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