Today’s Bitcoin Price Prediction (BTC/USD)
From yesterday things haven’t changed much for the price of Bitcoin as it is still hovering around the same level. On yesterday’s open the price of Bitcoin was $3966.8 from where a downfall to $3925.9 occurred but the price managed to recover since and came up to $3962.6 at its highest point today but is currently sitting at $3951.5.
On the hourly chart, you can see that Bitcoin’s price is still above the 0.618 Fibonacci level which serves as a support as it was retested today again proving that the buyers are present at those price levels.
Above the current price position is the seller’s territory above the $3994.4 horizontal level which is why we are seeing the price being stuck in the current range from last Tuesday when an increase of over 5.4% has been made as the price found support at the intersection between the 0.5 Fibonacci level and the ascending trendline from the triangle which was formed by the current correctional structure from 15th of December.
As the wave structure implies we are going to see the further sideways movement as the price is most likely to retest the above resistance line once more before falling down again below the 0.618 Fibonacci level at $3936.8.
This would be another ABC correction to the downside which would be the end of the Minute X wave out of the presumed WXY correction in the opposite direction. After this expected move to the downside ends another increase would be expected in a similar momentum like we saw on last Tuesday on 5th of March as it would be the continuation of the mentioned correction.
Today’s Ethereum Price Prediction (ETH/USD)
From yesterday’s high at $136.31 the price of Ethereum has decreased by 1.97% measured to today’s lowest point at $133.62. The price started increasing again from there and has spiked up to $138.53 but the spike ended as a large wick on the hourly chart as it quickly pulled back to the levels from where the increase was made. Ethereum’s price is currently sitting at $134.72 but is still in an upward trajectory which means that we could see further increase today.
On the hourly chart, you can see that the price action created a five-wave move to the downside after which today we have seen a minor increase. As the price previously ended an ABC correction to the upside we are now most likely seeing the third to the downside which is why I believe that after today’s increase ends we are to see another five-wave move to the downside as the C wave should develop.
This would mark the end of the X wave as three consecutive corrections would end which means that another increase to the upside should be expected as we’ve seen last Tuesday when the price of Ethereum increased by over 12%.
This would be the continuation of the WXY correction to the upside which is the second correction after the first one ended on the 0.5 Fibonacci level at around $126.76. This means that after it ends a third correctional structure to the downside should start developing but first, we are to see some of the upper resistance line getting retested for resistance or even a quick spike above inside the sellers’ territory.
The expected increase would trigger another round of selling which could have enough momentum to push the price below the 0.5 Fibonacci level if it is to be another five-wave move to the downside, but if we are seeing the prolongation of the Intermediate WXY correction the price could correct further before finally establishing support around $121.93.
Today’s Litecoin Price Prediction (LTC/USD)
On yesterday’s open the price of Litecoin was sitting at $57.996 which was yesterday’s high as the price started declining from there and came down to $56.122 at its lowest point today which is a decrease of 3.23%.
Since then the price attempted to recover but failed to exceed the prior high and break out above the current resistance zone inside which it is currently consolidating. The price made it out of the resistance zone last week but the encountered resistance above proved to be stronger than the upward momentum which is why the price pulled back inside the territory of the resistance zone again.
On the hourly chart, you can see that the Litecoin price made an increase to the resistance zone in a five-wave manner and created an rising wedge around those levels as the 5th wave ended as an ending diagonal.
Now we are seeing a corrective movement to the downside out of which Tuesday’s increase was most likely the B wave from the ABC three-wave correction which is why after it ends I would be expecting another movement to the downside as the C wave should develop.
This expected move to the downside is set to retest some of the horizontal support levels inside the zone out of which the first significant support would be at around $52.4 which would be the median line and the lower support level would be around $49.236
Today’s EOS Price Prediction (EOS/USD)
From last Thursday the price of EOS was $3.9564 at its highest point the price has been in a minor downtrend and came down to around $3.5 at its lowest point of the week on Tuesday which was a decrease of 11.6%. On Tuesday we have seen an increase of 6.63% as the price came up to $3.7414 at its highest point but again started trending to the downside moving below the 0.5 Fibonacci level again.
The 0.5 Fibonacci level serves as significant support/resistance point as you can see from the hourly chart and now that the price came below it we could see the interaction with the support at around $3.2787 where the first correction ended after the initial drop of over 18% we have seen on 25th of February. After this corrective move to the downside which I have labeled as a Minute WXY we are most likely seeing the second correction in the upside direction which is why after this minor downtrend ends I would be expecting another increase like we saw started on last Monday when the price increased in a five-wave manner to the upside.
This increase would have to wait for the current downtrend to end which is why from here I would be expecting another lower low at first and potentially an interaction with the lower support line at $3.2787 so depending on the depth of the expected decrease we are to see where the increase could end. The most optimal EOS price prediction target for the expected increase would be around the 0.618 Fibonacci level at around $4.162 but when it ends I would be expecting more downside for the price of EOS.