysis appeared first on Blockonomi.

Bitcoin Price Prediction: $3600 on the Horizon?

From yesterday’s high at around $140,5B the evaluation of the cryptocurrency market cap has been declining and came down by around 4,045 billion dollars to today’s low at $136,445,180,031.

Bitcoin Price BTC

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Looking at the global chart, you can see that the evaluation fell below the minor horizontal support level on an impulsive move to the downside and has made a corrective wave structure making a lower low today to the mentioned level from where another increase was made.

As the evaluation is in an upward trajectory this could be an early indication of the start of the corrective move to the upside which could retest the minor horizontal support level for resistance if we are to see further trend continuation to the downside. But until the evaluation reaches higher levels than the prior high we can’t say that the down-move ended.

The market is mostly in red today with an average percentage of change among top 100 coins in the last 24 hours ranging around 1.2-2.8%. The biggest movers are in red as well and are in double digits, like Repo with a decrease of 25% and DigiByte with a decrease of over 12%.

Bitcoin’s market dominance has been hovering around the same levels as yesterday but has come slightly higher than yesterday when it was sitting around 50.68% at its lowest point as it is currently being evaluation around 50.9%.

Bitcoin BTC/USD

From yesterday’s high at $4050, measured to the lowest price has been today which was at $3939.6, we have seen a decrease of 2.74%. Since then the price has recovered slightly and is currently sitting at $3986.8.

On the hourly chart, you can see that the price of Bitcoin broke down below the ascending trendline which was the minor trendline from 4th of March and retested it from the downside for resistance last Saturday which cause the price to start moving in a downward trajectory once more.

As the price continued its downward trajectory over the weekend, yesterday we saw another impulsive decrease down to the next ascending trendline intersection with the 0.618 Fibonacci level at $3936 which serves as a support point.

Now that the price found some temporary support there, it has started moving to the upside and is around the levels of the minor horizontal resistance from the current range below the significant horizontal resistance at $3994.4 which was as well broken on the yesterday’s downfall.

We are currently seeing a cluster being formed around this significant support/resistance point which is why we are seeing the price struggling to make a decisive move just yet. As we have previously seen the end of the ABC correction to the upside the move to the downside was expected which has most likely started yesterday.

If this is true then we are seeing the development of the first wave of a higher degree count either from the third corrective structure or the start of the 3rd impulse wave which is why I believe that after this currently seen cluster retest the broken resistance a decisive move to the downside would occur.

If the price of Bitcoin ended its Intermediate correction a trend continuation would be expected but I think that’s more likely that the Intermediate correction got prolonged in which case this decrease would be the second wave X and that another increase after that would be expected as the Z wave should develop after the expected trend continuation to the downside.

This will be seen from the depth and the momentum behind the down-move which started yesterday but since more downside would be expected from here the price of Bitcoin is likeley now heading towards $3666 level for a retest of its lower ascending trendline formed by the Intermediate correction.

Market sentiment

Bitcoin is in the buy zone.

Pivot points

S3 3785.6
S2 3928.5
S1 3995.8
P 4071.4
R1 4138.7
R2 4214.3
R3 4357.2

Conclusion

As the cryptocurrency market experienced another decrease in the last 24 hours this validated the projection in which a downtrend was expected.

Now that we are most likely seeing the expected retracement the price of Bitcoin is likely heading towards $3666 area when the next significant support point is, but if we are seeing the start of the trend continuation the price of Bitcoin could fall lower.

This will soon be seen from the momentum behind the move, but I don’t believe that the price of Bitcoin is currently heading lower than $3666 as I think that we are seeing the prolongation of the correction which started in December last year.

In that case the price of Bitcoin could experience another increase to the upper point of the resistance zone around $4300 or even slightly exceeding it before new lower lows.

The post Bitcoin Price Prediction: $3600 on the Horizon? appeared first on Blockonomi.

Bitcoin Price: Downtrend has Likely Started after Corrective Upswing Ended

Over the weekend we have seen an increase at first for the evaluation of the cryptocurrency market as the evaluation came up from $139B at Friday’s low to slightly over $141B on Saturday’s high, but since then another minor downtrend started developing and the evaluation came down to $139,770,643,930 at its lowest point today.

Bitcoin Price BTC

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On the global chart, we can see that the evaluation moved sideways from Friday after a significant decrease of around 4 billion dollars has been made, which could be interpreted as consolidation before another move to the downside starts.

The market is mixed color today with an insignificant percentage of change in the last 24 hours among the top 100 coins. The biggest movers are in green with double-digit gains among which Maximine Coin is the biggest as it increased in price by over 31%, followed by Bitshares with an increase of 16.58%.

Bitcoin’s market dominance has been increasing from yesterday’s low at 50.48% and is currently sitting at 50.7%.

Bitcoin BTC/USD

On Friday the price of Bitcoin was $4035 at its lowest, we have seen an increase to $4082 at its highest point on Saturday from where another minor downtrend has started which caused the price moving to $4010 at its lowest point yesterday but recovered quickly to the levels from which the last downfall was made, leaving a wick on the hourly chart, which indicates buying pressure.

Currently, the cryptocurrency is being traded at $4028.8 and is in a downward trajectory but is now retesting the yesterday’s low level for support.

On the hourly chart, you can see that the price of Bitcoin is retesting the minor horizontal level for support around the vicinity of the A wave’s ending point slightly higher than the horizontal support/resistance at $3994.4 and is still above the falling wedge resistance line.

The ascending trendline from the start of the wave A has been broken last Thursday and was retested on a minor uptrend but since the interaction ended as a rejection, over the weekend we have seen the price starting a minor downtrend.

Now that the price is in a downward trajectory again and is getting close to the weekends low at around $4020 we could expect to see a minor increase like seen until Saturday which would be the 3rd wave out of the correction that started after the initial drop on Thursday which is most likely the first wave of a higher degree five-wave move which would make this expected three-wave move the second.

If the price ended its Minuette 5th wave that would mean that the C wave from the upward correction has ended, but if the 4th wave as a corrective wave got prolonged we are seeing the development of the third correction of a lower degree which is set to retest the support around the vicinity of the 1st wave’s ending point before continuing another increase as the 5th wave should start developing and could come to the ascending triangle’s resistance level at around $4212 before we are to see the start of a move to the downside.

I think that the upswing has ended around the 0.786 Fibonacci level which was retested was interacted with two times after we have seen a rejection as the price fell by around 3% in a matter of hours. As we are most likley seeing the start of the impulsive move to the downside after this sideways movement ends I would be expecting another decrease of a higher momentum then seen on last Thursday which could end around the intersection of the first ascending support line and the 0.618 Fibonacci level at $3936.8 but I would expect further decrease from there after a small correction.

Market sentiment

Hourly chart technical indicators are signaling a strong sell.

Pivot points

S3 3785.6
S2 3928.5
S1 3995.8
P 4071.4
R1 4138.7
R2 4214.3
R3 4357.2

Conclusion

Last Thursday we have seen the price of Bitcoin starting a movement to the downside, which was postponed by the sideways movement we have seen over the weekend which is most likely the second, corrective wave of a higher degree five-wave movement.

This means that we are now seeing the start of the expected downtrend after a correction to the upside which ended around the $4130 level.

If we are seeing the start of the five-wave decrease the price of Bitcoin is set to go down to $3936.8 level around which the first significant support point is, but further downside would be expected from there to the next support point to the downside which is around $3666 where the 0.5 Fibonacci level is.

The post Bitcoin Price: Downtrend has Likely Started after Corrective Upswing Ended appeared first on Blockonomi.

After Yesterday’s Fall, The Crypto Market Increases – Where Next?

From yesterday’s high at $141,915,423,233 the evaluation of the cryptocurrency market cap has been declining and came down to $138B at its lowest point yesterday. From there the evaluation made some recovery and is currently sitting around $140,5B mark an is in an upward trajectory.

Bitcoin Price BTC

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Looking at the global chart it is still unclear which structure will prevail – either an expanding one or a descending one so could see another increase from here to the vicinity of the prior high as a retest of resistance before a final breakout to the downside. The breakout might already happen if the prevailing structure was descending one.

The market is mostly in green as the evaluation started increasing again today but with a small recovery made the average percentage of change is still very small and is ranging around 2%. The biggest movers are in double-digits like Nuls with an increase of 17%.

Bitcoin’s market dominance has been declining as it came down from 51.19% at its highest point yesterday to 50.7% where it is currently sitting.

Bitcoin Analysis BTC/USD

From yesterday’s high at around $4130 the price of Bitcoin has depreciated by 2.92% coming to $4004 at its lowest point yesterday. Since then we have seen a small recovery as the price currently being traded at $4060 and considering that the price is again in an upward trajectory we could see further recovery today.

On the hourly chart, you can see that the price of Bitcoin fell below the resistance line of the falling wedge but has today went above it again and is currently retesting the ascending trendline which served as support for the resistance. Judging by the last hourly candle the resistance there is present which is why the price is struggling to keep up its upward trajectory.

Since the price started impulsively moving to the downside yesterday this current increase is most likely a minor three-wave correction, and as it looks near completion we are soon going to see the price continuing its down move.

If the price starts moving to the downside from here I would be expecting a proper interaction with the horizontal resistance level as a retest of support which would bring the price of Bitcoin back to around $3994.4 level, but if the price continues moving to the upside a retest of some of the significant resistance points would be expected or even potentially exceeding the prior high.

This could be a possibility if the 4th wave hasn’t ended and we are seeing the continuation of the correction that started after the price spiked above the 0.786 Fibonacci level, although considering the momentum shown yesterday I don’t believe that’s likely.

As the price is currently retesting the horizontal support of the upper range it might be the retest of the resistance I am looking for, so after the interaction ends we shall see the price potential.

In either way, over the weekend I would be expecting to see the price of Bitcoin continuing its downward trajectory as this increase would be a minor correction according to my count.

Market sentiment

Bitcoin is in the buy zone.

Pivot points

S3 3446.4
S2 3743.9
S1 3916.0
P 4041.4
R1 4213.5
R2 4338.9
R3 4636.4

Conclusion

The cryptocurrency market has been declining fast yesterday after some increase has been made and as the price fell below the levels from which the increase started, we can say that the sellers are starting to gain control.

More downside would be expected from here as the price of Bitcoin most likely ended its corrective upswing around the significant resistance area around $4130 so now a move to the downside is expected to play out either as the next corrective structure or an impulsive move.

Depending on the type of the expected decrease we are going to reevaluate the price target levels but I believe that now Bitcoin is heading for its support levels of the current Intermediate correction which could bring the price down to around $3600 area.

Over the weekend I would be expecting more signs of struggle between the buyers and the sellers before finally a decisive move to the downside starts.

The post After Yesterday’s Fall, The Crypto Market Increases – Where Next? appeared first on Blockonomi.

Bitcoin Sees Sharp Selloff: Latest BTC Price Analysis

Yesterday the evaluation of the cryptocurrency market cap has been at $139,376,793,391 at its lowest. From there the evaluation started increasing again until it came to $141,881,000,000 at its highest point when it the first sign of weakness was shown in the form of a retracement to around $141,265,000,000.

The evaluation came up again to around $141,8B levels in another attempt to break the encountered resistance, but the attempt ended as a harder rejection causing the evaluation to once again starts moving to the downside and is currently in a downward trajectory sitting at around $139,973,087,816.

Bitcoin Price BTC

On the global chart, we can see that the evaluation at first started to break out from the descending resistance level but it ended as a fakeout after all as its again back inside the territory of the corrective structure. Today we are most likely to see further downside for interaction with some of the support levels for the establishment of support since the interaction with the resistance levels ended as a rejection.

The market is in mixed colors with an average percentage of change among top 100 coins in the last 24 hours ranging around 1.3-1.8%. The biggest movers are in green with double-digit gains like Ravencoin with an increase of over 16%, Maximine Coin with 15.6% and MOAC with an increase of 11.85%.

Bitcoin’s market dominance has been increasing and is currently sitting at 51.2% coming from 50.76% at its lowest point yesterday.

Bitcoin BTC/USD

On yesterday’s lowest the price of Bitcoin was $4060 from where the price increased at first by 1.89% coming to $4136 at its highest point.

Looking at the hourly chart, you can see that after the interaction with the 0.786 the price formed a cluster below it, and as the 5th wave ended around the vicinity of the 3rd wave’s ending point a move to the downside was expected.

While writing today report the price started decreasing and not before long the price came down to my target level and is currently sitting at $4006 and is again inside the territory of the falling wedge as it got below its resistance level close to the significant horizontal level at $3994.4

As the 5th Minuette wave ended so did the C wave of the three wave ABC correction to the upside which means that now we are most likely seeing the start of the expected move to the downside either in a form of the 3rd impulse wave of a higher degree or the third consecutive Minute ABC correction to the downside after the price of Bitcoin ended its impulsive five-wave increase to $4267.

Zooming out on to the 4-hour chart, you can see that the similar pattern appeared after the Intermediate W wave ended – first a three wave correction to the downside after which another three wave correction to the upside developed just like the one we have seen ending today.

Now that it has ended an impulsive move to the downside started as the price of Bitcoin decreased by 2.92% in a matter of hours, whipping out all the recovery made from yesterday.

The second correction ended slightly lower than its previous impulsive move to the upside’s ending point like it did after the Intermediate W wave ended which could again indicate the validity of the projection, but if we are seeing the development of the third structure to the downside I would expect it to end somewhere around $3644 where the lower ascending trendline is or even lower, if we are seeing the start if impulsive five-wave move.

After the second correction ended after the Intermediate wave W we have seen the Minor Y wave pushing the price down by 17.38%. If we are to see a move to the downside with the same momentum, we will see the price of Bitcoin at around $3417 where the Minor Y wave’s ending point is.

As I don’t believe that the Intermediate WXY correction ended, I think that we are seeing the prolongation of that correction which in that case means that we are seeing the development of the second wave X. If this is true then we are going to see one more attempt for a breakout on the upside from the current horizontal resistance up to $4300 which would end as a rejection with a lower high when the Intermediate wave’s W and Y potentially not maybe exceeding the horizontal resistance level at $3994.4 which depends on the depth of the presumed second wave X ending point so we are yet to see where the price finds support now that it started moving to the downside.

Market sentiment

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

Pivot points

S3 3446.4
S2 3743.9
S1 3916.0
P 4041.4
R1 4213.5
R2 4338.9
R3 4636.4

Conclusion

As the price of Bitcoin again came to its most significant resistance point at around $4129 a rejection has been made which propelled the price in a steep downward trajectory falling down to $4004 at its lowest point today which is around 3% drop in a matter of hours.

This could be the early indication of the start of a downtrend which was expected to start after what I’ve been saying was a corrective increase whose purpose was to retest the upper resistance points and trigger another round of selling.

The price of Bitcoin is now in a lookout for support and the buyers have managed to make a small recovery but we are now most likely to see the price of Bitcoin below $4000 again.

The post Bitcoin Sees Sharp Selloff: Latest BTC Price Analysis appeared first on Blockonomi.

Crypto Market Rising with More to Go: BTC, XTZ, GNT Price Analysis

The cryptocurrency market has been moving sideways from yesterday, hovering around the same levels around $140B level going above and below it.

Crypto Price Update

Looking at the global chart you can see that the evaluation came back to the levels of yesterday’s low at around $139,6 billion levels but started increasing again and is currently slightly above the midpoint of the descending horizontal range.

The market is in red today with an insignificant percentage of change in the last 24 hours as an average it is ranging around 0.8%. The biggest movers today are in green with double-digit gains like Tezos with an increase of over 21.35%, Golem by over 19% and Huobi Token with 15.18%.

Bitcoin’s market dominance has been hovering around the same levels as well and is currently sitting at 50.8%.

Bitcoin Price BTC/USD

From yesterday’s low at $4016, the price of Bitcoin increased by 1.45% today and is currently sitting at around $4100 level which serves as a minor resistance point.

On the hourly chart, you can see that the price of Bitcoin broke out from the descending triangle on the upside and has also broken the falling wedge resistance line which was later retested today for support when a large red hourly candle pushed the price for interaction with the level after which an equal green candle recovered the price to the same levels which indicated that the support is there.

The price is currently in a tight spot as the minor horizontal resistance level from the previous correction is above so it is struggling to keep up the upward momentum.

This newly formed cluster would most likely result in a breakout to the upside as this is most likely the start of the 5th Minute wave out of the five-wave move to the upside in which case I would expect to see it end at the ascending triangle’s resistance line at around $4218.

The price could continue moving higher to its most upper resistance which would be the upper resistance level off of the resistance zone above the ascending triangle’s resistance line.

Market sentiment

Bitcoin’s hourly chart technicals are signaling a strong buy.

Pivot points

S3 3446.4
S2 3743.9
S1 3916
P 4041.4
R1 4213.5
R2 4338.9
R3 4636.4

Tezos Price Analysis XTZ/USD

From yesterday’s open at $0.49948173 the price of Tezos has increased by 17.78% today as it is currently being traded at around $0.59.

On the hourly chart below you can see that the price of Tezos came up to the median line of the resistance zone above the previous structure where it has encountered strong resistance which is why we are seeing the last couple of hourly candles being red with wicks from the downside, suggesting that the buyers are pushing the price but the sellers are stronger at this point.

The price broke out form the symmetrical triangle in which it was correcting but still hasn’t exceeded the prior high level and is around its vicinity at the moment. As the price is still in an upward trajectory and has entered the territory of the resistance zone we could see another increase to its upper level which would bring the price of Tezos at around $0.637.

The shown chart pattern is similar to the one that can be seen on the charts of the major cryptos which could indicate what would come next but since this upswing is most likely the third wave from the correction in a downtrend we are to see the further downside when it ends.

Market sentiment

Tezos is in the buy zone.

Pivot points

S3 0.27760667
S2 0.38040668
S1 0.44141334
P 0.48320666
R1 0.54421335
R2 0.58600664
R3 0.68880665

Golem Price Analysis GNT/USD

In the last 24 hours, the price of Golem has increased by 26.32% coming from $0.07505 yesterday to $0.09481 at its highest spike today. Since the spike ended the price has pulled back and is currently sitting at around $0.08747.

Looking at the 4-hour chart you can see that the price of Golem increased to its first horizontal resistance point which was the levels of previous sideways correction upper range level and has managed to come slightly above it but is now back around its vicinity potentially retesting the level for support. If the uptrend is to continue the support must be present at those level and I believe that it will considering the momentum shown.

We can see that a similar structure slightly larger played out before this current one which could be viewed as a fractal. This could indicate that after the price reaches the levels of the first high after a downfall was made at around $0.1035 we could expect to see another downfall like we did the last time. This would be the interaction with the horizontal resistance line ending as a rejection or even a slight peak above it, entering the sellers’ territory.

Market sentiment

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

Pivot points

S3 0.03916
S2 0.05950
S1 0.06991
P 0.07983
R1 0.09025
R2 0.10016
R3 0.12049

Conclusion

As the market started moving slightly to the upside and as shown on the charts of some of the major cryptocurrencies slightly above their resistance points, it looks like we are to see another increase as the prices still have more room to go for interaction with their most upper resistance points.

That would in the case of Bitcoin be to around $4300 at max (6.22% increase), for Tezos at $0.637 (9.4%) and Golem at $0.1035 (18.52% from the current levels), but the interaction with the upper resistance levels I would be expecting a rejection and a movement to the downside.

The post Crypto Market Rising with More to Go: BTC, XTZ, GNT Price Analysis appeared first on Blockonomi.

Market Update: Bitcoin Holding above $4000, Litecoin to Correct Lower?

From yesterday’s high at $141,244,802,687 the evaluation of the cryptocurrency market cap has decreased to $138,8B level at first but since then it started slightly to the upside again and is currently sitting at around $140,118,885,992 and was slightly higher as it came to $140,611,000,000 at its highest point today.

Bitcoin Price BTC

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On the global chart, you can see that the evaluation started creating a slight downtrend as the price action started creating lower highs but the last two lows are slightly higher which could mean that the buyers have started moving their positions to the upside and are going to push the prices higher.

The market is in mixed color today with an insignificant percentage of change among top 100 coins as the average percentage of change in the last 24 hours is ranging around 0.8%.

The biggest gainers are Maximine Coin with an increase of 35.81% Ravencoin with an increase of 23.94% and Maximine Coin with 21.27% increase. Out of those who are in red the biggest loser is ABBC Coin with a decrease of 14% while others are in single digits.

Bitcoin’s market dominance has been hovering around the same levels as yesterday at 50.8%.

Bitcoin BTC/USD

From yesterday’s high at $4120 the price of Bitcoin has fallen down to around $4050 at its lowest point today but since then it started moving to the upside again and is currently sitting at $4074 area.

On the hourly chart, we can see that the price action created a descending triangle with the price currently retesting its resistance levels and the resistance is it looks like the resistance is there judging by the last two red hourly candles. The price of Bitcoin came to its first significant resistance zone around the falling wedge of a higher degree resistance line but there is still some upside potential before the increase ends but since the price action created a descending triangle I would be expecting a breakout to the downside at first.

This could lead the price back to the $3994.4 area where the horizontal resistance level is for a retest of support before continuing to move to the upside for interaction with the mid resistance point with the ascending triangle of a higher degree resistance line. If the price continues moving above it as well the next significant resistance would be at $4300 which is the upper horizontal line of the resistance zone above.

Market sentiment

Bitcoin is in the buy zone.

Pivot points

S3 3446.4
S2 3743.9
S1 3916.0
P 4041.4
R1 4213.5
R2 4338.9
R3 4636.4

Litecoin LTC/USD

From yesterday’s high at $64.165 the price of Litecoin has decreased by around 7% to its lowest point today as it came down to $59.65 at its lowest point today. Like in the case of Bitcoin the price has started increasing again from there and is currently sitting at $60.484.

On the hourly chart you can see that the price of Litecoin came up again above the upper level of the horizontal resistance zone but came up for interaction with the ending diagonal’s resistance level where it found resistance as immediately after the spike to it the price started decreasing strongly.

As we’ve most likely seen the completion of the ending diagonal seen on the 5th wave ending point the move to the upside for Litecoin has ended which is why now most likely we are to see the start of a downtrend.

The price of Litecoin now heading down to some of the support levels for a retest of support so the resistance zone levels would now serve as significant price points, but if my count is correct and we are to see the start of a downtrend the price is heading down further below the resistance zone again potentially all the way down from there the increase was made which would be around $45 area where the first support level below the resistance zone is an even further below that which we are yet to see depending on the momentum.

Market sentiment

Litecoins hourly chart technicals are signaling a strong buy.

Pivot points

S3 39.337
S2 49.589
S1 55.995
P 59.841
R1 66.247
R2 70.093
R3 80.345

Conclusion

The market has experienced an increase over the weekend and has attempted to continue the increase from Monday but the price only came slightly lower then the high made on Saturday.

The price action in the case of Bitcoin has created an descending triangle which is why a breakout to the downside would be expected while we can see an ending diagonal on the chart of Litecoin which is usually seen at the end of the last, 5th wave.

For these reasons I would be now expecting a movement to the downside as the increase made was correctional but we could see the prices continue to another increase which could in the case of Bitcoin be to around $4200-4300 level.

The post Market Update: Bitcoin Holding above $4000, Litecoin to Correct Lower? appeared first on Blockonomi.

Bitcoin Price Prediction: First Target Met as Market Increases Over the Weekend

From Friday’s low at around $135B the evaluation of the cryptocurrency market cap has been increasing and is currently sitting at $139,266,680,247.

The evaluation went a bit higher coming to $141,519,172,433 at its highest point over the weekend which was on Saturday.

Since the evaluation encountered resistance around its upper horizontal resistance level around the vicinity of the prior high a retracement has occurred with the evaluation currently starting to move in a downward trajectory as the minor high was a lower one.

Bitcoin Price BTC

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On the global chart, you can see that the evaluation moved to the upside in an ascending channel and since it came to its most upper resistance point we could expect to see a pullback at least to the support level of the channel.

The market is in mixed color today with an average percentage of change among top 100 coins ranging around 1.2%. Bitcoin’s market dominance has been declining and is currently sitting at 50.8%.

Bitcoin BTC/USD

On Friday’s open the price of Bitcoin was $3948 which is the lowest point the price has been since Friday as the price started increasing from there and came up to $4158.2 at its highest point on Saturday which was an increase of 5.32%. Since the high, the price has pulled back to $4045 which was yesterday’s low but today the price came up to $4120 at its highest point as another attempt has been made for the price to continue its upward trajectory.

As the attempt failed and the price hasn’t exceeded the prior high another retracement has occurred to around $4050 level which is serving as a minor horizontal support level around which the price is currently moving in an attempt to establish some support and is currently sitting at $4060.

On the hourly chart, you can see that my projected scenario got validated as the price increased to the expected levels around the intersection between the 0.786 Fibonacci level and the falling wedge resistance line.

According to my count, this upswing is corrective in nature as it is the second Minute correction after the price previously impulsively increased to the upside.

If this is true then the price is now heading for a third correction to the downside or the third impulsive move if from when the increase ended we are seeing the start of the trend continuation to the downside as the Intermediate WXY correction ended.

This upside movement would be the second wave out of the impulsive five-wave move to the downside or a third correctional wave if the Intermediate correction got prolonged by two more waves.

We could see a further increase from here as the price only came up to the first target level in which case I would expect to see further interaction with the upper resistance levels out of which the first significant one is the resistance line from the ascending triangle formed by the Intermediate correction and the upper one is the horizontal resistance once serving as support at around $4300.

If we see another increase I wouldn’t expect the price to go further than$4300 as the mentioned resistance points proved to be strong even for the impulsive move to the upside so this corrective one doesn’t have a chance unless we see a sudden increase in the momentum which I don’t believe that we will.

Zooming out on the 4-hour chart you can see the mentioned ascending triangle which was formed by the Intermediate correction and the significance behind its resistance line. I don’t believe that the price is heading further up now that it came to the most significant resistance zone and if my count is correct and this was a corrective increase we are to see the immediate downside from there.

This pattern appeared after the Intermediate W wave ended which is why I believe that we are seeing the prolongation of the correction with the current structure being the second correction out of the second wave X, which we are soon to verify as the price action further develops.

If we are to see an immediate start of the decrease that would most likely be the third Minute correction of the second wave X which will most likely be heading down to the lower support level from the ascending triangle and  the intersection between its support line and the falling wedge support around $3600 serves as a zone of interest. There are some significant support point until then so we are to see what happens there but the seller’s momentum if triggered would definately be stronger then those support levels.

Market sentiment

Hourly chart technical indicators are signaling a sell.

Pivot points

S3 3446.4
S2 3743.9
S1 3916.0
P 4041.4
R1 4213.5
R2 4338.9
R3 4636.4

Conclusion

The price of Bitcoin came up to its first significant resistance zone around $4150 which was expected as a corrective increase but until the price could continue increasing to its most upper resistance point at around $4300.

The interaction with those significant resistance points would most likely trigger another round of selling which would increase the momentum to the downside needed for the third corrective structure to develop.

If my count projection plays out accordingly we are to see the price of Bitcoin decrease from there to around $3600 were it’s most optimal support level is but considering other support points are in between we are yet to see how this plays out.

The post Bitcoin Price Prediction: First Target Met as Market Increases Over the Weekend appeared first on Blockonomi.

Bitcoin Price Prediction: Volume Building & Waiting for a Breakout

From yesterday’s low at $134,128,978,332 the evaluation of the cryptocurrency market cap has continued its slight upward trajectory and finally came to its upper resistance level as its currently sitting at around $135,6B.

Bitcoin Price BTC

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Looking at the global chart, we can see that the evaluation came to its horizontal resistance level where the interaction has been made today which is why we could see a rejection today with the evaluation moving to the downside as the seller’s territory is just slightly above.

The market is in mixed color with an insignificant percentage of change in the last 24 hours as the prices are hovering around the same levels as yesterday.  The biggest gainer is Crypto.com Chain with an increase of 43% and Qtum with an increase of 17%. The biggest loser is Aurora with a decrease of 6.95%.

Bitcoin’s market dominance has continued its downward trajectory and has fallen below the 51% level today, coming to 50.89% at its lowest point today.

Bitcoin BTC/USD

From yesterday’s low at $3936.8 the price of Bitcoin has increased by 1.46% today measured to the highest point the price has been at around $3994. The price has retraced slightly since and is currently sitting at around $3989.

On the hourly chart, we can see that the expected interaction with the significant horizontal resistance level at $3994.4 has been made today. This horizontal level was well respected in the past and the zone above it is considered to be the sellers’ territory which is why now that the interaction occurred we are most likely to see another pullback which is the expected ABC correction to the downside.

As you may know, I am expecting the price of Bitcoin to retrace back to around $3826 area before another upswing to the most significant resistance area at $4200.

Zooming out on to the 4-hour chart you can see that the price of Bitcoin created a similar structure to the one when the Intermediate W wave ended which is why a similar scenario is expected.

The fractals are also implying that from here another upswing would be made on the second corrective structure after the increase and will most likely retest the falling wedge of a higher degree resistance line as the second correction after the W wave retested its support.

As the WXY correction ended we could be either seeing the impulsive five-wave move to the downside in which case this corrective structure from 25th of February would be the second wave and the drop on 25th would be the first. This means that the price of Bitcoin is soon to start developing its third wave to the downside so after this upswing ends I would be expecting the price of Bitcoin to go back to its first significant support at around $3595 where the intersection between the falling wedge support is and the ascending triangle’s support level.

If the price doesn’t go further below the ascending triangle’s support I would consider that the movement was the second wave X as the correction got prolonged by two more waves in which case another retest of the upper resistance zone would be a possibility before we are to see new lower lows for the price of Bitcoin.

Zooming out further on to the daily chart you can see my Elliott Wave count clearly, and as you can see I am considering this Intermediate correction as the 4th wave out of the five-wave move to the downside which is why after it ends I would be expecting lower lows.

The price has been correcting below the resistance zone which was broken on the way down and below which the price of Bitcoin has been since 23rd of November. Although we have seen some bullish momentum until we break out to the upside I am not considering changing my projected scenario as nothing has changed drastically which is why I am still bearish. The price of Bitcoin hasn’t interacted with the most significant support level at $2926 which is the lower level off of the support zone below so interaction with it on the 5th wave would be expected when this correction ends.

Market sentiment  

Bitcoin is in the buy zone.

Pivot points

S3 3385.1
S2 3664.3
S1 3840.8
P 3943.5
R1 4120.0
R2 4222.7
R3 4501.9

Conclusion

As the global chart shows the evaluation came to its lower resistance levels which was also verified by the chart of Bitcoin as the interaction with the $3994.4 has been made.

This interaction with the upper resistance could set the price on a retracement today but it would only be a minor pullback before the prices increase a bit further as to retest  its upper resistance points which would in the case of Bitcoin be around $4200 area.

After the price interacts with its upper resistance I would be expecting a strong move to the downside as this minor uptrend that we have seen from 25th of February is corrective in nature.

The post Bitcoin Price Prediction: Volume Building & Waiting for a Breakout appeared first on Blockonomi.

Move to the Downside Expected Before Another Increase (Bitcoin & Litecoin Price)

From yesterday the evaluation of the cryptocurrency market cap has continued its slight upward movement and has come up from $133,165,496,430 at its lowest point to $135,775,929,378 at its highest point today.

Bitcoin Price

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Looking at the evaluation chart, we can see that the movement is choppy and indecisive which means that we are most likely seeing further correctional movement. The evaluation is getting close to its upper resistance point at around $135.6B so we could soon see a movement to the downside as the evaluation is to encounter the seller’s territory.

The market is in mixed color today with an insignificant percentage of change as the top 100 coins are ranging around 0.8% on average. The biggest gainers today are Qtum with an increase of 24.64%, Lisk 14% while Aurora is the biggest loser as it is down by 11.45% in the last 24 hours.

Bitcoin’s market dominance has been decreasing and came down from 51.44% at its highest point yesterday to 51.1% where it is currently sitting.

Bitcoin BTC/USD

From yesterday’s high at $3966 the price of Bitcoin has decreased by 1.26% at its lowest point today, but managed to recover since and is currently sitting at $3947.5.

Today we have seen the price spike to the resistance level at $3994.4 which was expected as the C wave from the ABC in the opposite direction was set to develop fully. Looking at the 15-min chart we can see that the price spiked to the downside as well coming to $3870 at its lowest point but managed to pull itself back up above the 0.618 Fibonacci level which serves as a support. The spide to the upside was first so we could say that the C wave ended but since the price is moving indecisively and in the same manner, like it did after it got back inside the current horizontal range on Tuesday we could be seeing the prolongation of the sideways movement before the C wave starts.

In either way, I would be expecting a minor decrease from here when the C wave ends to the vicinity of the ascending trendline which is the support line from the ascending triangle in which the price is from 15th of December when the Intermediate correction started. This trendline is to get broken if the Intermediate correction ended as now, in that case, we would be looking at the second corrective wave from a higher degree impulse.

This second structure could also be the prolongation of the mentioned Intermediate correction in which case this would be labeled as the second wave X, but considering the momentum shown on the initial drop of over 10% which ended on 25th of February I believe that it is most likely the start of the impulsive move to the downside. Before any validation on the expected downside move the price is set to move higher from the current levels as to retest some of the significant resistance points above as the Y wave from a Minute WXY correction in the upward facing direction is set to develop.

Market sentiment

Bitcoin is in the sell zone.

Pivot points

S3 3385.1
S2 3664.3
S1 3840.8
P 3943.5
R1 4120.0
R2 4222.7
R3 4501.9

Litecoin LTC/USD

On yesterday’s high when the price of Litecoin was sitting at $57.996 the price started declining and came down to $56.122 at its lowest point today which is a decrease of 3.23%.

Since then the price attempted to recover but failed to exceed the prior high and break out above the current resistance zone inside which it is currently consolidating. Previously we have seen the price going outside the territory of the resistance zone but the encountered resistance above proved to be stronger than the upward momentum which is why the price pulled back inside the territory of the resistance zone again.

On the hourly chart, you can see that the price made an increase to the resistance zone in a five-wave manner and created a rising wedge around those levels as the 5th wave ended as an ending diagonal. Now we are seeing a corrective movement to the downside out of which Tuesday’s increase was most likely the B wave from the ABC three-wave correction which is why after it ends I would be expecting another movement to the downside as the C wave should develop.

This expected move to the downside is set to retest some of the horizontal support levels inside the zone out of which the first significant support would be at around $52.4 which would be the median line and the lower support level would be around $49.236

Market sentiment

Hourly chart technical indicators are signaling a buy.

Pivot points

S3 24.998
S2 40.100
S1 49.552
P 55.202
R1 64.654
R2 70.304
R3 85.406

Conclusion

The cryptocurrency market has been showing us sideways movement since the 25th of February when the initial drop was made. This drop in prices was expected as previously the Intermediate WXY correction ended and after the drop was made we are seeing this sideways movement which could be the second corrective wave to the upside before a third most powerful one is to start developing to the downside.

First, the prices are to retest their significant resistances like in the case of Litecoin who even exceeded its most significant resistance point and is currently retesting it again from the downside.

In the case of Bitcoin that could mean that the price is to increase to around $4200 level which is the most significant resistance zone for this cryptocurrency and considering that the Bitcoin’s market dominance is still above half of the evaluation of the entire market this could mean that the market, in general, is to see further green days.

It is again worth saying that this upside movement is correctional and that when it ends a strong move to the downside will most likely occur so the prices are going on a decline most probably to their first significant support levels which would in the case of Bitcoin be around $3854 level.

The post Move to the Downside Expected Before Another Increase (Bitcoin & Litecoin Price) appeared first on Blockonomi.

Bitcoin Price Analysis: Sideways Still, Is Bitcoin Diamond an Indicator of Future Action?

From yesterday’s low at $131,145,945,344 the price evaluation of the cryptocurrency market cap has been increasing and it came up to $134,655,000,000 at its highest point today.

Since then the evaluation has retraced as it encountered resistance and is currently sitting slightly lower than on its highest point today which could mean a minor retracement before a bit more upside.

Bitcoin Price

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The market is mostly mixed in color as the sideways moment continues. The average percentage of change is still insignificant although there are some notable gainers like Bitcoin Diamond with an increase of 19.95% and Komodo with a 12% increase while some of the most notable losers are  Theta with a decrease of 17.62% and Revain with 12.52%.

Bitcoin’s market dominance has been hovering around the same levels as yesterday sitting around 51.3%.

Bitcoin BTC/USD

From yesterday’s low at $3907 the price of Bitcoin has increased to $3976 at its highest point yesterday from where the price started declining again and came down to $3925 at its lowest point today still making a higher low than yesterday. The price is currently sitting at $3953 and is still in an upward trajectory which is why today we could see further increase in the price of Bitcoin as the price is still trending upward.


On the 15-min chart, we can see that the price fell to the 0.618 Fibonacci level again today where it found support as it bounced from it recovering to the levels from which the decrease was previously made. This is most likely the 4th Micro wave out of the five-wave move to the upside which the C wave from the ABC correction to the upside. This would be the continuation of the increase we have seen on the 9th of March which is why another minor increase would be expected from here to the vicinity of the horizontal resistance at $3994.4 where the price is most likely to retest the resistance level again.

After this increase ends I would be expecting one more Minuette ABC correction to the downside as the Minute X wave should complete three consecutive ABC corrections. This third ABC would bring the price of Bitcoin lower than the current levels potentially ending on some of the horizontal support levels from the prior horizontal range out of which the lower one is at around $3866. We could see it ending on the ascending trendline which is the support line from the ascending triangle in which the price action is from 15th of December last year but when it ends I would be expecting another increase to the upside above the $3994.4 resistance, potentially ending at around $4200.

Market sentiment 

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

Pivot point

S3 3385.1
S2 3664.3
S1 3840.8
P 3943.5
R1 4120.0
R2 4222.7
R3 4501.9

Bitcoin Diamond BCD/USD

From yesterday’s low at $0.7329 the price of Bitcoin Diamond has increased by 28.7% today measured to its highest point at $0.94318. The price has retraced since and has fallen to $0.89 at its lowest point today but started increasing again and is currently in an upward trajectory sitting at $0.9284.

On the 15-min chart, we can see a five-wave impulsive move played out with the current upside movement being the last increase as the Subminute wave 5 should develop fully. As the first wave got extended and the 3rd cannot be the shortest according to the rules of the EWP we could be seeing the completion of the 5th Subminute impulse as it would be the shortest.

Zooming out to the 4-hour chart you can see that according to my count this was the Y wave from a correction to the upside of a higher degree which means that now that the impulsive move to the upside ended so did the Y wave which means that from here more downside would be expected for the price Bitcoin Diamond.

As the Y wave has completed the third wave we might see an extension with two more waves which could mean that the expected downside move would be correctional and that there is another increase in which case I would be looking at the prior high level at $1.155 where the W wave’s ending point is for a potential target but since this is only correctional when it ends I would be expecting a trend continuation

Market sentiment

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

Pivot points

S3 0.59753390
S2 0.67311280
S1 0.71217686
P 0.74869170
R1 0.78775580
R2 0.82427060
R3 0.89984950

Conclusion

The market has been moving sideways still but we have seen some bullish price action in the last 24 hours. Now that the price of Bitcoin getting close to its significant resistance and that the market made some recovery from yesterday’s low most likely we are to see a minor retracement before a corrective increase.

The chart of Bitcoin Diamond looks like it is slightly ahead which could serve as an indicator of how the price action is going to play out for the major cryptos.

The price of Bitcoin is expected to increase a bit further from the current level, reaching its significant resistance at $3994.4 before a minor retracement to the $3866 before going up again to its most significant resistance area at around $4200.

The post Bitcoin Price Analysis: Sideways Still, Is Bitcoin Diamond an Indicator of Future Action? appeared first on Blockonomi.

Bitcoin Price Prediction: Increase to $4200 Still on The Cards

From yesterday’s high at $135,380,618,425 the evaluation of the cryptocurrency market cap has decreased to 131,203,641,572 at its lowest point today.

From there the evaluation started increasing again impulsively and is currently sitting at around $134,214,000,000 level which you can see on the global chart below is the horizontal resistance level which served as support when the price was in the upper range.

Bitcoin Price

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The evaluation has been stopped out at those levels but as it is forming an ascending structure the buyers are looking more aggressive which means that another increase is set to happen from here, but potentially before a retracement which we are going to see from the charts of the major cryptocurrencies.

The market is in green today mostly with an insignificant percentage of change as the evaluation fell and got back to around the same levels as yesterday. The biggest gainers are in double digits and even some in triple digits like Crypto.com Chain which increased by 138.52% today.

Bitcoin’s market dominance has been decreasing and is currently sitting at 51.3% coming down by 0.5% from yesterday’s high.

Bitcoin BTC/USD

From yesterday’s high at $4010 the price of Bitcoin fell by 2.85% to its lowest point today at $3896 but since the price spiked down a corrective increase has started. The price is currently in an upward trajectory and is currently sitting at $3953.1.

On the hourly chart, you can see that the price of Bitcoin was above $3994.4 resistance yesterday and since the price entered the sellers territory, they have pushed the price in another minor downtrend that lasted until today when the price came down to the first horizontal support level from the previous sideways horizontal range in which the price was correcting.

Now that the price has started increasing again after the interaction with the support level and is currently above the 0.618 Fibonacci level and the minor horizontal support which is currently being retested from the upside for support, we are going to see another increase which would be the 5th wave out of the five-wave move that we’ve seen started today. This five-wave move is a continuation of the ABC correction and is the C wave according to my count.

This means that after it ends and is likely to end soon potentially as an interaction with the resistance at $3994.4 we are going to see another move to the downside as the third consecutive ABC correction would develop. This expected third correction would be another three-wave move which will mark the end of the Minute X wave from the WXY correction which started after the price of Bitcoin initially fell by over 10% on Monday, February 25th.

The expected decrease would most likely end on the lower horizontal support level at $3887 or on the third in line at $3869.2. We could see the lower bold black line being interacted with as it is the support line from the ascending triangle in which the price action has been bouncing from the start of the Intermediate WXY correction on December 15th.

But after this minor downtrend, the Minute Y wave should start developing to the upside as the continuation of the WXY correction is expected. The projected target from the ending point of the second Minute Y wave would be around $4130-4200 where the most significant resistance zone is and is the intersection between the 0.786 Fibonacci level and the falling wedge from a higher degree resistance line.

After this increase ends another impulsive move to the downside should start if we have seen the completion of the Intermediate WXY correction as in that case the expected increase could be the second corrective wave out of the five-wave impulse, or we could see a prolongation of the mentioned correction in which case the whole structure from 25th of February could be viewed as the second wave X so we are going to see from the momentum of the move which scenario would look more likely but in either way I would be expecting a strong move to the downside.

Market sentiment

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

Pivot points

S3 3385.1
S2 3664.3
S1 3840.8
P 3943.5
R1 4120.0
R2 4222.7
R3 4501.9

Conclusion

In the last 24 hours, the evaluation of the cryptocurrency market has fallen and risen to almost the same levels from which the fall was made in the first place.

This movement is indicative of the bullish sentiment which will be needed for the expected increase but that might not happen in a straight line as the Bitcoin’s chart implies that we are to see one more minor low before the expected increase could be made.

The price of Bitcoin is in that case expected to decrease at first to around $3887-$3869.2 before increasing to the resistance zone at $4130-4300.

If we see the price action create such movement this would mean that the correction to the upside developed which is why more downside should be expected afterward but more on that when and if the price action completed the projected scenario.

The post Bitcoin Price Prediction: Increase to $4200 Still on The Cards appeared first on Blockonomi.

Bitcoin Price Prediction: Market Moving Sideways but an Increase above $4200 Expected

On Friday’s high the evaluation of the cryptocurrency market cap was $134,421,101,199.

From there the evaluation fell to around $131,56B on the same day, but since then it started increasing again and came up to $135,503,000,000 the following day which was the highest point over the weekend.

As the evaluation continued moving to the downside again and came to $132,223,000,000 at its lowest point today.

Bitcoin Price

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On the global chart, you can see that the evaluation has broken out from the ascending channel on the downside but this already happened one more time which means that we cannot say still that a breakout has occurred.

Consequently, the market is in red today with an average percentage of change among top 100 coins ranging around 1-2%.

Bitcoin’s market dominance has been hovering around the same levels but started increasing yesterday and came up from 51.49% to 51.78% at its highest point today.

BTC/USD

On Friday’s open when the price of Bitcoin was $3960 we have seen an increase at first but a straight downfall from $4021 to where the increase was made to $3851 at its lowest spiked which was a decrease of 4.23%.

After the price fell it started increasing again and came higher than previously to $4045 but when the price ended this bullish upswing the price started declining again and from there came to $3920 at its lowest point today but is currently sitting at $3942.4.


On the hourly chart, you can see that the price of Bitcoin is currently in a horizontal range between the 0.618 Fibo level which serves as a support and the $3994.4 horizontal resistance level.

But as the resistance line is more significant the price respected it more which is why we have seen a rejection at those levels today and the price is in a downward trajectory once more.

Now that the second Minute correction is taking place much as we saw when the Intermediate wave X started after the initial increase ended on the 24th of December.

We are soon going to see if my count gets validated but if it is correct the current downside movement would be the wave X from the second Minute correction which means that another 5-wave increase from here could occur before this correction ends.

This correction to the upside if occurs would most likely interact with some of the above-seen resistance levels out of which the intersection between the 0.786 Fibonacci level and the falling wedge resistance line is would be the area of interest.

This is in price terms around $4130, slightly lower then the first wave X ending point but if we are seeing the prolongation of the Intermediate correction after it ends we are to expect more downside for the price of Bitcoin as the next larger wave should start developing.

The target level for the expected decrease would be at around $3500-3600 area, but this doesn’t mean that the second wave X could end there as it could again be formed in a 5-wave manner like the first one.

We could see the price go above the 0.786 Fibonacci level in which case I would be expecting an interaction with the formed ascending triangle’s resistance which could lead to the price increase to $4230 before an impulsive down move starts.

Market sentiment

Hourly chart technical is signaling a strong sell.

Pivot points

S3 3385.1
S2 3664.3
S1 3840.8
P 3943.5
R1 4120.0
R2 4222.7
R3 4501.9

Conclusion

As we have seen further sideways movement for the price of Bitcoin over the weekends now we are going to see another decisive move which is according to my analysis going to be most likely to the upside.

First an establishment of support is needed so this expected increase won’t happen immediately as the price of Bitcoin could fall further to $3870 before this move to the upside starts.

The upward move is set to retest the resistance levels, above which means that if it does we are going to see the price of Bitcoin between $4200-4100.

This would only be correctional as more downside would be expected from there as the third wave to the downside should start developing after the Intermediate Y wave ended which would most likely be the second wave X from the mentioned correction.

The post Bitcoin Price Prediction: Market Moving Sideways but an Increase above $4200 Expected appeared first on Blockonomi.

Bitcoin Price Prediction: Breakout Could Take us Past $4200

Over the last couple of days, we have seen the market stagnating in the evaluation as it came up to around $134B area and found resistance there as the bullishness was stopped out.

Bitcoin Price

On the global chart, you can see that the evaluation has started to slowly shift trends as it has at first fallen out but is not forming a minor downtrend creating an ark around the level from which it previously fell to the downside.

The market is in mixed colors today with an insignificant percentage of change in the last 24 hours among the top 100 coins, as the evaluation hasn’t changed much from yesterday’s open around $133B, as its currently sitting at around $133,2B.

Out of those who have shown the biggest percentage of change and are in green are Enjin Coin who increased today by more than 59%, followed by Aurora with an increase of 48.23%, and there are those around 10% range like Chainlink and Icon.

Bitcoin’s market dominance has been hovering around the same levels but with a slight increase as its currently sitting at 51.68%.

Bitcoin BTC/USD

On yesterday’s open the price of Bitcoin was $3954 and from there the price increased at first to $3987, then fell to $3945 from where it increased again to $3994.4 and then fell again to $3968.

Looking at the hourly chart you can see that the price action continued creating minor higher highs and higher low as it is still in the ascending channel but now an interaction has been made with the horizontal resistance at $3994.4 so now we are going to see if the price will be rejected or will we see further increase.

The price is above the 0.618 Fibonacci level which serves as a support but the tight horizontal range in which the price action is currently in is making it hard to keep up the bullish momentum which is why we are seeing this ascending channel around the mentioned levels as it is most likely a cluster in which the buyers are the sellers are struggling for control.

The buyers are currently in control as the price is moving in an uptrend but this might lead to exhaustion after which the sellers’ could start gaining control which would then lead to a breakout to the downside.

The other possible scenario would be that the sellers are going on a temporary halt as they would be willing to sell at a better price which is why they could stop defending the range which would remove the current resistance the price is facing.

If this logic gets put into practice we are going to see another impulsive increase to the upside with the price potentially exceeding the prior high at $4261 although the next significant resistance point is at $4063 which needs to be broken after which the 0.786 Fibonacci level at $4130 serves as resistance.

Zooming out to the 4-hour chart you can see my projection in which the price increases from here on another impulsive move to the upside which would be another 3 wave correction similarly to what we saw after the intermediate W wave ended in a Minor WXYXZ correction. This fractality could provide further indication that we are going to see the correction prolonged by two more waves out of which we are in that case seeing the formation of the second wave X.

If this is true then the price of Bitcoin is set to interact with the intersection between the falling wedge resistance and the correctional ascending triangle’s resistance point which would be at around $4235 before getting rejected by that resistance knot which would propel the price for the further correctional decrease.

Market sentiment

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

 

Pivot points

S3 2943.1
S2 3464.3
S1 3688.7
P 3985.5
R1 4209.9
R2 4506.7
R3 5027.9

Conclusion

As the price of Bitcoin has continued moving upward in an ascending channel and has reached the expected resistance at $3994.4

We are now going to see if the price is going to get rejected or will the buyers catch more momentum needed for a breakout to the upside.

If a breakout to the upside occurs the first significant resistance point would be at $4068 but if the price does get the needed momentum it will most likely continue past it on a minor retracement with the first optimal target being at the $4235.

After which more downside would be expected to $3500 if we are seeing the second wave X from the prolonged correction.

The post Bitcoin Price Prediction: Breakout Could Take us Past $4200 appeared first on Blockonomi.

Bitcoin Price Prediction: More Upside Expected, But How Much?

From yesterday things haven’t changed much for the evaluation of the cryptocurrency market cap but we have seen a slight increase as the evaluation came up from $132B at the yesterday’s open to $134,5B at its highest point today.

Bitcoin Price

On the global chart, we can see that the evaluation came up to the lower resistance level from the resistance zone above but the interaction still hasn’t occurred. The horizontal sideways correction level prior to the current increase has been crossed to the upside but as the evaluation is making smaller and smaller moves the structure looks unstable which is why we could see a rejection today which will propel the evaluation in a downward trajectory.

The market is in mixed colors with an insignificant percentage of change in the last 24 hours among top 100 coins. Out of those who are in green, the biggest gainers are ABBC coin with an increase of 39.74% Steem 15.81% and Icon 12.88%.

Bitcoin market dominance has been decreasing and is currently sitting at 51.5% level coming down from 51.8% on yesterday’s high.

Bitcoin BTC/USD

From yesterday’s low at $3913 the price of Bitcoin came up by 2% at first to the $3994.4 level which is where the horizontal resistance point is, and since the price encountered resistance there is pulled back slightly and is currently sitting at $3970.

Looking at the 15-min chart you can see that the price action has formed an ascending channel/ wedge similarly to what can be seen on the global chart as the Bitcoin’s market share is still over half of the market’s evaluation.

In yesterday’s post, I’ve said that the interaction with the horizontal resistance level at $3994.4 was expected as the 5th wave should develop, but since the price action formed a channel we are likely going to see the 5th wave starting today. If this is true, then the 5th wave is set to go higher above the mentioned resistance in which case we can see it ending around the next minor horizontal level at $4068 which would be resistance line for the upper horizontal range out of which the $3994.4. a level is the support line.

Zooming out on to the hourly chart you can see that the price action prior to the initial drop we saw last Monday increased impulsively from the similar ascending wedge which is why I believe we are to see a similar scenario this time as well. This would be the second structure after the five-wave impulse ended which I believe was the end of the Intermediate Y wave.

The price is set to go higher from here but not further than the prior high as there would most likely be the third correctional structure after this increase should start and will in that way probably be the second wave X from the mentioned Intermediate WXY correction as it got prolonged by two more waves.

If this is true then the projected scenario would be like on the chart below which is why it either way after this upswing ends I would be expecting a retracement down to some of the support levels below it, but it is still unclear where it could be as the price still hasn’t ended its five-wave move to the upside, but most likely we are going to see a retest of the 0.618 Fibonacci level at $3936.8 before continuing to go for another increase which would be the end of the three-wave correction to the upside, much like we have seen after the first recovery wave ended on 24th of December last year.

The increase after the retracement could end as a retest of the falling wedge resistance inside who’s territory the price entered on the previous upswing but hasn’t retested the level.

The intersection between the 0.786 Fibonacci level and the mentioned descending trendline which is the resistance from the falling wedge could be an area of interest and if the price manages to come up there it would encounter strong resistance needed in order for the next wave to the downside to start.

Market sentiment

Bitcoin’s hourly chart technical are signaling a buy.

Pivot points

S3 2943.1
S2 3464.3
S1 3688.7
P 3985
R1 4209.9
R2 4506.7
R3 5027.9

Conclusion

As the evaluation of the cryptocurrency market cap formed an ascending channel which resembles the one seen on the chart of Bitcoin we are seeing first signs of weakness as the price is struggling to keep up its bullish momentum. As this happened when the price was previously on the way up, increasing impulsively we could see a similar pattern develop which means that the price of Bitcoin is headed for one more increase.

This increase is expected to end at $4068 at max as there is another resistance point at those levels after which if my count is correct we are to see a small retracement to around $3936 followed by another increase to the upside potentially reaching the ultimate resistance points at around $4130 where the falling wedge resistance from the start of the bear market is intersecting the 0.786 Fibonacci level.

After this minor increase ends which would be a three-wave correction to the upside according to my count, we are going to see another wave to the downside start developing which is set to push the price of Bitcoin and the evaluation of the cryptocurrency market significantly lower to around $3600 level, but we are still going to closely monitor the price action and readjust the projection accordingly as the price targets depend on the ending point of the current upswing.

The post Bitcoin Price Prediction: More Upside Expected, But How Much? appeared first on Blockonomi.

Bitcoin Price Prediction: A Lull Before The Move Above $4k?

From yesterday’s low at $125,74B the evaluation of the cryptocurrency market cap has been increasing and came up to $133,444,141,476 at its highest point today but has retraced since and is currently sitting at around $132,620,529,922.

Bitcoin Price

On the global chart, you can see that the evaluation came up to the levels of from which the last decrease was made to the downside and countered resistance there as it is struggling to keep up the upward momentum and has been stopped out there with the pattern looking corrective we are now most likely going to see a rejection at those levels which would set the market for a cooldown, but this could only be a temporary retracement before further upside.

The market is in green today with an average percentage of change among the top 100 coins in the last 24 hours ranging around 1-1.6%. The biggest gainers are in double digits like Bitcoin Gold with an increase of 20.44%, ABBC Coin with an increase of 23.47%.

Bitcoin’s market dominance has been decreasing consequently and is currently sitting at 51.6%.

On both charts, you can see a large dip but since there is none on the charts of the major cryptos I believe it is only a calculation bug.

Bitcoin Price Analysis BTC/USD

From yesterday’s low at $3786 the price of Bitcoin has increased by 5.2% measured to its highest point today when the price spiked up to around $3982.2 at its highest point today.

On the hourly chart, we can see that the price has increased impulsively after previously retesting the baseline support and the horizontal support at around $3783, and as I’ve counted 4 waves another minor increase would be expected before the upward movement ends. this

The price broke out from the descending trendline which served as resistance and was retested numerous times with every retest ending as a rejection which caused the price to fall down to its support levels, but now that the price found to support it managed to make up for the loss made as the price is around the same levels as it was when it corrected sideways prior to the drop.

As the price encountered resistance and has come above the 0.618 Fibonacci level it is sitting in a tight range which is why we are now seeing the formation of another minor sideways correction which is according to my count the 4th wave out of the five-wave move to the upside.

If this range gets broken to the upside we are to see further interactions with the upper resistance out of which the $3994.4 level is the most significant one and as the interaction still hasn’t occurred we are likely to see if before another minor retracement starts.

It is still unclear how this correction should be counted so it is still unclear whether this current upswing is the part of the same correction or not. If the Intermediate WXY correction ended we are now seeing the development of the trend continuation to the downside, but if the correction got prolonged by two more wave X and Z we are seeing the development of the second wave X.

The difference between the counts is in incorporating the first impulsive decrease in the correctional count. If it is the start of the impulsive move it would be the 1st wave and the now seeing correction taking place as the second wave out of the five-wave impulse. But if we are seeing the second intermediate wave X it would mean that the initial drop should be accounted.

In either way, I would expect to see more downside for the price of Bitcoin when this increase ends as in either way the price is going to down even if we are seeing the development of the second wave X.

If the price continued its upward trajectory we could see the price of Bitcoin up to around $4062, slightly above the horizontal resistance at $3994.4 where the price is quickly peak above and enter the seller’s territory which would then propel it in a downward trajectory again.

But if the now encountered resistance proves to be strong we are to see more downside for the price of Bitcoin below the baseline support and the horizontal support at $3783.

Market sentiment

Bitcoin’s hourly chart technical are signaling a buy.

Pivot points

S3 2943.1
S2 3464.3
S1 3688.7
P 3985.5
R1 4209.9
R2 4506.7
R3 5027.9

Conclusion

Ever since the initial drop in last Monday when the price of Bitcoin came down by more than 10% we have seen sideways movement.

Yesterday the price of Bitcoin ended its downfall from the range in which the majority of the sideways movement occurred and today we have seen an increase back to the same to resistance levels of the sideways range which could mean that the range in still in play and is the part of the came correctional movement.

Elliott Wave count implied that we are to see more a decrease after the Intermediate Y wave ended which is what happened but as the price action looks more corrective then impulsive I don’t believe that we are seeing the start of the expected trend continuation. Instead, more likely we are seeing the prolongation of the mentioned Intermediate correction which we will soon validate.

If the price of Bitcoin continues moving upward it could reach the area around $4062 which would be another increase of 3.55%. before a retracement occurred or it could be stopped out sooner as the horizontal resistance level at $3994.4 hasn’t been interacted. In either way, after the increase ends another downtrend will develop and from it we are to see which could get validated.

I would expect to see the price of Bitcoin at around $3868.5 which is the lowest support level of the sideways horizontal range if the price is to continue moving up, but if the price continues moving lower than that the most likely scenario would be that we are indeed seeing another move to the downside.

The post Bitcoin Price Prediction: A Lull Before The Move Above $4k? appeared first on Blockonomi.