BTC and XRP - Retracement seen but further upside expected



The price of Bitcoin has been on a decline from yesterday’s high at $59,000 and has made a 6.69% decrease measured to its lowest point today at $55.084. Now it is sitting slightly higher but is again looking like its struggling to keep up the recovery.


On the hourly chart, you can see that the price of Bitcoin was on the rise since the 26th of April when an ascending triangle was made. Yesterday, we saw a breakout to the downside from the triangles support, which could imply that this ascending move ended as the five-wave increase. If this is true then the five-wave move was most likely a leading diagonal from the next impulsive move to the upside as the previous correction of the higher degree ended.

Now we could be seeing the 2nd sub-wave of the next move to the upside which would retrace the price of Bitcoin to around $53,000 area most optimally where the 0.5 Fibonacci level is. This Fib level is standing in the vicinity of the significant horizontal support at $53,300 which might hold the price, but we could see the price going further down to the $51,221 area where the next one is.

After this retracement ends, according to the primary count, we are to see further uptrend continuation and new highs for Bitcoin.


Ripple has been on the rise since the 26th as well and made an increase of 73.6%, coming from $0.9519 to $1.662 at its highest point on Sunday. From there we have started seeing a retecement and the price is currently sitting at $1.432.


The increase seen from the 26th was a breakout from the descending channel in which it was from the 14th of April. This could imply that we have seen the completion of the corrective move and that a new wave to the upside is under development. If this is true, further uptrend continuation would be expected after the current retracement ends, but it is still unclear where the price could land on the current descending move.  If this is the 2nd sub-wave of the next five-wave impulse we could see the price coming back to the 0.618 Fib level at around $1.229 or slightly higher at the 0.5 Fib level.

Another possibility could be that the retest of the 0.382 Fib level is going to come after which the price is immediately headed further up but that local correction would end up very shallow which usually isn’t the case with the 2nd wave.

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 — 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

The Price of Ethereum Rises Ahead of SEC Decision Bitcoin Price Hits a Month's High, Breaking Key Resistance April Became the Worst Month for BTC/USD Since November 2022 Bitcoin Price Bullish after Halving-2024 ADA Drops to Last Place in the Top 10 Cryptocurrencies

Latest articles


When the Chips Are Up! NVIDIA's Stratospheric Market Cap

NVIDIA is a veritable Goliath among the highly competitive realms of Silicon Valley's technological mainstays.

Its market capitalisation is now so vast that it is larger than Meta (Facebook), Tesla, Netflix, AMD, Intel, and IBM combined.

That is a remarkable


WTI Crude Oil Price Shows Bullish Trend Ahead of OPEC Meeting

As the chart indicates, on Monday, the price of WTI crude oil rose by approximately 1%.

Reuters reports that the bullish sentiment is driven by:
→ the upcoming OPEC+ meeting scheduled for 2 June;
→ expectations of high fuel demand with the


Can Last Week's Gold Price Rally Be Replicated?

Gold holds a particularly exceptional status among precious metals. Whilst it does have some use in the manufacturing of consumer durables and electronic products ranging from alloy compounds in wedding rings to terminals for connecting electrical cables in audio equipment,

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.