It’s been a routine week in the crypto market. Bitcoin’s volatility continues to shake the market up and down, and it seems that it is still leading the market, and a cryptocurrency that manages to take its place as “better than Bitcoin” has not yet been born.
On 14th January the price of Bitcoin was $3580. From there the price started increasing and has spiked up to $3801 at its highest point but it came back down and the hourly candles closed at $3770. Currently, the cryptocurrency is being traded at $3741.
The retracement will most likely end on the 0.382 Fibonacci level, which would mean that the price could go further down to $3666 before increasing for another 5-6% measured to the $3880 level, but the price could increase further potentially all the way up to $3994.4 horizontal resistance before this move has ended.
On 14th January the price of Ethereum was $116.1 which is the horizontal support level where the minor W wave ending point is. From there the price started increasing and it first came up to $120 and fell to $118.9 from where it spiked up to $134.51 at its highest point.
Since that high, another minor retracement has occurred and currently, the price is again in an upward trajectory and is sitting at $131.63 which is an overall increase of 13.45% measured from the last open.
The price came down for interaction with the $127.53 level so we might see another increase soon.
If the correction gets prolonged by two more waves, this would be the second wave X of a Minor degree and would then result in further downside as the Z wave starts and could lead up to downfall to $104 before the start of the expected impulsive move in which case the target for the increase would be significantly lower.
Ripple opened at $0.3215, from there like in the case of Bitcoin and Ethereum, at first a minor increase with a minor retracement and then another increase with stronger momentum to the upside when the price reached $0.348 at the highest point.
Since the high, the price has been pulling back steadily and is currently again in an upward trajectory sitting at $0.3383 which is an overall increase of 5.37% so far.
But when the increase ends there could be more downside for the price of Ripple as the current move is most likely a corrective wave to the upside before a continuing for another downside move, which would be the end the Minor Y wave.
The price of Bitcoin Cash was $124.2 on 14th January at the open and from there it fell at first but not as much as it came down to $122.4 before spiking up like the other cryptos and came to $136.7 at its highest point.
From there the price started declining again as another minor retracement occurred and it looks like it has ended, as the price is once again in an upward trajectory and is currently sitting at $131 which is an overall increase of 5.13%.