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Bitcoin price declined more than $1K in the past few days and settled below the $8,080 support area. BTC/USD might correct higher, but it is likely to face hurdles near $8,080 and $8,200.

Likewise, most major altcoins, including Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX extended their decline. Overall, the crypto market is down more than $25.0B in the past few days and it remains at a risk of more downsides below the $200.0B support area.

Crypto Market Update

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Key Takeaways:

  • Bitcoin price declined heavily and tested the $7,500 support area.
  • Ethereum price is now trading well below the $178.00 and $168.00 support levels.
  • Ripple price is following a significant downtrend below the $0.2650 resistance.
  • EOS price failed to stay above the key $3.060 support and declined to $2.750.
  • Litecoin price is struggling to stay above the key $50.00 support area.
  • BTB, GAME, SUMO and DOS are up more than 150% in the past 7 days.

Bitcoin Price Analysis

This month, bitcoin price mostly followed a bearish path below the $8,800 support area. The recent decline gained pace after BTC price settled below the $8,200 and $8,000 support levels.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $7,800 support and settled well below the 21 simple moving average (4-hours). Finally, the price tested the $7,500 support area and a new monthly low was formed near $7,506.


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At the moment, the price is consolidating losses and trading above the $7,550 level. An immediate resistance on the upside is near the $7,785 level.

Besides, the 23.6% Fib retracement level of the recent drop from the $8,693 high to $7,506 low is also near the $7,785 level. If there is an upside break above $7,785 and $7,800, the price could recover in the near term.

The next major resistance is near the $8,000 and $8,050 levels. Besides, the 50% Fib retracement level of the recent drop from the $8,693 high to $7,506 low is near the $8,100 level to act as a strong resist ace.

Moreover, the 21 simple moving average (4-hours) is positioned near the $8,050 level. Finally, there is a crucial bearish trend line forming with resistance near the $8,100 level.

Therefore, a successful close above the $8,000 and $8,100 levels is needed for upside acceleration in the near term. Conversely, if the price fails to break the $7,800 and $8,000 resistances, it could resume its decline.

An immediate support is near the $7,500 level. The main support zone is near the $7,340 level, below which bitcoin is likely to decline towards the $7,000 support area.

Ethereum Price Analysis

Ethereum price also followed a bearish pattern similar to bitcoin and declined heavily after it broke the $178.50 support area. ETH/USD settled below the $173.80 support to enter a bearish zone.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even closed below the $168.80 level and the 21 simple moving average (4-hours). Finally, there was a break below the $164.00 support and the price traded as low as $156.88.

The price is currently correcting higher towards the $162.00 and $164.00 resistance levels. The first key resistance is near $164.00 since it coincides with the 23.6% Fib retracement level of the recent decline from the $186.85 high to $156.88 low.

If there is a recovery above the $164.00 resistance, the price could test the $171.80 resistance or the 50% Fib retracement level of the recent decline from the $186.85 high to $156.88 low.

Besides, the 21 simple moving average (4-hours) is also near the $172.00 area to act as a resistance. The next key resistances are near the $175.40 and $179.80 levels.

More importantly, there is a key bearish trend line forming with resistance near $179.80 on the same chart. A clear break above the $180.00 level could start a fresh increase.

Conversely, Ethereum price could struggle to gain momentum above the $164.00 and $172.00 resistance levels. In the mentioned case, the price may even decline below the $156.88 low and the $154.00 support area in the near term.

Ripple Price Analysis

Ripple price remained in a strong downtrend below the $0.2880 and $0.2750 support levels against the US Dollar. The XRP/USD pair settled below the $0.2700 support area and accelerated its decline recently.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $0.2600 support area and settled below the 21 simple moving average (4-hours). Finally, the price traded below the $0.2400 level and a new monthly low was formed near $0.2369.

At the moment, the price is consolidating losses above the $0.2400 level. An immediate resistance is near the $0.2480 level and 21 simple moving average (4-hours).

Moreover, the 50% Fib retracement level of the recent decline from the $0.2592 high to $0.2369 low is also near the $0.2580 level to act as a resistance.

More importantly, there is a crucial declining channel in place with resistance near the $0.2500 area. It is also near the 61.8% Fib retracement level of the recent decline from the $0.2592 high to $0.2369 low.

Therefore, a clear break above the $0.2500 and $0.2510 resistance levels may perhaps open the doors for a decent recovery in the near term. The next key resistances are near the $0.2590 and $0.2650 levels.

Conversely, the price could continue to decline below the $0.2400 support level. The next major support area is near the $0.2360 level, below which there is a risk of an extended decline towards the $0.2250 level.

EOS Price Analysis

EOS price followed bitcoin and declined heavily in the past few days below the $3.200 support area against the US Dollar. The recent decline was such that the price even settled below the $3.060 support area.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price settled below the $3.000 level and the 21 simple moving average (4-hours). Finally, the price traded below the $2.800 support area and tested the $2.750 support.

A low was formed near $2.749 before the price started an upside correction. It is currently facing resistance near the $2.840 level. It coincides with the 23.6% Fib retracement level of the recent slide from the $3.162 high to $2.749 low.

On the upside, there are many important hurdles near the $2.950 and $3.000 levels. The 50% Fib retracement level of the recent slide from the $3.162 high to $2.749 low is also near the $2.950 level to act as a barrier.

The main resistance is near the $3.060 level and the 21 simple moving average (4-hours). Moreover, there is a key bearish trend line forming with resistance near $3.040 on the same chart.

Therefore, a clear break above the $3.060 resistance is needed for a fresh increase. On the downside, an initial support is near the $2.750 level. If there are more losses, EOS price could even test the $2.500 support area in the coming days.

Top Gainers

During the past 7 days, a few small cap altcoins gained traction and climbed more than 100%, including BTB, GAME, SUMO, DOS, GOT, DUO and AKRO (trading volume more than $50K). Out of these, BTB rallied around 260% and GAME gained close to 185%.

Overall, bitcoin price is trading in a significant downtrend below the $8,000 and $8,080 resistance levels. Therefore, BTC/USD could continue to slide below the $7,500 level unless the bulls gain pace and push the price back above the $8,080 resistance. Likewise, there may perhaps be 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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