Bitcoin price remained in a bearish zone below the $3,800 resistance area. If BTC/USD continues to struggle to gain pace above $3,700 and $3,800, there could be more declines. Similarly, all major altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS could extend losses if sellers remain in action in the coming days.

Key Takeaways:

  • Bitcoin price corrected higher, but it failed near the $3,800 resistance.
  • Ethereum recovered recently and faced sellers near the $100 resistance.
  • Ripple price remains at a risk of a breakdown below the $0.2930 support.
  • EOS is finding it difficult to break the $2.00 resistance level.
  • EVN and VRS gained more than 400% during the past 7 days.

Cryptocurrency Price Watch

Bitcoin Price Analysis

Bitcoin price declined heavily this past week and traded below the $4,000 and $3,500 support levels. BTC/USD traded as low as $3,283 and later started consolidation above the $3,300 level.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price recovered this week and broke the $3,400 and $3,500 resistance levels. There was also a break above the $3,600 resistance and the 21 simple moving average (4-hours).

Buyers pushed the price above the 23.6% Fib retracement level of the last drop from the $4,470 swing high to $3,280 swing low. However, the upside move was capped by the $3,800 resistance area and there was no proper close above the $3,700 pivot zone.

The price declined once again and traded below the $3,400 support. It is currently following a major bearish trend line with resistance at $3,550 and the 21 SMA. Above the trend line, the next major hurdles are $3,700, $3,800, and the 50% Fib retracement level of the last drop from the $4,470 swing high to $3,280 swing low at $3,877.

If the price fails to move above the mentioned hurdles, there is a risk of more losses below the $3,280 support. The next stop for sellers could be $3,000, below which the price may slide towards the $2,750 level.

Ethereum Price Analysis

Ethereum price declined sharply from the $127 swing high and broke the $100 support level. ETH/USD even broke the $88-90 support area and traded close to the $80 level.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as low as $82.76 and later started a short term upside correction. It climbed above the $90 level and the 21 simple moving average (4-hours). Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $127 high to $83 low.

However, the upside move was capped by the $100-102 zone (the previous support). There was even no test of the 50% Fib retracement level of the last decline from the $127 high to $83 low.

The price is back below the $90 level and it is currently trading below a key bearish trend line with resistance at $95. A proper break above the $95 level and then a close above the $100 barrier is needed for a bullish break in the near term.

On the flip side, if Ethereum price fails to move above the $95 and $100 resistance levels, there could be a fresh decline below the $82-83 area. The next major support is near the $68 level where buyers could emerge.

Ripple Price Analysis

Ripple price declined recently and settled below the $0.3300 and $0.3200 support levels. XRP/USD traded close to the $0.2900 level and later started trading in a range.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as low as $0.2933 and later corrected above the $0.3000 and $0.3100 resistances. There was a break above the 23.6% Fib retracement level of the last slide from the $0.3684 high to $0.2933 low.

The price even spiked above the $0.3300 level and the 21 simple moving average (4-hours). However, there was no proper close above the $0.3300 resistance and the 50% Fib retracement level of the last slide from the $0.3684 high to $0.2933 low.

There was a fresh decline below $0.3200 and $0.3100. XRP is currently trading below the $0.3050 level and it is following a bearish trend line with resistance at $0.3080.

A successful close above the trend line, $0.3100, and the 21 simple moving average (4-hours) is must for a decent recovery towards $0.3300 or even $0.3500. If there is no bullish break above the trend line and $0.3100, there could be a bearish break below the $0.2933 low.

The next key support is at $0.2900, below which sellers could target the $0.2500 support area in the coming sessions.

EOS Price Analysis

EOS price declined below the $2.00 support area this past week against the US Dollar. The price traded towards the $1.50 support area this week and later formed a decent support.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price started a decent recovery from the $1.55 swing low. It traded above the $1.85 level and the 23.6% Fib retracement level of the last slide from the $3.07 high to $1.55 low.

Moreover, there was a break above the $2.00 level and the 21 simple moving average (4-hours). However, the price failed to settle above the $2.00 level and it was rejected near the $2.14-2.015 zone.

The price declined again and traded below the $2.00 support plus the 21 simple moving average (4-hours). Besides, there is a crucial bearish trend line in place with resistance at $2.05 on the same chart.

If there is a break above the trend line and $2.15, the price may test the 50% Fib retracement level of the last slide from the $3.07 high to $1.55 low at $2.31. On the flip side, if there is no bullish break above $2.00 and $2.15, EOS price is likely to revisit the $1.55 or $1.60 support.

Top Gainers

During the past 7 days, a few small cap altcoins traded higher and posted gains more than 80%, including EVN, VRS, TKT, ABBC, AAA and SSP (trading volume more than $50K). Out of these, EVN rallied around 450% and VRS gained nearly 430%.

Overall, bitcoin price is still in a major downtrend from the $4,500 swing high. To start a solid recovery, BTC/USD must break the $3,800 and $4,000 resistance levels. If not, there is a risk of more losses below $3,200 and $3,000. Similarly, major altcoins like Ethereum, EOS, Stellar, ripple, BCH, BCHSV, ADA, NEO, ZRX and XMR could extend losses in the coming sessions if bitcoin slide below $3,200.

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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