Bitcoin price remained in a bearish zone this week below the $5,000 resistance. BTC/USD corrected higher a few points, but upsides were limited near the $4,800 and $5,000 levels. Later, the price started a fresh decline and it seems like there could be more losses in bitcoin and major altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS in the near term.

Cryptocurrency Price Watch

Key Takeaways:

  • Bitcoin price traded below the $4,500 and $4,300 support levels.
  • Ethereum is currently under pressure and it could decline towards $108.
  • Ripple price failed to retain upside momentum and declined below $0.4200.
  • EOS settled below the $4.00 support, which is a major bearish sign.
  • TKT and PAT rallied close to 100% during the past 7 days.

Bitcoin Price Analysis

Bitcoin price started a short term correction this week after trading as low as $4,309. BTC/USD recovered above the $4,700 and $4,800 levels, but buyers failed to gain strength.

Bitcoin Price Analysis BTC chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price recovered above the 23.6% Fib retracement level of the recent decline from the $5,752 high to $4,309 low. It even moved above the $4,900 level once, but it seems like buyers faced a solid resistance near the $4,880 and $5,000 levels.

The price was rejected near the $5,000 level and the 21 simple moving average (4-hours). Moreover, the 50% Fib retracement level of the recent decline from the $5,752 high to $4,309 low also acted as a solid resistance.

As a result, there was a fresh decline and the price moved below the $4,600 and $4,500 support levels. The decline was such that the price even broke the $4,309 low. A fresh yearly low was formed below $4,300 and the price moved further into a bearish zone.

On the downside, the main support is at $4,000, below which the price could extend losses below the $3,800 level in the near term. On the upside, an initial resistance is near the $4,600 level and the 21 SMA.

There is also a major bearish trend line on the same chart with resistance at $4,650. A break above $4,650 is needed for more gains above the $4,700 level.

Ethereum Price Analysis

Ethereum price also followed a similar path like bitcoin and started a short term correction after trading as low as $126. ETH/USD recovered above the $130 level, but upsides were limited.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price recovered above the $130 and $132 levels, but buyers failed to gain traction. There is also a major bearish trend line in place on the same chart, which is acting as a resistance near the $128 level.

Recently, the price faced a solid resistance near the 21 simple moving average (4-hours) and the 23.6% Fib retracement level of the last decline from the $182 high to $126 low.

The price started a fresh decline and moved below the $130 level. Sellers even pushed the price below the $126 low to clear the path for sellers to gain control. It seems like the price could accelerate declines below $120 level in the near term.

On the flip side, if the price corrects higher from the current levels, it could face sellers near the $128 and $130 levels. Above these, ETH may perhaps bounce back towards the $140 level.

Ripple Price Analysis

Ripple price traded with a positive bias when both bitcoin and Ethereum were declining. However, buyers lost control later, and XRP/USD started a downside move from the $0.5300 swing high.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price started a fresh decline and traded below the $0.5000 and $0.4800 support levels. The decline was such that the price broke the $0.4500 level and the 21 simple moving average (4-hours).

The decline was such that the price broke the 61.8% Fib retracement level of the last wave from the $0.4154 low to $0.5319 high. At the moment, the price is trading near the last swing lows and supports near the $0.4100 level.

If the price extends the current decline, there could be more losses below the $0.4000 level. The next major support could be the $0.3880 level and the 1.236 Fib extension level of the last wave from the $0.4154 low to $0.5319 high.

On the upside, an initial resistance is at $0.4400, above which the price could trade towards the $0.4550 resistance and the 21 SMA. There is also a key bearish trend line on the same chart with resistance at $0.5000.

Overall, if ripple price fails to stay above the $0.4000 support, there could be heavy declines in the near term.

EOS Price Analysis

EOS price was one of the worst performers as it declined heavily below the $5.00 and $4.50 support levels against the US Dollar. The price even broke the $4.00 support and settled below the $4.20 pivot level.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as low as $3.48 during the last decline and later started a tiny upside correction. It moved above the $3.50 $3.60 resistance levels, but upsides were limited.

Besides, there was a spike above the 23.6% Fib retracement level of the recent decline from the $4.71 high to $3.48 low. The price failed to trade above the $4.00 level and the 21 simple moving average (4-hours).

As a result, there was a fresh decline and the price traded below the $3.80 and $3.50 support levels. Sellers even pushed the price below the last low of $3.48. A new yearly low was formed below $3.40 and it seems like the price may extend declines towards the $3.20 or $3.00 support levels.

On the upside, an initial resistance is at $3.80, above which buyers are likely to struggle near the $4.00 barrier.

Top Gainers

During the last 7 days, a few small cap altcoins gained between 60%-90%, including TKT, PAT, FCT, OLE, STC and BIR (trading volume more than $50K). Out of these, TKT gained around 95% and PAT rallied nearly 90%.

Overall, bitcoin price likely completed a short-term correction and failed to break the $5,000 resistance. BTC/USD is back in a major downtrend and if sellers’ step in, there could be more losses below the $4,000 support in the coming days. Similarly, major altcoins like Ethereum, EOS, litecoin, ripple, NEO, QTUM, bitcoin cash, ADA, XLM, ZRX and XMR are likely to extend losses below the recent lows.

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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