From yesterday’s open at $9095 the price of Bitcoin has depreciated in value by 5.25% as it came to $8617 at its lowest point around which the price is currently being traded today.
Looking at the hourly chart we can see that the price is retesting the descending triangle’s support level. As the price is in a downward trajectory we could see a further decline but considering that we have seen an impulsive wave prior to the formation of the descending triangle it is most likely corrective in nature which is why I would be expecting an uptrend continuation after the decline ends.
We have seen an ABC to the downside followed by a three-wave move to the upside and now a five-wave move the downside again which is considered the third structure out of the higher degree count which is developing in a five-wave manner. This brings this corrective structure to be a higher degree ABC which is why I would be expecting that the price would hold above the triangle’s support level.
The expected increase could be either the 3rd wave from the five-wave move to the upside or it could be a C wave from another corrective increase in which case after its completion we could see a lower low compared to the Y wave of the higher degree count which ended at around $7378.
From last Thursday when the price of Ripple reached its high at $0.31222 measured to the current level at $0.2703 we have seen a decrease of 13.58. The price is still in a decline and is getting close to the vicinity of the prior low and the horizontal support level at $0.26617 so we could see interaction with the level before an upturn.
On the hourly chart, we can see that the price is in a decline after another ABC correction to the upside ended but the wave structure is impinging impulsiveness. From the 26th of October when the price was sitting at its lowest in while we have seen a five-wave increase inside an ascending channel after which two corrective structures developed. This means that the current downfall could be the 3rd structure out of the higher degree correction.
If this is true, then after the decline ends we are to see further uptrend continuation and as the price is approaching the significant horizontal support we are soon going to get the needed validation.