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Crypto Market Update: Bitcoin (BTC) Eos (EOS) Litecoin (LTC) Price Analysis

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Cryptocurrency Price Market Watch

From yesterday the price of Bitcoin hasn’t changed much as it’s been hovering between $6716-6746.

Cryptocurrency Price Market Watch

Bitcoin Price BTC / USD

As you can see from the hourly chart the price action escaped the triangle without a major move or a proper breakout but the price action is still creating lower highs and higher lows indicating that another triangle might be in play before a breakout happens.

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Zooming into the 15 min chart we can see that the price action has created another minor symmetrical triangle which is a good thing because now new data appeared from which I can draw my conclusion. The first down move was a clear three wave WXY after which a textbook abcde consolidation occurred inside a triangle. As the wave E ended on the triangle’s resistance a breakout from its support is to be expected.

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My first target would be the descending triangle resistance line intersection with the horizontal support level around $6516.  This might not happen straight away, because the price action at first may go up to the significant horizontal level as the current move from the end of E to the triangles support ming be another third correction developing.

Litecoin Price LTC / USD

From yesterday the price of Litecoin has decreased by 2% and is currently $54.5 around it has been hovering steadily.

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As you can see from the hourly chart the price is now on the descending channels resistance line interacting with it. As you can see the price action created a similar structure to the current two times previously and all resulted in a breakout from the downside of the minor ascending channel with a strong red candle which is what I am expecting this time as well.

Zooming into the 15min chart I have labeled this correction inside the triangle. As you can see the price already started to break the ascending channels support and has now created a cluster below the descending channels resistance as well. We might see a spike to retest the ascending channels support for resistance around $54.92 but ultimately according to my Elliott Wave count the price is heading lower in the upcoming period.

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EOS Price EOS / USD

From yesterday’s open at $ 5.575 the price of EOS has only decreased to $5.5516 where it currently trading.

 

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Looking at the hourly chart we can see that like in the case of Bitcoin and Litecoin another minor symmetrical triangle appeared inside the prior one. I have labeled similar patterns that previously developed on the price chart of EOS and looking at the clusters it looks like those who are symmetrical are bearish while those which are descending end with a breakout from the upside. I believe that from here the price will go lower to the major symmetrical triangle’s resistance around $5.23 or lower to the same levels from which the price spiked.

Zooming into the 15 min chart I have counted the corrective waves. As you can see a similar pattern, as well as a ET count, is in play. Buy looking at the EOS chart and the steepness of green wave Z and X wave from a correction in the opposite direction I think another scenario might happen similarly to what I said for Litecoin and that is that the correction didn’t end on the Y wave like projected below with an arrow, but the correction gets extended by two more waves pushing the price higher at first in the case of Eos to the major triangle’s resistance line around $5.7 after which the price falls below the current levels.

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Conclusion

By looking at the EOS chart more I think that the alternative scenario in which the minor correction in the opposite direction gets extended by two more waves pushing the price a bit higher before another price slump is more likely. That would in the case of Bitcoin look like on the chart below.

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As you can see prior count waves A and B are marked as a second wave X and wave Z after which the correction in the opposite direction has developed. Wave Y ended on the triangle’s resistance which is why its valid to think that a breakout from the downside is now going to happen, but by looking a the current structure its looking like the support is there which leads me to believe that the down move after the orange Y wave is another X so the last wave Z is about to start developing.

I have projected that the target for wave Z is on the horizontal resistance level but ultimately I am expecting the prices to go back down from where the Monday’s spike was made at first and then head lower and created new lows.

The post Crypto Market Update: Bitcoin (BTC) Eos (EOS) Litecoin (LTC) Price Analysis appeared first on Blockonomi.