BTC and XRP - Interaction With Key Support Made, Recovery Coming Shortly



From yesterday’s high at $7193 the price of Bitcoin decreased by 4.07% today as it came down to $6905 at its lowest point. The price is currently still being traded around those levels with the price resting at the horizontal level in proximity.
BTC and XRP - Interaction With Key Support Made, Recovery Coming ShortlyOn the hourly chart, you can see that the price fell back to the projected level at around $6914 which is presumed to be the C wave out of the lower degree ABC correction and projected with the A wave’s length.  This is the B wave of a higher degree as the second corrective wave after the leading diagonal retested the 1.272 Fibonacci level. In theory, it could go below the previous low but considering the significance of the horizontal support level which is currently being retested, I don’t believe that it will go much further.

We are yet to see if the support level holds but if it does I would be expecting the start of the C wave to the upside which is to lead the price of Bitcoin retesting some of the significant resistance levels. The furthers one would be the descending channel’s resistance which would bring the price above $8000. But is this is considered as a corrective three-wave move to the upside this recovery would be short-lived as another three-wave move to the downside would be expected.


The price of Ripple has fallen below $0.2 mark for the first time after in two years. The downfall was made from $0.21881 on yesterday’s open to $0.19031 at its lowest spike today. Currently, the price is being traded at $0.19865 and is showing minor bullish signs.
BTC and XRP - Interaction With Key Support Made, Recovery Coming ShortlyLooking at the hourly chart, you can see that this downfall is like in the case of Bitcoin expected to end shortly as we have seen interaction with the descending support level with a large wick from the buyer’s side. The price would be expected to start moving to the upside now but potentially maintaining in a downtrend as it can be corrective in nature.

Another possibility can be that we have seen the end of the Y wave in which case today’s low is the last wave from the decline which started on the 7th of November. But my primary count is that we are seeing another ABC correction to the upside after which further depreciation could occur. In either way, from here I would be expecting an increase from which we are to evaluate the possibility.

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

Financial Market News

US Government Shutdown: Assessing Economic Impact and Recession Risks

The recurring spectre of a government shutdown has once again loomed over the United States, prompting concerns about its potential economic consequences. The shutdown may occur this weekend unless lawmakers agree on spending levels and whether to give more aid


S&P 500 Analysis: Price Reaches The Edge of Abyss

Investors in the US stock market have serious reasons to worry: → The likelihood of a shutdown of government agencies is becoming more and more real. It could happen as early as next week if a budget agreement is not reached


Bitcoin Cash Analysis: Promising Resistance Breakout

Yesterday, the head of the SEC regulator, Gary Gensler, answered questions for 4 hours before the Financial Services Committee of the US House of Representatives, which, among other things, related to cryptocurrencies. What has become known: → on the eve of

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.