BTC and XRP - Correction possibly over

FXOpen

BTC/USD

The price of Bitcoin has been moving sideways from the 17th of March when it came up to $59,600 until the 20th when it paid another revisit to those levels. However, after a failure to break the $60,000 mark to the upside we have seen a rejection that caused a breakout from the symmetrical triangles and a low to $52,924. 

BTC and XRP

Now we are seeing a minor recovery with the price currently being traded at $54,528 and has bounced nicely forming a V shape. The descending move was a five-wave impulse which is why we could have seen the completion of the WXY correction. 

In that case, the price is now making its first attempts to establish an uptrend as the 1st wave from the next impulsive wave to the upside started. However, there could still be a possibility of another lower low to the significant $51,940 level. 

If we have seen the completion of the 4th wave correction, then the price of Bitcoin is now headed towards the new all-time high, potentially in the zone between $72,000 and $68,000.

XRP/USD

The price of Ripple has been on the rise from the 18th of March when it was sitting at around $0.464 at its lowest point. From there we have seen a breakout from the symmetrical triangle in which it was forming from the 1st of February. We have seen the price reaching $0.6 before falling back to the $0.54 area and is currently sitting at $0.56612.

BTC and XRP

This sideways movement from yesterday’s high is the 4th wave out of the next impulse wave to the upside which is why after its completion another rise to the $0.66 level would be likely. We have seen the formation of the symmetrical triangle so the breakout is equally possible but considering the bullish momentum, it is more likely that it would continue moving forward. If this is the 3r wave of the higher degree impulse wave then the price of Ripple is set to move much higher and surpass its February’s high of $0.75. This would be re-evaluated after the completion of the currently expected rise and the pullback that is supposed to follow afterward.

If we see the price staying above the $0.62 level it cold be an early indication that the price is headed further up.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.

Cryptocurrency CFDs are not available to trade in all jurisdictions.

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

Market Analysis: Bitcoin Surpasses $40,000 Per Coin 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

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: AUD/JPY, RATE HIKES, S&P 500, WTI Oil

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. AUD/JPY: Rate Falls

Trader’s Tools

Fixed Exchange Rates: Benefits and Limitations

Fixed exchange rates, a cornerstone of international finance, play a pivotal role in shaping global commerce and investment landscapes. This article delves into their intricacies, exploring the historical evolution, practical understanding, and the balance of benefits and challenges they present.

Trader’s Tools

Alternative Investment Options

Traders and investors are increasingly turning to alternative investment options to diversify their portfolios and seek new avenues for potential returns. In this FXOpen article, we discuss alternative investments, examining the types and explaining the reasons why they are gaining

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.