From yesterday’s low at $4472 the price of Bitcoin has increased by 21.5% as it came up to $5435 at it’s highest point today. The price is currently being traded slightly below those levels as it encountered horizontal resistance but is still in an upward trajectory overall.
On the hourly chart, you can see that the price of Bitcoin has been looking for support at the descending trendline (bold black line) which is the support baseline from the first corrective decrease in June last year. As this level got retested and the price didn’t go below it on an impulsive decrease and again attempted a breakout but failed we can say that the price found support there.
However, it hasn’t made any higher highs since then as it was stopped out by the $5377 level which is currently rejecting the price. This might not continue for much longer as the recovery is likely to continue above the level as indicated by the bullish momentum which is catching on but the expected recovery would be a corrective one.
The decrease in price which Bitcoin experienced pushed the price below the most significant horizontal level at $6266 which is considered a Pivot point above which we could be seeing a bull market and below which we are seeing the bear one. As this level hasn’t been properly tested after a move below it in the upcoming period I would be expecting it retested.
The price of Ripple has increased by 18.2% from yesterday’s low at $0.1289 to $0.15224 at it’s highest today. Like in the case of Bitcoin the increase has been stopped out at the first horizontal resistance in line to the upside but the bullish momentum is likely to continue. Looking at the hourly chart we can see that the decrease made below the $0.15186 level was, after all, a five-wave impulse and not an ABC correction which means that it now most likely ended on yesterday’s low. This is why now I would be expecting a recovery but only a corrective one as this five-wave impulse to the downside could be the A wave of a higher degree.
If the price continues moving above the currently found resistance which I believe that it will we are likely to see an interaction with the 1.272 Fib level at around $0.2 as this was the most significant horizontal level to the downside and its retest for resistance is to occur before further downside movement.
Be the first to comment