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.

Crypto Price Watch

Key Takeaways:

  • 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 Analysis BTC USD

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 Analysis ETH USD

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 Analysis XRP USD

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 Analysis

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, there is a crucial contracting triangle forming with support at $8.10. Below the triangle support, there is a significant support at $8.00.

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.

Top Gainers

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.

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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