BTC and XRP - Looking bullish



The price of Bitcoin has been on the rise since the 25th of March when it fell to $50,420 level. From there a recovery of 17.38% was measured to its highest point so far at $59,236. Currently, it is being traded slightly lower but is still on an upward trajectory. 

Auto Draft

The low on the 25th was the end of the corrective stage in which the price was since the 13th of March and as the third wave ended we have seen the start of the next impulsive move to the upside.

As its first wave looks like it has already developed now we could be already seeing the start of 3rd sub-wave from the five-wave impulse. The price would be now expected to continue moving upward above its last all-time high and potential somewhere around $68,000-$72,000 zone. 

It is still soon to project the ending point so we are going to watch closely how the price action develops and reevaluate our projection accordingly. There could be a possibility that we are seeing an even higher degree impulse wave, increasing the room for growth.


The price of Ripple made a sharp decline on the 25th and a new higher low as well, but unlike in the case of Bitcoin, it did so in an impulsive manner. This meant that we could have seen the breakout invalidation but as the price managed to bounce off of the triangle’s resistance level and the horizontal level at $0.47371 making a recovery back to the levels it fell from, now we could expected further upside movement. Currently, the price sitting at $0.5781 which is just below its prior high of $0.6.

(no title)

On the hourly chart, we can see that a minor breakout was made from the descending level that was forming from the prior high which is a bullish sign. Now we are most likely seeing the development of the 3rd wave from the higher degree five-wave impulse that is set to push the price above its previous high and potentially all the way up past the $0.75 mark. This was the level of the starting point of the symmetrical triangle, made on the 1st of February so now as the breakout was made it could indicate the uptrend continuation on the higher degree count.

But first, we need to see some signs of validation which can come first as the surpassing of the previous local high and then the formation of the higher low on the next pullback, preferably with the price coming back to retest some of the broken resistance levels for support.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice. Cryptocurrency CFDs are not available to trade in all jurisdictions.

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.