From yesterday’s open at $4102 the price of Bitcoin fell to $4065 at its lowest point but started increasing from there and came up to $4185.2 where it’s currently sitting. The price is still in an upward trajectory so we could see a higher price today but as the price increased by around 6% from Monday on a minor uptrend I wouldn’t expect to see it go for much further.
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.
As the B wave ended the C wave is expected to develop to the downside which is why now 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 down move.
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.
From yesterday’s low when the price of Ethereum was sitting at $139.58, we have seen an increase of 4.35% measured to the highest spike the price has been today which is at $145.65. The price came down fast as the hourly candle closed around $143.92 around which the price is currently being traded.
On the hourly chart, you can see that the price broke out from the descending trendline on the upside, but has started showing signs of struggle below the prior high level which has been labeled as the ending point of the C wave, unlike in the case of Bitcoin were today’s increase exceeded the C wave’s ending point.
But as my primary count still remains the price is now most likely going to start moving the downside again and the peak above the resistance line inside the seller’s territory just might be what the price needed in order for the selling to get triggered.
The increase looks five-wave-ish but the price is most likely been correcting in the B wave from the third corrective structure to the downside which is set to push the price of Ethereum lower to retest some of the significant support levels in which case the intersection between the 0.5 Fibonacci level and the ascending trendline would be expected as it is a zone of interested which already served as support and was strong enough to hold the momentum behind the initial sell-off made on 24th of February.
From yesterday’s open at $0.31479 the price of Ripple has decreased by 1.77% at first coming to $0.30923 but then made another attempt for an increase only to end to around the same levels as before coming to $0.31479 again after which another decrease was made to $0.31042 around which the price is currently sitting.
On the hourly chart, you can see that the price of Ripple unlike in the case of Bitcoin and Ethereum fell today, but is still following the general market movements which is why after this decrease ends I would be expecting another increase from here to around the levels from which the previous downfall was made around the 0.236 Fibonacci level which is in price terms around $0.325.
As this would be further correctional movement most likely the A wave from the ABC of a lower degree the B wave is set to develop fully from the Minute ABC to the downside which was likely started developing after the price interacted with the mentioned Fibo level, ending as rejection.
We are to see further sideways movement with more upside potential but ultimately as I would be expecting a decrease when it ends we could see the price of Ripple falling down below the 0.29404 level which serves as a significant support point.
If the price continues moving even lower than that the 0 Fibonacci point which is the beginning point of the correctional price movement might get retested, but if the price stars moving further up above the 0.236 Fibonacci level I would consider my projection invalidated.
From Tuesday when the price of NEO was sitting at $8.65 at its lowest point we have seen an increase of over 11% for the price of NEO as it came up to $9.62 at its highest point today around which it is currently sitting.
Zooming into the hourly chart, you can see my Elliott Wave labelings which point out that the X wave ended on a three-wave move. If this is true then the current increase would most likely be the B wave from the next, third correction to the downside which started after the X wave ended in which case the previous 12.71% move to the downside would be its first wave A.
We can also see the similarity in chart pattern with the A wave from the previous ascending three-wave move although of a higher degree with the current one. This could point out the validity of my count as well as the projection that is currently in play. According to my projection, the price is now heading for a small retracement below the 1 Fibonacci level potentially around the interrupted purple line which is the median line of the lower range at $9, before going back up above the 1 Fibonacci level but only as a corrective spike which would trigger another round of selling which would bring the price of NEO down to the ascending channels support level around $8.2
The prices of the major cryptos have continued increasing for a bit more but as this increase is most likely corrective and is near completion, over the weekend we are most likely to see the market in red as now an impulsive move to the downside is being awaited.
This weeks price breakdown:
- BTC, ETH, LTC, and XRP Coin Analysis (March 25th)
- Bitcoin, BCH, Ethereum, and XRP Price Prediction (March 26th)
- BTC, ETH, EOS, and XRP Technical Analysis (March 27th)
- Bitcoin, BCH, Ethereum, and Litecoin Price Prediction (March 28th)
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Disclaimer: Crypto coin analysis is for entertainment purposes only. It should not be used as investment advice.