Bitcoin declined sharply this week and broke key supports near $7,250 and $6,815. Major Altcoins like Ethereum, ripple, EOS and litecoin also followed BTC/USD’s decline and tumbled.

Crypto Price Watch

Key Takeaways:

  • Bitcoin price fell sharply and it is currently trading above the key support at $6,000.
  • Ethereum is in major downtrend and is trading well below $390-400.
  • Ripple price collapsed below $0.40 and is currently holding the $0.32 support.
  • EOS almost tested the $5.00 support and is currently consolidating losses.
  • Despite the recent collapse, Vikky Token and Bankcoin registered more than 300% gains.

Bitcoin Price Analysis

Bitcoin price declined sharply from the $7,150 swing high after the US SEC decided to postpone one of the ETF approval decisions. BTC/USD nosedived and broke a few important supports like $7,020, $6,815 and $6,550.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price settled below the $6,815 support area and the 21 simple moving average (4-hours). It opened the doors for more losses and the price almost tested the $6,100 support area.

A new monthly low was formed at $6,139 and the price is currently attempting a recovery. Bitcoin buyers managed to push the price above the $6,500 level and the 23.6% Fib retracement level of the last decline from the $7,167 high to $6,139 low.

However, buyers faced a strong resistance area near $6,620 and the 21 SMA. More importantly, the price failed to test the 50% Fib retracement level of the last decline from the $7,167 high to $6,139 low.

It seems like the price failed to hold gains above $6,500 and moved back below $6,450. On the upside, there is also a crucial bearish trend line in place with resistance at $6.560 on the same chart.

Should the price break the trend line and settles above $6,620, there could be a rebound towards the $6,800 and $6,815 resistance levels. On the flip side, a downside break below the $6,139 low and the $6,100 support puts the price at a risk of trading to a new yearly low.

Ethereum Price Analysis

Ethereum price once again performed very badly this past week as it failed to hold an important support near the $400-405 zone against the US Dollar. ETH/USD tumbled by more than $50 this week and traded below the $400 and $380 support levels.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price dropped sharply from well above $410 to well below $380. Ether sellers took control and pushed the price below the $370 and $360 levels. There was even a break below the $350 support and a new monthly low was formed at $346.

Later, the price corrected a few points and moved above the $363 level. There was also a spike above the 23.6% Fib retracement level of the last drop from the $414 high to $346 low. However, buyers failed to keep the price above $362.

At the outset, the price remains in a downtrend and if sellers push the price below the recent low of $346, there could be another sharp drop. The next supports are at $335 and $315. On the upside, a break and close above $380 plus a bearish trend line at $395 is needed to avoid further losses.

Ripple Price Analysis

Ripple price followed bitcoin’s and Ethereum’s path to move into a bearish zone against the US Dollar. XRP/USD declined heavily and broke a crucial support level near $0.4240.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price cleared the $0.4240 and $0.4000 support levels. It prompted a sharp downward move and the price broke the $0.3600 and $0.3400 supports.

XRP traded as low as $0.3198 and is currently consolidating losses. It seems like there is a short-term breakout pattern forming with support at $0.3250 and resistance near $0.3500. Should the price break the triangle resistance, it could move towards the 38.2% Fib retracement level of the last drop from the $0.4624 high to $0.3198 low.

However, there are many hurdles on the upside for ripple buyers near the $0.3700 level, 21 SMA, $0.3750, and a bearish trend line with resistance at $0.4050.

Therefore, any recoveries from the current levels is likely to face a strong selling interest above $0.3700. On the downside, a break below $0.3198 may well clear the path for more losses towards the $0.3000 and $0.2800 support levels.

EOS Price Analysis

There were nasty declines noted in EOS price this past week against the US Dollar. EOS/USD settled below the $7.50 support and dropped significantly.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price broke many key supports including $7.20, $6.85 and $6.00. It almost tested the $5.00 support and formed a low at $5.33. The price is currently attempting an upward correction, but it is facing resistance near $5.80-6.00.

The 23.6% Fib retracement level of the last slide from the $7.23 high to $5.33 low is also acting as a barrier for buyers. Above this, the price may possibly attempt a recovery towards the $6.25 and $6.50 resistance levels.

An intermediate resistance is near the $6.30 level and the 50% Fib retracement level of the last slide from the $7.23 high to $5.33 low. Nevertheless, as long as EOS price is below $6.85, it remains at a risk of more losses.

On the downside, the $5.20 and $5.00 supports levels are very important. A break below $5.00 may perhaps spark heavy losses in EOS in the near term.

Top Gainers

During the last 7 days, Vikky Token and Bankcoin gained a lot of bullish momentum and rallied more than 300% (trading volume more than $50K). Additionally, coins like SRCOIN, Luna Stars, GENE, ATC Coin, and Tourist Token posted gains more than 100%.

To sum up, this week’s drop in bitcoin, Ethereum, ripple, litecoin, ICX, BNB, XLM and ADA indicates an increase in selling pressure. However, if BTC/USD stays above $6,000 and Ethereum recovers from $350, then there could be a decent upward move in the coming days.

The market data is provided by TradingView, Bitfinex.

Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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