From last Friday when the price of Bitcoin has been traded at $46,371, we have seen an increase of 17.6% measured to its highest point today at the $54,530 level. After a minor pullback, the price back close to the levels of today’s high and is still on an upward trajectory.
This upside movement is counted as the starting impulse to the upside after a correction ended on the 28th of February. The first two waves should have ended which is why now we are seeing the development of the next 3rd one.
If this is the five-wave impulse the price increase should continue after the completion of this rise which is set to exceed the high on the 3rd. But there is still a possibility that it would end on the 3rd wave in which case that would mean that we have seen the 2nd sub-wave of the higher degree correctional count.
In the first case, a new all-time high would be expected, while in the second the price would go above its low of February 28th which would be the first sub-wave of the higher degree descending move. The pivot point would be the pullback that is expected after the current rise ends, as it manages to stay above the $52,600 area it would validate the 4th wave. But if it continues moving down and even falls below the $50,000 area that would be a clear sign that the price of Bitcoin is headed for a lower low as the 4th wave count would be invalidated.
The price of Ripple has been rising from the start of the month when it fell to $0.3954 and measured to its highest point today made a recovery of 24% as it came up to $0.4858.
On the hourly chart, we can see that the price entered the horizontal zone which was a significant pivot zone and represents the support/resistance range around which the price has been traded after January’s spike to the upside ended. If we have seen the end of the correction that started from the 1st of February, now a breakout above the $0.5 level could be seen which would validate the bullish scenario.
However, we could see a rejection at the current levels which can cause another downturn in price, which is why we are going to closely monitor what happens at present levels.
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.
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