BTC and XRP - Lower low expected
BTC/USD
On Sunday the price of Bitcoin was sitting at $7288 at its highest point from where it started decreasing in a five-wave manner. Yesterday we have seen a slight recovery but after it’s a completion at $7218 the price started impulsively decreasing falling to $6777 at it’s lowest point yesterday. Since then another minor recovery has been seen with the price currently being traded at $6861.
If this occurs the price would form an impulsive move to the downside after a breakout has been made from the ascending channel. In that case, we could be seeing the development of the 3rd wave from the higher degree count as the prior upside move ending with the mentioned ascending channel could have been corrective 2nd wave and the descending channel from the 7th of April it’s 1st.
The price target for the expected lower low would be at around $6680 but could continue below the ending point of the B wave from the 2nd sub-wave in which case $6450 could be seen. But if the price starts impulsively increasing from here the count would be valid until it would reach $7100 where the territory of the 1st wave is.
XRP/USD
The price of Ripple has been following the same pattern as in the case of Bitcoin. From Sunday’s high at $0.197 we have seen a decrease to $0.189 horizontal level, a bounce from it to $0.194 but immediately after fell to $0.1793 which is a decrease of 7.95% from yesterday’s high. Now the price is sitting at around $0.183 and is in a downward trajectory after a minor recovery.
If the price continues moving below the $0.1776 this possibility would be invalidated as the price can’t go below the starting point of it’s 1st wave on the 2nd.