Bitcoin remained in a solid uptrend this week and traded towards $8,500 before correcting lower. Ethereum, Ripple, EOS and Bitcoin Cash failed to gain traction and mostly consolidated.
- Bitcoin price climbed higher and traded above the $7,600 and $8,200 resistances.
- ETH/USD is following a rising trend line with current support at $458.
- Ripple price struggled to break the $0.4650 resistance and declined to $0.4500.
- EOS is holding an important support at $8.00, which is a positive sign.
- The best performers during the past seven days were Refereum, DMarket, HollyWoodCoin and Scroll.
Bitcoin Price Analysis
Bitcoin price has started a major upward move this week after forming a support base near $7,200. BTC/USD climbed higher and broke the $7,800, $8,000. $8,200 and $8,400 resistance levels.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded a few points above $8,500 and formed a high at $8,503. Later, a correction phase was initiated and the price declined below the $8,200 support area.
There was a break below the 38.2% Fib retracement level of the last leg from the $7,216 low to $8,503 high. More importantly, there was a close below the $8,050 pivot level and the 21 simple moving average.
However, the price is currently testing the 50% Fib retracement level of the last leg from the $7,216 low to $8,503 high, which is acting as a support. Moreover, there are two bullish trend lines in place with support at $7,800 and $7,550.
The second trend line holds a lot of importance since it coincides with the previous resistance. Therefore, if the price slides towards $7,800 and $7,600, it is likely to find a strong buying interest.
On the upside, a break above the $8,100 resistance and the 21 SMA could restart the upward move. The next targets may be $8,400, $8,500 and $8,780.
Ethereum Price Analysis
Ethereum price topped near the $515.00 level against the US Dollar. ETH/USD declined sharply and traded below the $450.00 support area and formed a low at $440.09.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price slowly started recovering from the $440.09 low. It moved above the 38.2% Fib retracement level of the last decline from the $515.16 high to $440.09 low.
However, the upside move was capped by the $484.00 resistance, a connecting resistance trend line, and the 61.8% Fib retracement level of the last decline from the $515.16 high to $440.09 low.
On the downside, there is a key connecting bullish trend line with support at $458.00. As long as the price is above $458.00 and $455.00, it could bounce back above the 21 simple moving average.
On the upside, resistances are at $478.00, $484.00 and $495.00. On the flip side, a break below the $455.00 support may perhaps push the price towards the $440.00 swing low.
Ripple Price Analysis
Ripple price mostly traded with bearish moves below $0.5000 against the US Dollar. XRP/USD traded above $0.5200, but it failed to hold gains and declined sharply.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price broke the $0.4800 and $0.4600 support levels. A low was formed at $0.4300 before the price started a recovery. It moved above the 23.6% Fib retracement level of the last decline from the $0.5247 high to $0.4300 low.
However, the upward move was capped by the $0.4650 and $0.4680 resistance levels. Additionally, the 38.2% Fib retracement level of the last decline from the $0.5247 high to $0.4300 low also acted as a hurdle for buyers.
More importantly, the pair is following an ascending channel with support at $0.4450. Therefore, ripple price is likely to bounce back towards $0.4700 as long as the channel support at $0.4450 is intact.
Above $0.4700, the next resistance is the 50% Fib retracement level of the last decline and the channel upper trend line at $0.4750. If the price fails to hold the channel support at $0.4450, there could be a sharp decline in XRP/USD towards the $0.4250 level.
EOS Price Analysis
EOS price moved a few points higher towards the $9.00 resistance against the US Dollar. EOS/USD pair failed to gain momentum and formed a high at $8.96.
EOS Price Chart: Click to Enlarge
At present, the price is testing the 61.8% Fib retracement level of the last wave from the $7.71 low to $8.96 high. It seems like EOS price is preparing for the next important break either above $8.80 or below $8.00.
Above the $8.80 resistance, the price could test $10.00, which is a major hurdle for buyers. On the other hand, a break below the $8.00 support may perhaps initiate a fresh bearish wave towards the $7.00 support.
During the last 7 days, Refereum and DMarket posted more than 200% gains (trading volume more than $50K). Moreover, HollyWoodCoin and Scroll also performed really well with 110% and 105% gains.
A few other like adToken, FuzeX, AAC, MLM, GUESS and EARTH surged higher and posted gains between 50-80%.
To sum up, bitcoin gained bullish momentum and is currently placed nicely above the $7,600 support area. Therefore, dips in BTC/USD remain supported as long as there is no close below $7,600. Altcoins were under pressure when bitcoin rallied. However, major cryptocurrencies like Ethereum, EOS and Bitcoin cash are still trading above key support levels, which is a positive sign.
The market data is provided by TradingView, Bitfinex.