BTC and XRP - Downturn Soon Expected

FXOpen

BTC/USD

The price of Bitcoin has been increasing since Sunday when it was sitting at $15764 and came up to $17084 today which is an increase of around 8.3%. The price is in an upward trajectory and is making new highs with every rise.

BTC and XRP

Looking at the hourly chart, you can see that the price has made a higher high compared to the one made last Thursday which was the 3rd wave of the lower degree count from the impulse wave to the upside. This was another increase which is the ending wave of the higher degree count that started around the 3rd of November when the price broke out above last year’s high made on June 26th.

As the price is making new strives and is still in an upward trajectory. It started going past the resistance level from the ascending triangle made from the 5th of November when the price started consolidating after a breakout above last year’s high. The price first made a minor breakout below it and even a pullback on the interaction with its support level on the rise that followed. This is why the triangle’s outline levels are still considered significant and could be serving as indication points.

Now we could expected shorty the start of a downturn as the price has made its final wave to the upside and made it at the resistance zone above the ascending triangle’s upper level.

XRP/USD

From yesterday’s low at $0.2636 the price of Ripple has increased by 15.77% as it came up just above the $0.3 mark. It is still in a steep upward trajectory and is likely to continue its increase.

BTC and XRP

On the hourly chart, we can see a similar pattern like in the case of Bitcoin as the price of Ripple is its ending wave both in a lower and out of the higher degree count. A breakout has been made above its significant horizontal level on Saturday and after a retest of the level for support, the price continued increasing which was indicative of its 4th wave that has set to establish support before further uptrend continuation.

Now as the price is in its ending wave, shorty a move to the downside would be expected but there is still more room to go for the price before that swift in trend 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

Bitcoin Cash Analysis: Promising Resistance Breakout Cryptocurrency Prices Rise on SEC Rumours Market Analysis: Bitcoin Sets September High BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat Bitcoin Trading Volumes Fell to a Minimum of 4 Years

Latest articles

Shares

Top 5 Stocks to Watch in October: Bank on the Backfoot, No Thirst for Coca-Cola, Tech Giant Takes Dip and Electric Vehicle Volatility

October is here, and as the markets enter a new month, we take a closer look at five stocks that could be of significant interest to investors. 1) Bank of AmericaBank of America stock has taken a dive over the

Forex Analysis

Market Analysis: The American Currency Resumes Growth

The beginning of October turned out to be favourable for continued growth in the US dollar. From the data published yesterday, it follows that in September, the US manufacturing business activity index (PMI) rose to 49.0 against the forecast

Forex Analysis

EUR/USD Analysis: The Rate Updates Its Multi-month Low

Never in its history has the euro fallen for 11 weeks in a row against the dollar, but it happened. The minimum has been set for 2023. The reason seems to be that in an environment where central banks are

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.