The price of Bitcoin has been decreasing since yesterday when it came up to $19787 at its highest point. Another spike to that level was made today after some sideways movement followed by a shart decline to $18059 at its lowest point today which was a decrease of 9.35%. Since then recovery has been made with the price currently being traded at $19407.
On the hourly chart, we can see that the price made it past the upper horizontal level which labels the all-time high from December of 2017. A new all-time high was made effective as the price slightly exceeded its utmost upper level of 2017, but since it entered the seller’s territory we have seen strong pressure on the price, which was pushed it strongly to the downside.
From the 27th of November when the price came down to the $16531 horizontal level we have seen the beginning of another impulse wave to the upside. The rise from there to yesterday’s high was most likely the completion of the 3rd wave with the decline that followed being the 4th one. If this is true, then the current upside move is the developing 5th wave. This is why further upside would be expected past yesterday’s high. Considering that the 3rd wave got overextended the 5th one isn’t likely to be that strong and especially as the price is being traded around its all-time high, we could expect to see another spike to the upside but not above the $21000 level before further selling would be activated.
From yesterday’s high at $0.68, the price of Ripple has fallen by 16.37%, coming to the $0.569 level but made a recovery after and is currently being traded at $0.6399.
Looking at the hourly chart, we can see that the price fell to the level of the first wave after the correction was made and found support there, only making a quick spike. The previous correction was a three-wave one after which we have seen a slow ascending structure. Like in the case of Bitcoin this is most likely the formation of the next impulse wave in a five-wave manner. This is validated by the fact that the price hasn’t made it inside the territory of the 1st wave on today’s pullback before continuing to move to the upside again.
Now we are seeing the next wave forming which if the 5th one is going to exceed the prior high or complete somewhere around the vicinity of it. Since the structure looks very unstable we are likely to see a truncation for the 5th wave and a retest of its $0.75 high before a downturn starts.