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Bitcoin price declined heavily and broke the key $7,920 and $7,800 supports levels. BTC/USD is currently correcting higher, but upsides are likely to be capped near the $7,800 zone.

Similarly, most major altcoins, including Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX declined significantly. An upside correction is underway, but the bulls are likely to struggle to gain momentum.

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Key Takeaways:

  • Bitcoin price tested the $7,320 area and it is currently consolidating losses.
  • Ethereum price settled below the key $168.80 and $165.50 support levels.
  • Ripple price is holding the main $0.2650 support and is recovering nicely above $0.2700.
  • EOS price is likely to face resistance near $2.840 (the previous support area).
  • Litecoin price is now trading well below the $52.50 and $50.50 support levels.
  • HBZ, CNX, ORS and SPND rallied more than 150% in the past 7 days.

Bitcoin Price Analysis

This week, bitcoin price started a major drop after it failed to gain strength above $8,250 and $8,300. As a result, there was a sharp drop in BTC/USD and the pair broke a few important supports such as $7,920 and $7,800.

Bitcoin Price Analysis

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even settled below the $7,800 level and the 21 simple moving average (4-hours). Finally, there was a break below the $7,550 level and the price traded to a new monthly low at $7,326.


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  • At the moment, the price is consolidating losses and trading inside a contracting triangle with resistance near $7,520 on the same chart. The next immediate resistance is near the $7,575 level.
  • Moreover, the 23.6% Fib retracement level of the recent decline from the $8,370 high to $7,326 low is also near the $7,575 level. If there is an upside break above $7,575 and $7,600, the price could recover in the near term.
  • The next major resistance is near the $7,800 and $7,850 levels. Besides, the 50% Fib retracement level of the recent decline from the $8,370 high to $7,326 low is near the $7,850 level.
  • The 21 simple moving average (4-hours) is positioned near the $7,840 level to act as a strong resistance. Therefore, an upside break above the $7,800 and $7,850 levels won’t be as easy task for bitcoin bulls.
  • Conversely, if the price fails to break the $7,575 and $7,600 resistances, it could resume its decline. An immediate support is near the $7,320 level.

The main support area is near the $7,250 level, below which bitcoin may perhaps accelerate its decline towards the $7,000 and $6,800 support levels in the coming days.

Ethereum Price Analysis

Ethereum price also followed a similar pattern and declined sharply after it failed to climb above the $180.00 and $185.00 resistance levels. ETH/USD broke the main $168.80 support level to move into a bearish zone.

Ethereum Price Analysis

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even settled below the $168.80 level and the 21 simple moving average (4-hours). It opened the doors for more losses and the price declined below the $162.00 support.

  • Finally, the price traded as low as $153.46 and it is currently correcting higher. It broke the $160.00 level, plus the 23.6% Fib retracement level of the recent decline from the $179.31 high to $153.46 low.
  • On the upside, an immediate resistance is near the $165.20 and $166.40 levels. More importantly, the 50% Fib retracement level of the recent decline from the $179.31 high to $153.46 low is near the $166.40 level and the 21 simple moving average (4-hours).
  • Therefore, the $166.40 level might act as a strong resistance, above which the next stop is near $169.50 and a connecting bearish trend line on the same chart.
  • A convincing close above $170.00, plus the 61.8% Fib retracement level of the recent decline from the $179.31 high to $153.46 low is needed for a fresh increase in the coming days.

Conversely, if there is a fresh decline, an immediate support is near the $158.50 level. The main support is near the $155.00 area, below which Ethereum price might revisit the $150.00 support area. Any further losses might lead the price towards the $144.00 zone.

Ripple Price Analysis

Ripple price made a couple of attempts to clear the $0.3050 resistance area against the US Dollar. The XRP/USD pair failed to continue higher, resulting in a sharp decline below the $0.3000 and $0.2950 levels.

Ripple Price Analysis

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $0.2830 support area and settled below the 21 simple moving average (4-hours). Finally, there was a spike below the $0.2650 support area and the price traded to a new weekly low at $0.2499.

  • However, there was a sharp recovery and the price climbed back above $0.2550 and $0.2600. It is now trading above the $0.2650 level, and the 50% Fib retracement level of the last major decline from the $0.3035 high to $0.2499 low.
  • On the upside, the $0.2800 and $0.2810 levels are preventing gains. The main resistance is near the $0.2830 level and the 21 simple moving average (4-hours).
  • Moreover, the 61.8% Fib retracement level of the last major decline from the $0.3035 high to $0.2499 low might act as a strong resistance near $0.2830. If there is a break above the $0.2810 and $0.2830 levels, there are chances of a fresh increase towards $0.3040.

Conversely, the price could decline once again below the $0.2700 level. The main support for ripple is near the $0.2650 level, below which it could revisit the $0.2500 support area in the near term.

EOS Price Analysis

EOS price followed bitcoin and declined heavily below the $3.000 support area against the US Dollar. The price even broke the main $2.840 support area to move into a bearish zone.

EOS Price Analysis

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price settled below the $2.800 level and the 21 simple moving average (4-hours). It even spiked below the $2.550 support and traded as low as $2.535.

  • It is currently correcting higher and is trading above the $2.600 level. It broke the 23.6% Fib retracement level of the recent slide from the $3.038 high to $2.535 low. However, the price is facing resistance near the $2.780 and $2.800 levels.
  • It seems like the 50% Fib retracement level of the recent slide from the $3.038 high to $2.535 low is acting as a resistance. The main resistance is near the $2.840 level (the previous support). On the upside, there is also a connecting bearish trend line in place with resistance near $2.950 on the same chart.
  • Therefore, a clear break above the $2.800 and $2.840 levels is needed for a fresh increase in the near term. If not, there is a risk of another drop below the $2.700 and $2.650 support levels.

The main support on the downside is near the $2.550 and $2.520 levels. If there are any additional losses, the price could decline towards the $2.250 area.

Top Gainers

During the past 7 days, a few small cap altcoins jumped higher and gained more than 80%, including HBZ, CNX, ORS, SPND, ILC, NPXSXEM and XET (trading volume more than $50K). Out of these, HBZ rallied around 320% and CNX gained close to 225%.

Overall, bitcoin price clearly trading in a downtrend below the $7,550 and $7,800 levels. If BTC/USD fails to recover above $7,550 and $7,800, there is a risk of more downsides in the near term. Likewise, there could be another decline 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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