Bitcoin price started a solid rebound and broke the $3,760 and $4,000 resistances. BTC/USD remains supported on dips and it could move further higher towards the $4,500 resistance. Similarly, all major altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS gained bullish momentum and moved into a positive zone.

Key Takeaways:

  • Bitcoin price surged higher and cleared the $4,000 resistance area.
  • Ethereum climbed above the $100 and $110 resistance levels.
  • Ripple price rallied and tested the $0.4000 resistance area.
  • EOS finally recovered and broke the $2.00 and $2.50 resistance levels.
  • ARB rallied more than 400% and CRBT gained around 200% during the past 7 days.

Cryptocurrency Price Watch

Bitcoin Price Analysis

Bitcoin price formed a solid support base near the $3,200 and $3,250 levels, and later started a sharp upward move. BTC/USD broke many hurdles such as $3,500, $3,760 and $4,000 to move into a positive zone.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price climbed sharply after it cleared the $3,760 pivot level and settled above the 21 simple moving average (4-hours). More importantly, there was a break above a major bearish trend line at $3,400 on the same chart.

The recent recovery was solid since the price even broke the $4,200 resistance and traded as high as $4,306. The price is currently consolidating gains, with an initial support near the 23.6% Fib retracement level of the last wave from the $3,213 low to $4,306 high.

If there is a downside correction below the $4,040 and $4,000 supports, the price may correct towards the $3,900 level and the 21 simple moving average (4-hours).

However, the main support is near the $3,760 level, which was a resistance earlier and now coincides with the 50% Fib retracement level of the last wave from the $3,213 low to $4,306 high. Therefore, if the price corrects lower from the current levels, it could find support near $4,000, $3,900 or $3,760.

On the upside, there is a solid resistance near the $4,450 and $4,500 levels. A break above $4,500 may push the price towards the $5,000 handle in the near term.

Ethereum Price Analysis

Ethereum price followed bitcoin’s path and rallied sharply from the $82-83 support area. ETH/USD broke the key $92, $98 and $100 resistance levels to start a solid short term uptrend.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $105 resistance and the 21 simple moving average (4-hours). Besides, there was a break above a key bearish trend line at $90 on the same chart.

It opened the doors for more gains above $100 and $105. The price traded above the $120 level and a high was formed at $122. Later, the price corrected lower and almost tested the 23.6% Fib retracement level of the last wave from the $83 low to $122 high.

If the price fails to hold the $113 and $110 support levels, it may test the $105 support or the 21 simple moving average (4-hours). However, the key support for buyers is near the $103 level (the pivot area) and the 50% Fib retracement level of the last wave from the $83 low to $122 high.

Therefore, dips remain supported near the $105 and $103 levels. Only a close below $100 may push the price back in a bearish zone.

On the upside, Ethereum price is likely to face a strong barrier near the $125-127 zone, above which it could test the $140 level.

Ripple Price Analysis

Ripple price consolidated above the $0.2800 support for a few sessions and later started a sharp upward move. XRP/USD climbed above the $0.3000 and $0.3200 resistance levels to start a decent recovery.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price started an upward move after it broke a crucial bearish trend line with resistance at $0.2940. Later, it rallied above the $0.3315 resistance and the 21 simple moving average (4-hours).

The price even spiked above the $0.4000 resistance and traded to a new weekly high at $0.4054. Later, there was a downside correction and the price moved below the 23.6% Fib retracement level of the last wave from the $$0.2857 low to $$0.4054 high.

However, there was no close below the $0.3550 level and the 21 simple moving average (4-hours). The price recovered and it is currently trading near the $0.3750 level.

On the downside, there is a solid support formed near the $0.3450 level. If there is a downside extension below $0.3450, the price may test the $0.3315 support. It coincides with the 61.8% Fib retracement level of the last wave from the $$0.2857 low to $$0.4054 high.

On the upside, a convincing break above the $0.4000 and $0.4050 resistance levels is needed for more gains towards the $0.4200 and $0.4400 levels in the near term.

EOS Price Analysis

EOS price struggled a lot earlier this month and traded below $2.00 and $1.75. However, it finally found support near the $1.55 level and later started a decent recovery against the US Dollar.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price climbed above the $1.80 resistance and a significant bearish trend line. Later, buyers gained momentum above the $2.00 resistance and the 21 simple moving average (4-hours).

The price even climbed above the $2.50 resistance and tested the key $2.90-3.00 barrier where sellers emerged. At the moment, the price is consolidating gains and there is a bullish flag pattern formed with support at $2.60 on the same chart.

Besides, the 23.6% Fib retracement level of the last wave from the $1.76 low to $2.89 high is also near the flag support. If there is a downside break below the $2.50-2.60 support, the price may correct towards the $2.30 level.

Overall, EOS price is placed nicely above the $2.30 and $2.50 support levels. However, buyers must clear the $2.90 and $3.00 resistance levels to extend gains. If not, there could be a sharp bearish wave towards $2.30.

Top Gainers

During the past 7 days, a few small cap altcoins gained traction and climbed more than 100%, including ARB, CRBT, MCC, STRAT, LINA, R and WTL (trading volume more than $50K). Out of these, ARB rallied around 400% and CRBT gained nearly 210%.

To sum up, bitcoin price clearly recovered sharply from the $3,200 support. However, to recover further and retain gains, BTC/USD must break the $4,500 resistance area. If not, the price may reverse gains and trade back towards $3,500. Similarly, major altcoins like Ethereum, EOS, Stellar, XRP, IOTA, BCH, ADA, NEO, ZRX and XMR are trading with a bullish angle and facing major uptrend hurdles.

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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