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Bitcoin price is following a bearish path below the $9,000 area. BTC/USD is now approaching the next key break and it could either rally above $9,000 or decline heavily towards $8,000.

Similarly, there was a steady decline in most major altcoins, including Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX. Overall, the crypto market is currently under pressure and remains at a risk of more downsides.

Crypto Market Update

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Key Takeaways:

  • Bitcoin price is declining and approaching a major support near $8,540 and $8,520 levels.
  • Ethereum price traded below a key support near $184.00 and it could continue to decline.
  • Ripple price is under a lot of pressure and it recently broke the $0.2700 support.
  • EOS price is declining below the key $3.550 support area.
  • Litecoin price is now trading below $60.00 and it could even test the $57.00 or $55.00 support.
  • DUO is up around 375% and SNTR gained nearly 300% in the past 7 days.

Bitcoin Price Analysis

In the past few days, there was a consistent decline in bitcoin price from well above the $9,500 level. BTC/USD even settled below the $9,000 support area to move further into a bearish zone.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded below many key supports near the $8,900 and $8,800 levels. Moreover, there was a close below the $8,800 support and the 21 simple moving average (4-hours).


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During the recent decline, the price traded below the 50% Fib retracement level of the last major upward move from the $7,350 low to $10,488 high.

It opened the doors for more downsides and the price is now trading below the $8,700 level. On the downside, there is a strong support waiting near the $8,540 and $8,520 levels.

More importantly, there is a major breakout pattern forming with resistance near the $8,760 level on the same chart. If there is an upside break above the triangle resistance, the price could recover towards the $9,000 resistance area.

On the downside, the 61.8% Fib retracement level of the last major upward move from the $7,350 low to $10,488 high is also a strong support. If there is a bearish break below the $8,500 support, bitcoin price is likely to continue lower.

The next key support is near the $8,340 level. Any further losses is likely to push the price towards the $8,000 and $7,900 support levels. An intermediate support is near $8,090, which coincides with the 76.4% Fib retracement level of the last major upward move from the $7,350 low to $10,488 high.

Overall, bitcoin price seems to be approaching the next key break either above the $9,000 resistance or towards the $8,000 support area.

Ethereum Price Analysis

Ethereum price retested the $190.00 and $192.00 resistance levels on a couple of occasions. However, ETH/USD failed to gain momentum above the $192.00 area and it is currently declining.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price broke a couple of key supports near the $190.00 and $188.00 support levels. Moreover, there was a close below the $185.40 support and the 21 simple moving average (4-hours).

Moreover, there was a break below a contracting triangle with support near the $184.10 level on the same chart. The price traded as low as $180.73 and it is currently consolidating losses.

An immediate resistance is near the $182.90 level. It coincides with the 23.6% Fib retracement level of the recent decline from the $190.06 high to $180.73 low. However, the main resistance is near the $185.40 level.

Moreover, the 50% Fib retracement level of the recent decline from the $190.06 high to $180.73 low is also near the $185.40 area. Therefore, a successful close above the $185.40 and $186.00 levels is needed for more gains.

The next key resistance area is near the $190.00 and $192.00 levels. On the downside, an initial support is near the $180.00 level, below which Ethereum is likely to continue lower towards the $177.80 support area.

The next major support area is near the $170.40 level, below which there is a risk of a sharp decline towards the $155.00 level in the coming days.

Ripple Price Analysis

Ripple price underperformed both Ethereum and bitcoin this week against the US Dollar. The XRP/USD pair declined steadily and broke many supports near the $0.2880 and $0.2750 levels.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even settled below the key $0.2750 support area and the 21 simple moving average (4-hours). Finally, there was a break below the $0.2720 support area.

A new monthly low was formed near $0.2625 and the price remains at a risk of more downsides. An initial resistance is near the $0.2675 level, plus the 23.6% Fib retracement level of the recent decline from the $0.2847 high to $0.2625 low.

The main resistance is near the $0.2700 level and the 21 simple moving average (4-hours). Moreover, there is a declining channel forming with resistance near the $0.2710 level.

Above the channel resistance, the 50% Fib retracement level of the recent decline from the $0.2847 high to $0.2625 low is near the $0.2735 level.

Therefore, a clear break above the $0.2700 and $0.2740 levels is needed for a decent recovery. In the mentioned case, the price is likely to continue higher towards the $0.2850 and $0.2880 resistance levels.

Conversely, ripple price may perhaps continue to decline below $0.2600. An initial support is near the $0.2575 level, below which it could decline further towards the $0.2510 and $0.2500 support levels.

Litecoin Price Analysis

Litecoin price struggled to gain momentum above the $64.00 and $65.00 resistance levels against the US Dollar. As a result, the LTC/USD pair started a fresh decline and broke the $62.00 support area.

Litecoin Price Analysis LTC Chart

Litecoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $61.00 support area and the 21 simple moving average (4-hours). The decline was such that the price even broke a connecting bullish trend line with support near the $60.80 level.

It is now trading near the last swing low at $58.80 level, with a bearish angle. An initial support is near the $57.10 level. It coincides with the 1.236 Fib extension level of the upward move from the $58.83 low to $66.76 high.

Any further losses may perhaps call for a push towards the $55.00 area. The next key support is near the $54.00 level since it is near the 1.618 Fib extension level of the upward move from the $58.83 low to $66.76 high.

On the upside, an initial resistance is near the $59.90 and $60.00 levels. However, the main resistance is near the $61.00 level and the 21 simple moving average (4-hours).

Therefore, a clear break above the $61.00 resistance may perhaps push litecoin price towards the main $64.00 and $65.00 resistance levels.

Top Gainers

During the past 7 days, a few small cap altcoins gained traction and climbed more than 100%, including DUO, SNTR, PAC, ADT, OPNN, CATT, BTB and CTXC (trading volume more than $50K). Out of these, DUO rallied around 375% and SNTR gained nearly 300%.

Overall, bitcoin price is struggling to hold a couple of key supports and it could even spike below the $8,540 support area. However, once the current wave is complete, there could be a fresh increase or recovery in BTC and 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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