BTC/USD
The price of Bitcoin has been moving to the downside from Sundays high and decreased by 3.76% coming from $9488 to $9132 where it is currently being traded. Sunday’s high was a retest of last week’s high made on Thursday and with the price falling to exceed it we have seen a retracement.
On the hourly chart, you can see that the price of Bitcoin is currently retesting the 1 Fibonacci level which is a highly significant one and is managing to stay above it. If the price continues moving to the downside and falls below the mentioned level further decrease could be anticipated as the price most likely ended its 5th wave. For now, we are presuming that the 5th wave ended which is why a move to the downside of higher degree would be expected and if we have seen the completion of the five-wave move this one could push the price of Bitcoin all the way down to $6914.
But if the price ended its upward wave as the C wave which is corrective in nature we could see the price going even further below as the next corrective structure to the downside started to develop.
XRP/USD
From Sunday’s high at $0.26198 we have seen the price of Ripple decreasing by 5.6% as it came down to $0.24731 on the next day. The price is currently being traded slightly higher but is still around the vicinity of the yesterday’s low.
Looking at the hourly chart, you can see that the price of Ripple made a higher high compared to the previous one around $0.25 which could be interpreted as the 5th wave out of the five-wave move to the upside. The increase was stopped out at 0.618 Fibonacci level which makes this level as a significant resistance point and is most likely going to serve as a pivot point between a bullish scenarios in which the price of Ripple is to continue increasing from here or a bearish scenarios in which the price of Ripple could start moving to the downside as the C wave of a higher degree ended.
This will be validated by the breakout direction from the current resistance zone between the mentioned Fib level and the $0.24730 interrupted supper level. If the price breaks out to the upside further increase could be expected above the 0.5 Fib level, but if it breaks the zone’s support we could see a retracement all the way down below $0.2/
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