Bitcoin, Ethereum, Ripple, EOS, Bitcoin Cash and other altcoins struggled to hold key supports this week. The market remained in the red zone, but it may perhaps correct higher in the short term.

Crypto Prices

Key Takeaways:

  • Bitcoin price must move back above $6,400 to start a decent recovery.
  • ETH/USD is holding a crucial support near $415-420, which is a positive sign.
  • Ripple price is likely forming a double bottom near the $0.4250 level.
  • EOS remains in a major downtrend and is following a significant bearish trend line with resistance at $8.00.
  • Biggest gainers during the past seven days were Stox, LOCIcoin, SUMO, ETP and Jiyo.

Bitcoin Price Analysis

This week, bitcoin price made many attempts to surpass a crucial resistance near $6,800-6,840. However, BTC/USD failed to gain traction, resulting in a bearish reaction.

Bitcoin Price Analysis BTC CHart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, there was a downside break below the $6,700 support and a bullish trend line with support at $6,680. It opened the doors for more losses and the price tumbled below the 50% Fib retracement level of the last leg from the $5,776 low to $6,836 high.

More importantly, the price broke the 21 simple moving average and another key bullish trend line at $6,350 on the same chart. It traded close to the $6,100 level before buyers appeared.



The price is currently correcting higher with a few positive signs, but there is a major resistance waiting near $6,350 and the 21 SMA. A break and close above $6,350 and $6,400 is required to start a major upward move in bitcoin during the coming days.

If buyers fail to push the price above $6,400, BTC/USD could drop back towards the 76.4% Fib retracement level of the last leg from the $5,776 low to $6,836 high at $6,020. Below this, there is a risk of more declines towards $5,800.

Ethereum Price Analysis

Ethereum price tumbled from the $496.53 high and broke many supports against the US Dollar. ETH/USD broke the $468.00 and $455.00 support levels to move into a bearish zone.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price settled below a major bullish trend line with support at $458.00, which ignited a bearish acceleration. It traded as low as $417.74 and is currently correcting higher.

It is testing the 23.6% Fib retracement level of the last downside move from the $496.53 high to $417.74 low, and is facing resistance near the 21 SMA. Above this, the price may perhaps correct towards the $450.00-452.00 resistance area.

A successful close above $452.00 and $457.00 resistances will most likely open the doors for a change in trend to bullish. If not, the price remains at a risk of a drop towards the $400.00 support area.

Ripple Price Analysis

Ripple price started a steady downtrend from the $0.5200 swing high against the US Dollar. XRP/USD broke a few supports, including $0.5000 and $0.4650 to move into a bearish zone.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price revisited the last swing low near $0.4250, which acted as a strong support. The price is currently recovering above the $0.4400 level.

It broke the 23.6% Fib retracement level of the last decline from the $0.4900 high to $0.4247 low. However, there is a crucial resistance waiting on the upside near a bearish trend line and $0.4500.

A break and 4-hour close above $0.4500 is needed for more upsides. In the short-term, the $0.4250 support holds a lot of importance, below which, the price may well trade to $0.4000.

EOS Price Analysis

EOS price is in a significant downtrend from the $11.00 resistance against the US Dollar. EOS/USD pair recently cleared the $8.00 and $7.00 support levels to register a new monthly low.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as low as $6.54 and it is currently correcting higher. An initial resistance is near the 23.6% Fib retracement level of the last drop from the $9.43 high to $6.54 low.

It may continue to correct higher, but there is a crucial hurdle on the upside for buyers near $8.00 and a bearish trend line. Only a break above this could start a decent recovery in EOS towards the $10.00 level.

Top Gainers

During the last 7 days, a few small cap altcoins gained more than 50%, including Stox, LOCIcoin, SUMO, ETP and Jiyo (trading volume more than $50K). The best performer was Stox with close to 100% gains. It broke the $0.30 resistance and the next target seems to be $0.50.

To sum up, bitcoin and Ethereum are trading near key levels. The next move depends how the market trades in the next few sessions. Should BTC/USD succeed in moving above $6,400 and $6,500, it could resume uptrend.

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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