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

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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.

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