Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Top Coin Price Watch (Feb 5th)

Bitcoin BTC/USD Price Analysis

On Tuesday the 29th of January, the price of Bitcoin was $3430 at its lowest point. The price increased to $3553 at first and then fell down to $3477 which was a higher low compared to the ending point of the 3rd Minute wave ending point.

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This indicated a potential start of an uptrend but was in question when the price attempted to go past the prior high level and just bearly made it spiking up to $3581 but that spike only triggered selling and the price fell back to the prior support level at the 0.382 Fibonacci level and a breakout from the minor uptrend support line which is the support of the ascending channel in which the 4th Minute developed in a WXY manner.

Yesterday we have seen a breakout from the ascending channel which could very likely mean that the 4th wave has ended on the Minuette Y wave and that the last impulsive move to the downside has started. Now the price is in an upward trajectory which is most likely the 2nd Minuette wave of the 5th Minute one and is serving as a retest of the prior support for the resistance which is why the price has interacted with the ascending channels support and was rejected but it pushing the price back to the 0.382 Fibonacci level which is its key support since the price has fallen 4 times on it in a search for support after encountering the sellers pressure.

As the price is now heading upwards it is again going to encounter resistance and this time it would likely be a lower high which is why I have projected that the price would go to around 0.786 Fibonacci level. The price could go further up to the vicinity of the prior high but that would only mean that the 4th wave hasn’t ended and that the current movement is the prolongation of the WXY Minuette correction by two more waves X and Z. In that case, the area of the intersection between the falling wedge resistance (upper interrupted purple line) and the horizontal resistance level at $3553 or the 1 Fibo level would be the optimal target.

In any way when this minor increase ends I would be expecting more downside for the price of Bitcoin as the Z wave should end developing to the downside. The price target for the expected decrease would be between around the falling wedge support line intersection with the horizontal support zone from $3367-3340.

Ethereum ETH/USD Price Analysis

From last Monday when the price of Ethereum was $104 at its lowest point measured to the current level on which the crypto is being traded which is at 108.67 we have seen an increase of 3.81%.

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Looking at the hourly chart you can see that the price action created a cup and handle, but the handle broke the horizontal support level at 107.4 and continued moving down until it came to $106 slightly below the minor uptrend support line.

The price started recovering from there and came up to the vicinity of the prior high and spiked a bit higher but since it entered the sellers’ territory the selling has been triggered by the spike and the price was sent in a downward trajectory again.

Currently, the price is in between the horizontal support level at $107.4 and the minor uptrend support. This cluster looks like an expanding structure so if the structure develops further we might see another increase to around the vicinity of the horizontal resistance at $108, but when it ends I would be expecting more downside since this would only be a prolongation of the 4th corrective wave out of the 5 wave impulse to the downside.

The target for the expected decrease would be at around $102 area but we could see a further decrease since this would only be the first horizontal support level in line to the downside below the one at $104.

XRP/USD Price Analysis

From last Tuesday when the price of Ripple was $0.2874 at its lowest point measured to current level on which the crypto is being traded which is at $0.3013 the price has increased by 4.75%. The price went up further immediately after the interaction with the falling wedge support line on last Tuesdays low, up to $0.3431 which was interaction with the falling wedge resistance line which ended as a rejection which propelled the price downward again.

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The interaction with the falling wedge resistance was the end of the Minor X wave which is why more downside is now expected as the Z wave has started. The price is currently in some kind of a descending triangle which I haven’t labeled on the chart but is evident by the Elliott Wave Z wave, and is currently on the horizontal support from that triangle looking to break out to the downside.

If the breakout occurs and I believe that it will, we are likely going to see enough momentum for breakage of the horizontal support level at $0.29405 and further sideways movement to the next one at $0.26617 where the falling wedge support intersects it.

Bitcoin Cash BCH/USD Price Analysis

From last Tuesday when the price of Bitcoin Cash was $106 at its lowest point measured to the current level of $117.2 we have seen an increase of 10.71%.

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Looking at the hourly chart you can see that last Tuesday’s low was the ending point of the impulsive move to the downside which started after the second wave X from the minor WXYXZ correction ended.

From there the price action created an ascending channel in which the recovery has been made but now the price is at the apex of the symmetrical triangle formed by the downward resistance of the Minor correction and the uptrend support line from the ascending channel.

Since the resistance line dates way before the ascending channel’s support line and is the median line of the descending channel labeled with a purple rectangle it is the dominant one and will most likely outpower the current support which is why I would be expecting a breakout to the downside from here.

Elliott Wave count also implies that more downside should be expected as the Minor correction has to finish the Z wave who target I seen fit at the intersection of the horizontal support at $93.5 and the descending channels support line.

Crypto Market Update:

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Disclaimer: Authors views and analysis is not meant to be investment advice. Do your own research.

Crypto Destroyer

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