BTC and XRP - More upside expected
BTC/USD
From yesterday’s open when the price of Bitcoin was sitting at $9402, we have seen an increase of 10.44% measured to the highest point the price has been today which is at $10383. Since then we have seen a minor retracement with the price currently being traded at $10137.
An ascending channel has started forming unline the previous triangle which was also invalidated but the ascending channel is still unconfirmed even though we might have seen a retest of the lower resistance level.
A retest of its upper resistance level could be expected as we are most likely seeing the development of another five-wave impulse to the upside which if corrective in nature should be the end of this increase and would be expected to reach $10500-10700 area.
If the price continues moving for another upward move then this would be the start of the 5th wave of a higher degree count.
XRP/USD
The price of Ripple has increased by 7.1% from yesterday’s low $0.2 measured to today’s high at $0.2154. It’s still being traded unlike in the case of Bitcoin.
This is why I would be expecting a further increase to around the vicinity of the ending point of the 2nd wave from the previous descending impulse bringing the price target $0.222. According to this new count, it would be the completion of the C wave from the upward ABC after which further downtrend continuation would be anticipated.
If however the price exceeds this level and makes a minor retracement before continuing to move further to the upside it could indicate that we are seeing the development of a new uptrend altogether with the current ascending move being the 3rd wave out of the five-wave impulse instead of the now presumed C wave.