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Bitcoin price declined significantly below the $10,000 and $9,000 support levels. BTC/USD even traded below $8,000 and it remains at a risk of more downsides before a decent recovery.

Similarly, there was a sharp decline in most major altcoins, including Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX. The market is currently consolidating losses, with possibilities of more downsides.

Cryptocurrency Price Watch

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Key Takeaways:

  • Bitcoin price declined heavily and settled below the $9,000 and $8,500 supports.
  • Ethereum price tumbled after it broke the $204 and $184 support levels.
  • Ripple price is trading in a bearish zone below the $0.2480 and $0.2660 resistances.
  • EOS price settled below the main $3.000 support level.
  • Litecoin price tested the $50.00 support area and remains at a risk of more losses.
  • Ether Zero (ETZ) is up around 200% and ELAC gained nearly 140% in the past 7 days.

Bitcoin Price Analysis

This past week, bitcoin price struggled to break the key $10,400 and $10,500 resistance levels. As a result, BTC/USD started trading in a range above $10,000. Finally, the bears took control, resulting in a sharp decline below the $10,000 and $9,000 support levels.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price declined more than 15% this week and settled below the $9,000 support area. To recent decline was triggered after the price broke a declining channel with support at $9,800 on the same chart.


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As a result, there was a break below the $8,500 support and the 21 simple moving average (4-hours). The decline was such that the price even broke the $8,000 support and traded to a new multi-week low at $7,808.

The price is currently trading in a strong downtrend, with an immediate resistance near the $8,200 level. There is also a declining channel forming with resistance near the $8,250 on the same chart.

Above the channel resistance, the 23.6% Fib retracement level of the recent key decline from the $10,479 high to $8,808 low is likely to act as a resistance near $8,440. The next key resistance is near the $8,600 level and 21 simple moving average (4-hours).

The main resistances on the upside are now near $9,000 and $9,200. An intermediate resistance is near the 50% Fib retracement level of the recent key decline from the $10,479 high to $8,808 low.

If there is an upside break above $8,600, the price is likely to face a strong resistance near the $9,000 and $9,200 levels. Conversely, if the price fails to climb above the $8,600 resistance level, there could be another decline.

An immediate support is near the $7,800 level, below which the price may perhaps decline towards the $7,500 and $7,250 levels in the near term.

Ethereum Price Analysis

Ethereum price followed bitcoin and declined heavily in the past few days. ETH price declined below the key $204.00 and $200.00 support levels to start a strong downward move.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price settled below the $200.00 support level and the 21 simple moving average (4-hours). As a result, the bears took control and the price tumbled below the $184.00 support area.

Moreover, the price traded below the $165.00 support area. Finally, it traded as low as $153.99 and is currently consolidating losses. An initial resistance is near the $170.00 level.

There is also a connecting bearish trend line forming with resistance near $168.50 on the same chart. Besides, the 23.6% Fib retracement level of the recent decline from the $225.22 high to $153.99 low is near the $170.80 level.

If there is an upside break above the trend line and $170.80, the price could recover towards the $175.00 level and the 21 simple moving average (4-hours).

The next major resistance is near the $184.00 level (the previous support area). Finally, the 50% Fib retracement level of the recent decline from the $225.22 high to $153.99 low is positioned near the $190.00 level to act as a resistance.

On the downside, an immediate support is near the $155.00 level. If there is a downside break below $155.00 and $150.00, Ethereum price is likely to extend its decline towards $140.00 or $132.00.

Ripple Price Analysis

Ripple price nosedived from the $0.3260 resistance area and weakened more than 25% against the US Dollar. The XRP/USD pair broke many supports near $0.3000 and $0.2660 to move into a bearish zone.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even settled below the key $0.2660 support area and the 21 simple moving average (4-hours). Finally, there was a break below the $0.2400 support area and the price traded to a new monthly low near $0.2130.

Recently, there was a strong upside correction above the $0.2300 level. Moreover, the price broke the 23.6% Fib retracement level of the last decline from the $0.3266 high to $0.2130 low.

At the moment, the price is struggling to surpass a couple of important resistances near the $0.2480 and $0.2500 levels. There is also a connecting bearish trend line forming with resistance near $0.2600 and the 21 simple moving average (4-hours) on the same chart.

The main resistances are near $0.2660, $0.2680, and the 50% Fib retracement level of the last decline from the $0.3266 high to $0.2130 low.

Therefore, the price is likely to face a strong selling interest near the $0.2660 level. A successful close above $0.2660 and $0.2700 may perhaps push the price back into a positive zone.

On the downside, an immediate support is near the $0.2300 level. If ripple price breaks down below $0.2300, there could be another sharp decline towards the $0.2150 and $0.2050 support levels.

Litecoin Price Analysis

Litecoin price topped near the $80.00 level and recently started a significant decline against the US Dollar. The LTC/USD pair broke the key $72.50 and $70.00 support levels to move into a downtrend.

Litecoin Price Analysis LTC Chart

Litecoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price tumbled below the $65.00 support level and the 21 simple moving average (4-hours). The decline was such that the price even traded below the $60.00 level and moved close to $50.00.

A new monthly low was formed near $50.56 and the price is currently correcting higher. On the upside, there are a few key resistances near the $55.50 and $56.50 levels.

Moreover, there is a connecting bearish trend line forming with resistance near $56.00. The 23.6% Fib retracement level of the recent decline from the $75.18 high to $50.56 low is also near $56.40.

Above the trend line and $56.50, the price might face resistance near $58.00 and the 21 simple moving average (4-hours). If there is a decent recovery, the price could test the $62.50 resistance area.

The 50% Fib retracement level of the recent decline from the $75.18 high to $50.56 low is also waiting near the $62.80 level to act as a hurdle for the bulls. Therefore, an upside correction towards the $58.00 and $62.50 resistance levels could face a strong selling interest.

On the other hand, if litecoin price resumes its decline below the $52.00 support, it could even break the $50.00 support area. The next key support is near the $42.00 level.

Top Gainers

During the past 7 days, a few small cap altcoins climbed higher by more than 80%, including ETZ, ELAC, JWL, MESG and HDAC (trading volume more than $50K). Out of these, ETZ rallied around 200% and ELAC gained nearly 140%.

Overall, bitcoin price is trading in a strong downtrend below the $9,000 and $8,500 support. It seems like BTC/USD could extend its decline towards $7,500 or $7,200 before it starts a solid recovery. Similarly, there are chances of more downsides in major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, ICX, BNB, XMR, NEO, and WTC in the coming days.

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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