After reaching almost 11.5k, BTCUSD reversed back to its current lows thus forming slightly disproportional, but valid Wolfe wave pattern.
Its validity is being confirmed by solid volume spikes at key points indicating strong demand zone.
Fundamentally speaking, nothing is currently preventing BTC from keeping its previous pace and reaching new highs.
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After the strong initial impulse at point 5 of the major yellow wave, the price formed potential reversal pattern:
However, even though the minor ww looks pretty neat from technical point of view, it lacks the confirmation of possible downmove as the volume is staying really low. If this minor purple pattern is broken and the price stays above line 2-4 of the major yellow wave, the current uptrend will continue.
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And the purple wave is already almost broken - solid bullish volume increase appeared just few minutes after the previous update. The price bounced from higher border of "sweet zone" of the minor wave, but again - this move currently lacks sufficient volume to support it:
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The minor purple wave was partially successful as it provided the correction after the initial impulse at point 5 (yellow) but didn't reach its targets.
The price rose afterwards close to previous maximum level, but will likely make (at least) one more correction before reaching line 2-4 (yellow) to form point 6.
There is a gradual bearish VOL increase, but for now it's not enough to push the price much lower.
Where can we see BTC/BCH/XRP after 6months down the line?
OceanBlue
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I can't say anything about BCH as I didn't analyse it.
However, regarding BTC I just expect it to keep following the already established bullish trend. Where exactly it'll be exactly is impossible to say for now, but I really wouldn't be surprised to see it around 25k in half of year and 50+ at the end of it.
Regarding XRP, I expect it to get to 1-2 USD in 6 months and perhaps to grow up to 5-10 in 1 year.
However, it really depends on at what scale it will be used.
If it is started being adopted by the banks worldwide on a global scale (and I'm not talking about its current 100 partners), it may experience the same boom as we saw with Bitcoin. Yes, the coin itself may not be <as> necessary as the protocol the Ripple developed, but something is telling me that they will find the way to push it along with it. Also it is likely that more and more hedge funds and the banks themselves will start joining the trend started by Arrington XRP Capital now what will also definitely contribute to the price.
OceanBlue
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LOL! You can keep adding lines and develop your own style of tech analysis)