Home Altcoin Bitcoin and Top Altcoin Price Analysis: Today's BTC, ETH, XRP, BCH Value Forecasts – Bitcoin Exchange Guide

Bitcoin and Top Altcoin Price Analysis: Today's BTC, ETH, XRP, BCH Value Forecasts – Bitcoin Exchange Guide

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Bitcoin BTC/USD

From Friday’s low at $3948 the price of Bitcoin has increased by 5.32% at its highest point over the weekend as it came up to around $4166 level on Saturday. From there the price pulled back to the around $4050 where the minor horizontal support level is and attempted to surpass the prior high but failed to do so today as it came lower to $4122.7 at its highest point.

The price is currently sitting slightly above the mentioned minor horizontal level as its currently being traded at $4063 but since the price came up to its significant resistance zone and has interacted with the falling wedge resistance line the start of a downtrend is expected from here.

The increase that occurred over the weekend was corrective in nature according to my count and was expected as the Y wave from the second Minute correction so the price is most likely heading down from here as the Y wave developed.

If my count is correct we have seen the completion of the second corrective structure after the impulsive increase ended on the 24th of February which is the prolongation of the Intermediate WXY correction as the second wave X.

We could be seeing the development of the five-wave move to the downside out of which the first Minute correction would be the first wave and the now seen increase would be the second corrective wave which means that now a third most stronger one would soon start developing to the downside.

The price could continue its upward trajectory before the third wave structure starts developing in which case I would expect to see an interaction with the upper resistance levels at first to the ascending triangle’s resistance or to the horizontal resistance at $4300 which is the most upper resistance point once serving as support.

Ethereum ETH/USD

From Friday’s open at $134.6 the price of Ethreum has increased by 9.61% on Saturday as it came up to $147.52 at its highest point. As the price pulled back to the $140.53 level from there another attempt has been made for the price to keep up its upward trajectory but the attempt ended as a lower high which is an early indication of the start of the downtrend.

Looking at the hourly chart we can see that the price came above the 0.618 Fibonacci level as the momentum behind the upward move was strong but not strong enough for interaction with the upper Fibonacci level at 0.786 which was expected.

Instead, the price came slightly above the previous structure before the start of a pullback which is why we are yet to see if the price reaches the expected price target, but by looking at the current structure I believe that the expected Y wave has ended.

This was the second three-wave correction according to my count as the price previously increased impulsively so now that it has most likely ended a move to the downside would be expected.

There is some more room to the upside like in the case of Bitcoin before the expected downtrend starts, but the current wave structure implies that the expected downtrend might already start as the price action created its first lower highs and lower lows.

This might be only a slight pullback before another increase which we are yet to see but depending on the support levels that are currently below the price and the strength behind them we are going to see the potential behind the down move as my projected scenario would bring the price of Ethereum down to its optimal support level at around $122.1.

Ripple XRP/USD

From Friday’s low at $0.31658 the price of Ripple has increased by 4.19% on Saturday as it came up to $0.32984 at its highest point. Since then the price has depreciated and is currently sitting at $0.32146.

On the hourly chart, you can see that the price of Ripple bearly made it past the prior high which is why like in the case of Ethereum we could see some minor further increase to the horizontal resistance point at $0.3366 before this upswing ends.

The price is currently below the 0.236 Fibonacci level and is struggling to keep up the upward momentum which is why I would now expect to see a retest of the lower ascending trending which is the baseline support from the current structure as the interaction with its upper resistance levels was made and if the price is to continued moving to the upside an establishment of support is needed.

Bitcoin Cash BCH/USD

From Friday’s open the price of Bitcoin Cash has increased the most as it came up from $130.6 to $164 at its highest point on today which was an increase of 25.55%. The price has pulled back from its highest point today and is currently being traded at $160.8.

On the hourly chart, you can see that much as I said in the last analysis I didn’t believe that the Y wave ended which proved to be true as the price continued moving to the upside above the $135.3 horizontal resistance level and past the prior high at $155.9 which was retested today on a minor pullback.

If my count is correct we are to see the start of a downtrend from here as this was the Y wave from the second corrective structure after the price impulsively increased and broke out from the descending channel.

If we are seeing the start of the impulsive move after price broke out more upside would be expected from here but we are going to see that from the depth of the now expected downtrend.


Disclaimer: Authors analysis of the crypto market is not intended to be used as investment advice. Do your own research before trading or investing.

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