BTC and XRP – Bullish price action seen but it looks corrective



From yesterday’s low at $9292.9 the price of Bitcoin has increased by 5.48% coming to $9802 at its highest spike today but since then made a minor retracement and is currently being traded at $9614.

BTC and XRP – Bullish price action seen but it looks corrective

On the hourly chart, you can see that the price came up to retest the intersection of the significant horizontal resistance zone and the interrupted ascending trendline like previously expected before the completion of this ascending corrective move, but by looking at the wave structure it appears that the increase is likely to continue for another push to the upside which would be its 5th wave.

The price found resistance on the interaction and is now again trading below the support level of the ascending channel but further retest could be expected and potentially another enters in its territory as the upper horizontal level at $10075 could get retested before the completion of this ascending move. According to my count, this is a corrective ABC to the upside after an impulsive five-wave move to the downside so after its completion I would be expecting further downtrend continuation with a lower low ahead compared to the one made on 15th of June.

From the first half of Jun, we have most likely seen a B wave developing out of the higher degree ABC to the downside which is why it could, in theory, come all the way and even above the vicinity of the A wave’s starting point at around $10400 before continuing to move below $8910.


The price of Ripple has been moving sideways unlike the price of Bitcoin as it came down from $0.1989 by 7% to $0.185 and is now around the half range of that currently at $0.189.

BTC and XRP – Bullish price action seen but it looks corrective

Looking at the hourly chart, you can see that’s it retesting the horizontal level broken on the way down that served as support now for resistance. If the resistance proves to be valid, we can see a hard rejection leading to the expected decrease but if the price gets above it, we could see further corrective increase development as the X wave hasn’t ended.

This is soon to be validated as interaction is being made, but if from the start of Jun, we have seen an ABC to the downside then from the 12th we have seen the second sub-wave of the higher degree which is currently labeled as the wave X. But if this X wave is the 4th wave out of the impulse one, we are to see a lower low most likely around the vicinity of the 1.618 Fibonacci level before the corrective increase starts.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

BTC/USD Analysis: New High for the Year Shows Bulls Are Indecisive Market Analysis: Results of Black Friday in Financial Markets BTC/USD Analysis: Bulls Preparing New Assault on 37,500 Level? BTC/USD Analysis: Bears Aggressively Defending 37,500 Level BTC/USD Analysis: JP Morgan Analysts Warn of a Possible Correction

Latest articles

Financial Market News


Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  -FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. European Currencies at Strategic

Forex Analysis

EUR/USD, GBP/USD, and USD/JPY Analysis: US Dollar Growing Against Euro and Pound

The US personal consumer spending price index rose 3% in October from a year earlier, down from the three-month rate of 3.4%, although still above the Fed's 2% target, raising the possibility of an early rate cut. Jobless claims


Market Analysis: UK100 Shows Bullish Signs

On the morning of Friday, December 1, the UK stock market index rose to its November highs. This was facilitated by the fundamental background: → among the UK100 growth leaders are shares of companies mining ore and other resources. As metal

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.