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# Bitcoin Price Analysis: BTC Primed For Further Upsides

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• BTC/USD is trading nicely above the key $8,500 support and bullish trend line on the 2-hours chart (data feed from Bitstamp). • Ethereum, ripple, and bitcoin cash are gaining bullish momentum above key resistances. ## Bitcoin Price Analysis After trading as high as$8,946, bitcoin price started a downside correction. BTC price traded below the $8,640 and$8,500 support levels, but the $8,420 level acted as a strong support. Looking at the 2-hours chart, bitcoin struggled near$8,950 and corrected below the $8,700 level plus the 23.6{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} Fib retracement level of the last ride from$7,902 to $8,946. There was even a spike below the$8,600 support area.

The price traded below $8,500 and tested an important support near the$8,420 level. Moreover, the 50 simple moving average (2-hours, purple) acted as a solid buy zone.

Finally, the price bounced back after tagging the 50{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} Fib retracement level of the last ride from $7,902 to$8,946. It is now trading nicely above the key $8,500 support and bullish trend line on the same chart. On the upside, the price is currently testing an important resistance near$8,800 and a connecting bearish trend line. If there is an upside break above the $8,800 and$8,880 levels, the price will most likely surge above the $8,900 and$8,946 levels.

The price momentum has been stopped out after an increase of 7.76{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} measured from yesterday's low at $12100 as the price started encountering resistance around the vicinity of the prior high on the ending point of the 5th wave of the upward impulse. Looking at the 15 min chart, you can see that the price got close to the 0.618 Fib level but there hasn't been an interaction before the price found resistance and has started to flat out, forming a horizontal resistance point. As we are seeing the ending wave of the five-wave impulse its further development would be expected to end around the vicinity of the 0.618 Fib level and proper interaction with the price potentially exceeding it on the spike up. This would be the completion of the five-wave impulse which started on the 7th of July and is the third wave out of the upward structure from the 2nd of July. Previous to the five-wave increase a corrective triangle has been seen forming which was according to my count the B wave out of the upward ABC three-wave move. This three-wave move would be the X wave of the higher degree count which is why after its completion which is set to develop very shortly I would be expecting a move to the downside as the third wave Y should develop. Another possibility would be that the correction ended on the first three-wave move which are only the sub-waves of the W wave according to the current count. If that is true, then we could be seeing the development of another five-wave move instead of the three-wave ABC correction to the upside. In either way, from here I would be expecting a move to the downside and if the price falls below the lower interrupted blue horizontal level on the retracement I would indicate that the move to the upside has ended on the third wave and is corrective and not impulsive. ## Ethereum ETH/USD Forecasting From yesterday’s high at$317.62 the price of Ethereum has decreased by 4.61{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} measured to its lowest point today which is at $302.98. The price has recovered since and came up to around$314 after, but is currently being traded at $309. Looking at the 15 min chart, you can see that the price is currently retesting the 0 Fib level for support as a minor breakout above occurred. The price is likely to find support at the present levels as a breakout occurred on the prior high as well and has shown the absence of strong seller’s pressure. As we are seeing the development of a five-wave impulse to the upside from 5th of July its ending wave’s development would now likely mean further increase but only for a short while as the next significant horizontal level is getting close. This is the ending point of the prior high and the support point of the impulsive move’s ending point and now serves as significant resistance. If we are seeing a three-wave ABC to the upside out of which the mentioned five-wave impulse from the 5th of July is the C wave, the price is set to start moving to the downside after its completion, below the ending point of the first ABC to the downside which is at$276.

Upward ABC would be the second wave out of the higher degree three-wave correction which is why the third one would be expected to end on a lower low compared to the first ABC correction which would be its first wave. The most optimal target point of the expected decrease would be around the intersection of the lower ascending level which represents an uptrend support level and the 0.236 Fib level which is at $260.5. There is a possibility that instead of the price ending its increase from the 5th of July on the third wave, we see it developing in a five-wave manner which will indicate impulsiveness instead of the currently presumed corrective momentum. In that case, the price of Ethereum cannot go below$296 which is the territory of the 2nd wave on which the price cannot enter on the 4th if we are seeing a five-wave increase which is why the level is serving as a significant pivot point.

## Litecoin LTC/USD Forecasting

From yesterday's high at $124.6 the price of Litecoin decreased by 5.37{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} as it came down to$117.9 at its lowest point today. The price came down to the same low level after a recovery attempt has been stopped out at $119.95, but the price is currently being traded around$119.180.

On the 15 min chart, you can see that the price of Litecoin came down to the first significant horizontal support level which is the lower outline level off of the horizontal range in which the price action is bouncing from 5th of July. Including the price action from the day before we have seen the formation of a cup and handle pattern with the price continuing to form the handle structure from yesterday's spike abode the significant horizontal level at $122.32 which is considered as the median point of the higher degree resistance range. As the price failed to keep up the upward momentum and instead left a spike to the upside falling down fast below the significant horizontal level indicating strong resistance is present above, we have seen a retest of the lowest support level from the mentioned pattern. The price has recovered slightly but again failed to exceed the median point of the horizontal range from 5th which got broken in the second half of yesterday's trading session. The recovery has developed a retest of the median point and another retest of the support level from the horizontal range with the price currently holding above its half range line. I would be expecting another minor increase which could be another retest of the today's high after which another downfall below today's support level. Even though the handle still hasn't been broken we have seen the price retracing back to the cup's support level which could be viewed as a breakout. In either way, I would be expecting a retest of the$114.31 horizontal level which was low from the 2nd of July and was the ending point of the five-wave impulse to the downside after which a corrective ABC to the upside has been seen. This is why I think that a breakout from the downside would lead to the formation of another impulsive move which would set to push the price of Litecoin back inside the lower range below the resistance zone at $109. ## Conclusion The price’s of the major cryptos are starting to reach their significant resistance point on the corrective increase whos continuation we’ve seen in the last 24 hours. As the prices are approaching their signifiant resistance levels, after an interaction I would be expecting another downturn in the market. 1 1 vote Article Rating ### Price Analysis # Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) Price Prediction for Today’s Top Cryptocurrencies Published on ## BTC/USD From yesterday's high at$13212 the price of Bitcoin decreased by 21.23{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} as it came down to $10407 at its lowest point today. Yesterday's high was an interaction with the significant 0.618 Fibonacci level which ended as a rejection and caused the price to start moving to the downside in an impulsive manner. Looking at the hourly chart you can see that the price came below the 0.5 Fibonacci level and stopped out at the minor ascending trendline from the from 10th of June from when the last five-wave impulse started developing. As the price found support there an immediate recovery has started which managed to pull the price back above the 0.5 Fib level and is currently being traded at$118816, slightly below today's high at $12012. The price recovered by over 14{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} today measured to the lowest spike to the highest point today but it appears that strong resistance has been encountered as indicated by the last hourly candle. This recovery appears to be correctional and is most likely the 2nd wave out of the starting downtrend. I wouldn't expect it to go above$12451 which would be a 0.618 Fib from the impulsive decrease if the corrective movement is in play.

We've seen the completion of the five-wave impulse from 10th of June which could have been the 5th wave from the higher degree count which I believe that it was. If this is true, then we are going to see further downside for the price of Bitcoin in the upcoming period as a correction of the same degree should develop.

On the hourly chart, you can see that I've projected a target to around $6914 but the price of Bitcoin could go significantly lower as it would be only the first wave to the downside. The five-wave move might not develop and we could instead see a three-wave correction to$8500 before further upside continuation but considering the seller's momentum seen from yesterday, I don't believe that Bitcoin's price is going to continue increasing further.

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• BTC/USD broke a crucial barrier near $9,200 and a contracting triangle resistance on the 2-hours chart (data feed from Bitstamp). • Ethereum, ripple, and bitcoin cash also gaining traction and moving higher. ## Bitcoin Price Analysis After setting above the$8,500 resistance, bitcoin price started a strong upward move. BTC surpassed many hurdles near the $8,850 and$9,000 levels to continue higher in the past few sessions.

Looking at the 2-hours chart, bitcoin even settled above the $9,100 level and the 50 simple moving average (2-hours, purple). The bulls gained traction and the price recently traded to a new 2019 high at$9,403.

It corrected lower from $9,403 and declined below the$9,200 and $9,100 levels. However, the price found support near$8,825 and it remained well above the 50 simple moving average (2-hours, purple).

Recently, it climbed back above $9,100 and broke a crucial barrier near$9,200 plus a contracting triangle resistance on the same chart. It is now trading above the 76.4{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} Fib retracement level of the recent correction from $9,403 to$8,826.

An immediate resistance is near the last swing high at $9,400, above which the price could accelerate towards the$9,500 and $9,550 levels. The main resistance above$9,500 is near the $9,750 level. The 1.618 Fib extension level of the recent correction from$9,403 to $8,826 is near the$9,750 level. Above $9,750, the bulls are likely to target the key$10K level.

On the downside, an initial support for bitcoin price is near the $9,200 level. If there is a fresh downside correction, BTC to USD might retest the$9,000 pivot level. If there are more losses, the downside extension could lead the price towards the $8,800 or$8,750 level. Overall, BTC price is likely to accelerate towards $9,750 or$10K.

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