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BTC/USD

From today's open at $3631 the price of Bitcoin has been increasing and came up to $3685,5 and even spiked higher to $3725 but the spike ended as a wick on the hourly chart. The price is currently at $3668.8 which is an overall increase of 1.04% so far.

Looking at the hourly chart you can see that I have labeled what was previously labeled as a 12345 wave as the second wave X as the wave structure looks corrective and not impulsive, although the structure will end up going a bit up as expected. This is because if this is the second wave X it is likely a three wave correction out of which the current triangle is the wave X, and another increase like the one that occurred on Monday is to be expected.

The price attempted a breakout in the previous hour but the price was quickly pushed back inside the territory of the triangle but hasn't come down below the triangle's support line. As it even didn't go past the 0.382 level we might see the support holding which would result in the immediate breakout to the upside one the current hourly candle. This was the third interaction with the triangle's resistance which indicates that the buyers are putting pressure from the upside but since the level was respected the sellers have managed to be as aggressive which lead to the formation of the symmetrical triangle.

Since the breakout point is getting close, as the price is close to the triangles' apex, it will be also likely that the sellers are going to push the price down below the 0.382 Fibonacci level and the triangle's support but only for a quick dip which would activate more buying momentum that is needed for expected recovery and the ending point of the second wave X.

In any way after this minor recovery ends I would be expecting more downside for the price of Bitcoin as this was a continuation of the correction which is developing since 24th of December when the price of Bitcoin came up to $4374.

On Monday’s open the price of Ethereum was at $117,8. This was the end of the previous down move when the price of ETH fell from $165,5. Since that low, the price started gaining some momentum and came up to $132,48 which was an increase of 14.42%

As it encountered resistance the price started pulling back at first slightly and then it dropped fast from $132.16 to $120.15 which was a drop of 9.42%. Now that the price pulled back and managed to stay above the ending point of the first Minuette impulse wave we are likely going to another increase to the upside.

If this wave was not impulsive the price could drop to the levels of the beginning of the move which was on the horizontal support level at $116 or where the ending point of the Minor W wave as the prior low.

In either way, after this last minor pullback, I would be expecting another move to the upside and the interaction with the downtrends resistance line before the start of the final move the downside in this Minor WXYXZ correction.

This Minor WXYXZ correction is only the second wave X from a higher degree count which means that after it ends I would be expecting another impulsive move to the upside like we have seen previously when the price of Ethreum went from $83 to $163 in one go.

From yesterday’s open at $0.33116 the price of Ripple has increased at first coming to $0.3379 at the highest point yesterday from were it started decreasing again and fell to $0.32831 today. From there the price continued moving upward and is currently at $0.33354 which is on the levels of today’s open.

On the hourly chart, you can see that the price of Ripple has been bouncing off of the triangle’s support and resistance levels since the price started a minor correction after the increase we saw on Monday.

Currently, it is close to the triangle’s resistance so another minor pullback is expected as the correction inside of the triangle looks five wave-ish. After the price pulls back and interacts with the triangle’s support once again I would be expecting an upward move as this is most likely the second wave X from the Minor count correction which started after the price of Ripple increased to $0.45574.

The target for the expected increase would be at the most significant horizontal level at $0.403 which serves as strong resistance and is most likely getting retested before the price can continue its downward trajectory for one more time before the correction ends.

A breakout to the downside from the current triangle in which the price action is bouncing for the last couple of days as the Minuette Z wave could be another three wave correction to the downside, but in that case, I wouldn't expect it to go below the prior low level which is at $0.32.

Since Monday when the price fell to $2.26 at it's lowest point from the prior downtrend move, the price has started increasing with strong momentum as it came up by 11.45% to $2.52. From there as the price encountered strong resistance a retracement occurred as the price is currently sitting at $2.447.

Looking at the hourly chart, you can see a similar projection like in the case of Litecoin as the market is strongly correlated. The current upward movement has formed an ascending wedge, which is most likely going to end as a breakout to the downside with further downtrend continuation as it is definitely corrective in nature. The impulsive move to the downside that we have seen last week is the third wave Y, which means that the ascending wedge structure is the 4th wave X, and is the reason why more downside should be expected as the 5th wave Z to the downside is most likely going to start after one more minor increase.

The target for the expected minor increase would be around the 0.236 Fibonacci level or at where the most significant resistance is. After it ends the wave Z should start, which will lead the price down and the first target for its ending point would be on the next horizontal support area from $2.11-$1.94.

Disclaimer: The analysis in this article is not intended to be investment advice. Invest and Trade at your own risk.

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