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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 195459, member: 29339"] [B]BTC and XRP – Further downside looks more likely[/B] [IMG]https://i.postimg.cc/tT2dgGDx/btc-xrp.jpg[/IMG] [B]BTC/USD [/B] The price of Bitcoin has been on a decline since the 10th of May when it reached a high of $59,512. From there we have seen a decrease of 29.3% so far as it fell down to $42,180 at its lowest point. It is currently retesting those low levels for support and it appears to have stabilized as it made another attempt to continue its downward trajectory but bounced off of the low levels. Now it is moving slightly to the upside and is being traded at $44,923. [IMG]https://i.postimg.cc/Pxtzh5bH/btcusd-1h-2.png[/IMG] Looking at the hourly chart above, we can see that this down move from the 10th is the continuation of the decrease that started from the 14th of April after the price reached a new all-time high. As it is most likely the 3rd sub-wave of the corrective ABC this could mean that the descending move has ended on the current interaction with the significant horizontal support zone. However, if this is the 4th wave of the cycle degree the correction might get deeper and prolonged. In this case, these first three waves could be prolonged by another two more either as the WXYXZ complex correction or in the worst-case scenario a five-wave impulse that would only be the 1st sub-wave of the higher degree ABC. We are shortly going to see from the expected upward move and the following pullback which scenario could be more likely but for now the primary one is that the downfall could have ended as the ABC move. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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