BTC and XRP - Bullishness Seen But For How Long?

FXOpen

BTC/USD

From yesterday’s open when the price of Bitcoin was sitting at $9021, we have seen an increase of 4% as it came up to $9383 at its highest point today. We have seen a minor pullback after with the price currently being traded at around $9242 and is in a downward trajectory.

BTC and XRP - Bullishness Seen But For How Long?On the hourly chart, you can see that the price has made it above a significant horizontal level which served as support and is now likely retesting it from the upper side for support. This zone was broken on the 25th of June when the price made an impulsive move to the $8855 area. This is why we could be seeing the development of the 2nd wave out of a lower degree count which is corrective in nature and functions as an attempt for the price to test the seller’s pressure.

If the price manages to stay above the level and finds support there we are likely to see further uptrend continuation but not above $9700 or it would invalidate the current count. But if we see a straight decline which I believe is more likely the bearish count in which we are seeing an impulsive five-wave structure to the downside developing would be confirmed.

XRP/USD

The price of Ripple spiked significantly to the upside as from Sunday’s low at $0.175 we have seen an increase of 8.33% with the price reaching $0.18977 significant horizontal level and spiked even a bit further above the $0.19 mark. As it entered the upper range where the seller’s territory is a round of sell-off has been activated and the price has declined by around 3.1% since and is sitting at $0.184 at the moment.

BTC and XRP - Bullishness Seen But For How Long?Looking at the hourly chart, we can see that even though an impulsive bullish momentum has been seen this increase could still be counted as corrective in nature as we haven’t seen an increase like previously expected to the 0.5 Fibonacci level for the development of the C wave. In that case, this increase might continue for another wave to the upside as the C wave is to develop in a five-wave manner and it appears that we have seen three in which case the currently seen decline would be it’s 4th.

The price is now like in the case of Bitcoin falling down to retest it’s broken resistance for support and if the support is present we are likely to see further upside continuation but if the Y wave of a higher degree has ended we could be seeing the price moving straight to the downside as a new downtrend develops.

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