The price of Bitcoin has been on the rise since the 20th of July when it fell down to $29.316 at its lowest point. From there we have seen an increase of 38.7% as it came up to $40,679 at its highest point yesterday. Today the price fell down to $36,500 area and is now moving to the upside again, but the downfall of 10% might be indicative of the completion of the prior upward movement.
You can see that the price almost reached its most significant resistance zone at around $41,000 but failed to make interaction. The upward move from the 20th of July was impulsive in sections but the wave structure doesn’t imply a five-wave pattern. Instead, we could be looking at an ABC correction to the upside before the next downward move. The upward movement looks completed either way so now at least a retracement would be expected if not a start of a new downtrend.
The price of Ripple has shown a similar pattern as from the July 20th low of $0.516 we have seen an increase of 31.16% coming to $0.6772 at its highest peak yesterday. After that a decrease was made to around $0.613 and the price is now in a slight recovery. Like in the case of Bitcoin this upward move has most likely ended in a five-wave manner, although the structure isn’t as clear. It reached its significant resistance level and made a sharp decline after the interaction was made. This is why now we are expecting this recovery to be short-lived and another move to the downside from which we are to see if this is a correctional count or the start of another downtrend.
If the prices of both cryptos start increasing again and make a higher high compared to yesterday’s one this descending move scenario would be invalidated, but that isn’t likely at this point.
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