Bitcoin, Ethereum, Ripple, EOS, Bitcoin Cash and other altcoins rallied sharply this week. Recently, many altcoins corrected lower, but BTC/USD remained in a bullish zone.

Crypto Prices

Key Takeaways:

  • Bitcoin price surged above the $6,800 and $7,300 resistances to move into a bullish zone.
  • ETH/USD climbed above $500.00, but the pair failed to hold gains.
  • Ripple price failed to stay above the $0.5000 pivot and declined below $0.4900.
  • EOS is currently placed nicely above a crucial support near $8.00.
  • The best performers during the past seven days were Soarcoin, vTorrent and Super Bitcoin.

Bitcoin Price Analysis

Bitcoin price gained bullish momentum this week and formed a key bottom near the $6,080 level. BTC/USD started a solid upward move and broke many hurdles like $6,800 and $7,300.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, there was a sharp bullish move after the price was able to move past $6,800. It even broke the $7,500 resistance and formed a high at $7,595.

At present, the price is consolidating gains below the $7,580 and $7,600 resistance levels. A bullish flag is likely forming with support at $7,400. Below this, the next support is the 23.6% Fib retracement level of the last wave from the $6,084 low to $7,595 high at $7,238, which is positioned near the 21 simple moving average.

Therefore, if the price dips from the current levels, the $7,240 area is likely to hold declines. Below this, the next support is a bullish trend line with support at $7,010. It is aligned with the 38.2% Fib retracement level of the last wave from the $6,084 low to $7,595 high.

On the upside, a break above the $7,580 and $7,600 resistance levels could clear the path for more gains. The next hurdles for bitcoin buyers are at $8,000 and $8,300.

Ethereum Price Analysis

Ethereum price also gained traction this week and moved above the $500.00 resistance level against the US Dollar. ETH/USD traded as high as $514.86 before it faced a strong barrier.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price was completely rejected from the $515.00 area. There was a sharp downside move and the price tumbled below the $500.00 and $485.00 support levels.

It even spiked below the 50% Fib retracement level of the last wave from the $417.47 low to $514.86 high. At present, a key connecting bullish trend line with support at $461.00 is preventing declines.

If ETH buyers fail to keep the price above the $460.00-461.00 support, it could decline further towards the $430.00 level. An intermediate support and a buy zone may well be near $451.00.

Overall, Ethereum lost most of this week’s gains. To recover once again, ETH/USD must bounce back above the $485.00 resistance and the 21 simple moving average.

Ripple Price Analysis

Ripple price made a nice upward move this week and broke the $0.4540 and $0.5000 resistance levels against the US Dollar. XRP/USD even traded above the $0.5200 resistance, but it faced a critical resistance near $0.5250.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price failed to move past $0.5250, resulting in a sharp downward move. The price declined below the $0.5000 support and also broke the 50% Fib retracement level of the last wave from the $0.4249 low to $0.5250 high.

There was a close below the $0.4900 support and the 21 SMA. At the outset, the price is trading near a crucial bullish trend line with support at $0.4620. Moreover, the 61.8% Fib retracement level of the last wave from the $0.4249 low to $0.5250 high is at $0.4632.

Therefore, the price may bounce back from the $0.4620 support. If not, ripple could decline further towards the next support at $0.4540. Below this, XRP/USD will most likely move back in a bearish zone towards $0.4200.

EOS Price Analysis

EOS price jumped higher this week and broke a key resistance at $8.00 against the US Dollar. EOS/USD pair also surpassed a significant bearish trend line at $8.10 to move into a bullish zone.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded above the $9.00 level and formed a high at $9.34. Later, a downward correction was initiated and the price declined below the $9.00 level.

It also broke the 21 SMA and the 38.2% Fib retracement level of the last wave from the $6.56 low to $9.34 high. However, the price is approaching a major support area near $8.00 (the previous resistance), which is likely to act as a strong buy zone.

The mentioned $8.00 support is also near a bullish trend line on the same chart and the 50% Fib retracement level of the last wave from the $6.56 low to $9.34 high.

Therefore, EOS price remains in a bullish zone as long as it is above $8.00. Below this, it could decline towards the $7.20 support. On the upside, resistances are at $9.00 and $9.40.

Top Gainers

During the last 7 days, the top performing cryptocurrencies with more than 100% gains were Soarcoin, vTorrent and Super Bitcoin (trading volume more than $50K). A few other coins with more than 50% gains were Neumark, Hempcoin, MOAC, TenX, Stellar, Dogecoin, Kin and REPO.

Overall, bitcoin likely formed a key bottom at $6,080 and is currently placed in a solid uptrend. However, major altcoins like Ethereum and ripple are struggling to catch up and they remain at a risk of more losses.

The market data is provided by TradingView, Bitfinex.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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