Bitcoin held the $6,000-6,100 support and recovered recently. Major Altcoins like Ethereum, ripple, EOS, bitcoin cash and litecoin also found support around yearly lows and later started a short term correction. However, BTC/USD is approaching a crucial resistance, which could stop the current recovery.

Crypto Price Watch

Key Takeaways:

  • Bitcoin price corrected above $6,300 after trading as low as $6,123.
  • Ethereum surged by more than 18% recently and climbed above $200.
  • Ripple price is likely forming a double bottom pattern near the $0.2530 support.
  • EOS buyers defended the $4.60 support area and pushed the price higher.
  • FTXT, TCC, VITAE and Webcoin surged more than 200% during the past 7 days.

Bitcoin Price Analysis

Bitcoin price mostly traded with bearish moves this week and traded close to the $6,100 support. The BTC/USD pair traded as low as $6,123 and later started a decent recovery.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded in a range for a few sessions above the $6,123 low and formed a major contracting triangle with resistance at $6,300. There were many attempts to surpass the triangle and later buyers succeeded in gaining strength above $6,300.

As a result, the price traded higher and broke the $6,440 resistance along with the 23.6% Fib retracement level of the last slide from the $7,420 high to $6,123 low. Moreover, there was a close above the $6,440 level and the 21 simple moving average (4-hours).



The current price action is positive, but bitcoin buyers are facing a lot of hurdles on the upside near the $6,660, $6,700 and $6,770 levels. The most important resistance is $6,770, which was a key support earlier.

Additionally, the $6,770 resistance coincides with the 50% Fib retracement level of the last slide from the $7,420 high to $6,123 low. Therefore, any further gains above the $6,660 resistance could face a strong selling interest near the $6,700 and $6,770 levels.

On the downside, the broken resistance at $6,300 is a decent support followed by the 21 SMA. However, the key supports are $6,100 and $6,000.

Ethereum Price Analysis

Ethereum price extended losses this week and traded below the $200 support area. ETH/USD even broke the $175 support and traded as low as $166 before buyers appeared.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price formed a solid support near the $165-170 zone and started an upward move. It broke the 23.6% Fib retracement level of the major decline from the $303 high to $166 low.

It cleared the path for more gains and the price settled above the $200 resistance and the 21 simple moving average (4-hours). At the moment, the price is struggling to clear the $220 resistance.

Above $220, there is a significant resistance near $232-234, which was a support earlier. It also coincides with the 50% Fib retracement level of the major decline from the $303 high to $166 low. Moreover, there is a connecting bearish trend line in place with resistance at $240 on the same chart.

Therefore, the current correction could face a strong selling interest near $232, 234 and 240. Above these, the price may well rise towards the $270 level, which is a crucial pivot zone.

On the other hand, if Ethereum fails to move past $234, there could be a fresh downward move towards the $200 and $190 support levels. The stated $190 support holds the key since it is near the 21 simple moving average (4-hours).

Ripple Price Analysis

Ripple price also followed bitcoin this week and declined below key supports such as $0.3000 and $0.2820 against the US Dollar. XRP/USD even broke the $0.2700 support before buyers took a stand near the $0.2530 support area.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded sharply lower once sellers pushed the price below the $0.3135 pivot zone. It tumbled and retested the last key support at $0.2530.

Buyers were successful in holding losses below the $0.2530 level, resulting in a fresh upward move above the $0.2700 level. The price broke a major bearish trend line with resistance at $0.2700 and also settled above the 21 simple moving average (4-hours).

Moreover, there was a break above the 23.6% Fib retracement level of the last drop from the $0.3544 high to $0.2530 low. The next immediate resistance is near another bearish trend line with resistance at $0.2900 on the same chart.

Ripple buyers need to clear the trend line and the $0.2920 resistance for more gains. Above these, the $0.3000 level and the 50% Fib retracement level of the last drop from the $0.3544 high to $0.2530 low at $0.3030 may hold upsides.

Overall, the current price action is positive as long as the price is above $0.2530, and it could move above $0.3000 in the near term.

EOS Price Analysis

EOS price found support near the last swing low at $4.60 after a major decline against the US Dollar. The price traded as low as $4.61 and later started trading in a range.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price consolidated above the $4.60 level and later made a nice upside move. During the rise, the price broke a crucial contracting triangle with resistance at $5.00.

Buyers gained pace and pushed the price above the 23.6% Fib retracement level of the decline from the $6.68 high to $4.61 low. Moreover, there was a close above $5.00 and the 21 simple moving average (4-hours).

To the topside, there is an important resistance waiting near the $6.50 zone. It was a support earlier and now it coincides with the 50% Fib retracement level of the decline from the $6.68 high to $4.61 low.

There is also a bearish trend line with resistance at $5.75 on the same chart. Therefore, a break above $5.50 and $5.75 won’t be easy. Above these, the price may rise towards the $6.00 and $6.40 levels. If not, the price could drop back towards the $5.00 support.

Top Gainers

During the last 7 days, many small cap altcoins surged higher and posted gains more than 200% like FTXT, TCC, VITAE and Webcoin (trading volume more than $50K). A few coins other coins rallied more than 100% like METM, MIC, OWN and BAAS.

To sum up, the current price action is positive for bitcoin above the $6,300 level. Having said that BTC/USD must gain momentum above $6,660 and $6,770 to climb further higher. If it succeeds, it could help altcoins like Ethereum, EOS, litecoin, ripple, neo, bitcoin cash, binance coin and ICX in the near term.

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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