Bitcoin seems to be struggling near a crucial resistance at $6,800. Let’s analyze bitcoin, Ethereum (ETH), Ripple (XRP) and EOS to understand the current trend and whether BTC/USD can break $6,800.

Key Takeaways:

  • Bitcoin price must clear the $6,780-6,800 resistance zone for more upsides.
  • Gains in ETH/USD are capped by a major bearish trend line with resistance at $472 on the 4-hour chart.
  • Ripple price struggled to move above $0.5200, resulting in a downside break below $0.5000.
  • EOS is facing a crucial resistance near $9.20 and a bearish trend line on the 4-hour chart.
  • Among the top 100 cryptocurrencies, ZRX and Status gained more than 50% this week.

Bitcoin Price Analysis

Bitcoin price climbed higher this month after a support base was formed at $6,000. BTC/USD surged above the $6,500 resistance and traded towards the $6,800 resistance zone, where sellers emerged.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, there were a couple of attempts to settle above the $6,750-6,800 resistance zone, but bitcoin buyers failed to gain momentum. Recently, the price dipped and traded below the 21 SMA and $6,600.

More importantly, there was a break below the 50% Fib retracement level of the last wave from the $6,257 low to $6,786 high. However, the current decline is finding support near $6,500 and a connecting bullish trend line.

Should there be a downside break below the trend line and a 4-hour close below $6,500, bitcoin price could accelerate declines towards $6,200. Below this, the next support is at $6,000.



On the flip side, a successful break above $6,800 may perhaps clear the path for more upsides in BTC/USD above the $7,000 hurdle.

Ethereum Price Analysis

Ethereum price formed a solid support near $400 and jumped higher during the past few days against the US Dollar. ETH/USD broke the $440 and $460 resistance levels, but it failed to clear the $490 resistance.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, there is a crucial bearish trend line in place with current resistance at $472. Moreover, the 21 SMA is positioned just near the trend line to prevent an upside break above $475. Additionally, the price seems to be struggling to break the 50% Fib retracement level of the last decline from the $548 high to $404 low.

Therefore, a proper close above the trend line, $475, and the 21 SMA is needed for more gains. If buyers fail to push the price above these barriers, there are chances of a downside reaction back towards $420.

Ripple Price Analysis

Ripple price traded higher this week and moved above the $0.5000 resistance. However, the XRP/USD pair struggled a lot to clear the $0.5190-0.5200 resistance zone, resulting in a bearish reaction.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, there was a rejection noted below $0.5200 and a high was formed at $0.5193. The price started a fresh bearish wave and declined below a major bullish trend line with support at $0.4900.

There was a break a close below the $0.5000 support and the 21 SMA. At present, the price is testing the 50% Fib retracement level of the last wave from the $0.4245 low to $0.5193 high. Should there be a break below $0.4600, the price will most likely decline to $0.4400. On the upside, $0.4900, $0.5000 and $0.5200 are important resistances.

EOS Price Analysis

EOS price slowly moved higher and broke the $8.00 and $8.50 resistance levels against the US Dollar. EOS/USD pair even moved above the 50% Fib retracement level of the last decline from the $10.86 high to $6.87 low.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price is currently facing a solid hurdle near a bearish trend line with current resistance at $9.00. Moreover, there was a rejection near the 61.8% Fib retracement level of the last decline from the $10.86 high to $6.87 low.

Therefore, the price must break the trend line, $9.20, and settle above the 21 SMA to trade further higher. If it fails to do so, there is a risk of a downside break below the $8.50 support. The next supports are at $8.00, $7.80 and $7.60.

Top Gainers

During the last 7 days, ZRX and Status gained heavily among the top 100 cryptocurrencies. ZRX surged more than 60% and traded above the $0.9000 resistance. However, it is currently facing a tough challenge near the $1.00 handle. Similarly, Status gained around 54% and jumped above the $0.08 resistance. On the upside, resistances are seen at $0.085, $0.090 and $0.010.

The overall price action suggests that bitcoin and Ethereum are struggling near key resistances. Therefore, they will either break higher or start a fresh bearish wave 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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