BTC and XRP - Downturn Soon Expected

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.

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.

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.

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