BTC and XRP - Ascending Channel Near A Breakout
BTC/USD
From last Tuesday when the price of Bitcoin was sitting at $6768 on it’s lowest point we have seen an impulsive increase leading the price for a 14.95% increase measured to it’s highest point today which was at $7780 so far.
We have seen the formation of the ascending channel from the spike’s ending point but was also the continuation of the previous ascending range made until the 19th of April when the price broke to the downside. The same can be expected now especially considering the amount of increase we have seen in this short period.
Another increase from here to the ascending channels resistance level could occur but as the wave structure implies this is the ending wave out of the five-wave impulse wave and especially as we have seen this ascending range it could mark the completion of the 5th wave in an ending diagonal.
If we see a breakout to the downside which I believe is more likely the mentioned horizontal levels are to be retested for support, but if the price continues increasing from here I would be expecting it to continue for much longer approximately to around $7880 level.
XRP/USD
The price of Ripple has increased by 10.94% from last Tuesday when it was sitting on it’s lowest at $0.17908 measured to the highest point the price has been yesterday at $0.1986.
Another possibility could be that the seen ascending channel is the first sub-wave out of the next impulsive move to the upside in which case we are to see a breakout from the upside but that’s now as likely at this point.