BTC and XRP - Significant support reached
BTC/USD
The price of Bitcoin has been decreasing from yesterday’s open at $10088 and has come down by 4.46% measured to its lowest point today which was at $9638. This decrease is a continuation of the downtrend which started on the 6th of September when the price was sitting at $10920 which is a decrease of 11.94% measured to its lowest point today. Currently, the price is being traded at $9716 as a minor recovery is being made.
As we’ve seen the completion of the second WXY correction to the upside on the 6th of August the structure which followed is most likely the 3rd one to the downside. This is why ultimately I would be expecting a downfall below the triangle’s support level, but we might see a bounce from it at first as the X wave from the 3rd WXY correction might end as a five-wave consolidation with the Z wave ending at the horizontal resistance slightly below 0.382 Fib line.
The next significant support level on the way down is at around $8500 but depending on the momentum we might see further depreciation.
XRP/USD
From last Wednesday when the price of Ripple was at its highest point since the 6th of August and was sitting at $0.32103 we have seen a decrease of 17.09% measured to the lowest point the price has been today at $0.26617.
The $0.29405 level should have served as major support if the bullish momentum was to continue but the price has disregarded the level altogether moving further to the lower one. If the currently interacted support level holds there could still be a possibility that the increase continues, but considering the momentum I think that a bounce from the current level would be a minor one before the price continue moving below.