Bitcoin price made an attempt to surpass the $3,800 resistance, but failed. BTC/USD corrected lower and it seems like it is preparing for the next key break either above $3,720 or below $3,540. Similarly, all major altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS are trading in tight ranges and setting up for the next move.
- Bitcoin price is facing many hurdles near the $3,670, $3,700 and $3,720 levels.
- Ethereum price is showing positive signs above the $116 support area.
- Ripple price is trading below key resistances such as $0.3300 and $0.3500.
- EOS is confined in a crucial range with resistance at $2.55 and support at $2.25.
- DPY and PRA gained more than 100% during the past 7 days.
Bitcoin Price Analysis
Earlier this week, bitcoin price traded higher above the $3,670 and $3,720 resistance levels. BTC/USD even spiked above the $3,800 resistance area, but it failed to gain bullish momentum.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as high as $3,880 and later trimmed most gains. It fell sharply below the $3,800, $3,720 and $3,670 support levels. There was even a break below the $3,500 support and a new yearly low was formed at $3,463.
Later, the price bounced back and corrected above the $3,540 resistance level. Buyers pushed the price above the $3,600 level and the 21 simple moving average (4-hours). Besides, there was a break above the 23.6% Fib retracement level of the last decline from the $3,880 high to $3,463 low.
However, there is a strong resistance formed near the $3,670 level and the 50% Fib retracement level of the last decline from the $3,880 high to $3,463 low. Above $3,670, there is a major bearish trend line on the same chart, with resistance at $3,720.
A successful close above the trend line and $3,670 could open the doors for a test of the key $3,800 resistance level. If buyers fail to gain traction above $3,720 and $3,800, there are chances of a fresh drop towards the $3,540 and $3,460 level.
Overall, bitcoin price is trading below key resistances near $3,800, above which BTC is likely to surge higher towards $4,000 in the coming days.
Ethereum Price Analysis
Ethereum price made many attempts to settle above the $130-132 resistance area, but it failed. As a result, there was a sharp decline and ETH/USD traded below the $125 support level.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even broke the $115 support level and tested the $108 support level, where buyers emerged. Later, the price moved higher and broke the $115 resistance and the 21 simple moving average (4-hours).
Besides, there was a break above the 23.6% Fib retracement level of the recent drop from the $134 high to $108 swing low. More importantly, the price was able to move past a key bearish trend line with resistance at $119 on the same chart.
It has opened the doors for more gains and the price is now likely to trade above $120. An immediate resistance is near $121 and the 50% Fib retracement level of the recent drop from the $134 high to $108 swing low.
A successful follow through above the $122 level may accelerate gains in ETH towards the $130 and $135 level. Alternatively, if there is no upside break above $120 and $122, the price may drop back towards the $108 swing low in the near term.
Ripple Price Analysis
Ripple price mostly struggled this week and it remained below the key $0.3500 resistance level against the US Dollar. XRP/USD made an attempt to break $0.3500, but it failed and formed a top near the $0.3495 level.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price started a fresh decline and traded below the $0.3330 support level. There was even a close below the $0.3300 level and the 21 simple moving average (4-hours).
A low was formed at $0.3113 and the price is currently consolidating losses. An initial resistance is near the $0.3240 level and the 21 simple moving average (4-hours). There is also a connecting bearish trend line with resistance at $0.3235 on the same chart.
Above the trend line, the price could test $0.3330 and the 23.6% Fib retracement level of the recent decline from the $0.4044 high to $0.3113 low. However, the main hurdle for buyers is near the $0.3480, $0.3490 and $0.3500 resistance levels.
Besides, the 50% Fib retracement level of the recent decline from the $0.4044 high to $0.3113 low at $0.3570 is the next crucial resistance. Should ripple buyers fail to surpass the $0.3300 and $0.3320 resistance levels, the price may decline towards the $0.3100 and $0.3000 support levels in the near term.
EOS Price Analysis
EOS price mostly traded in a broad range below the $2.55 and $2.60 resistance levels against the US Dollar. The price made a couple of attempts to surpass the $2.60 barrier, but it failed.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price recently tested the $2.25 support and formed a low at $2.24. Later, it recovered and traded above the $2.35 resistance plus the 21 simple moving average (4-hours).
Additionally, there was a break above the 23.6% Fib retracement level of the last decline from the $3.05 high to $2.25 swing low. However, buyers failed to clear the $2.55 and $2.60 resistance levels, resulting in range moves.
The price is currently trading in a contracting triangle, with resistance at $2.54. A break above the triangle, $2.55, and the $2.60 resistance level could open the doors for more gains towards the $2.75 and $2.85 levels in the near term.
An intermediate resistance is near $2.65 and the 50% Fib retracement level of the last decline from the $3.05 high to $2.25 swing low.
Conversely, if EOS fails to break the $2.55 and $2.60 resistance levels, there is a risk of a bearish reaction below the $2.30 and $2.25 support levels. The next main support is positioned at $2.00, where buyers are likely to take a stand.
During the past 7 days, a few small cap altcoins traded higher and gained more than 80%, including DPY, PRA, ATCC, CMCT, HOT, UKG and STX (trading volume more than $50K). Out of these, DPY rallied around 150% and PRA gained nearly 105%.
To sum up, bitcoin price is trading below a few important hurdles such as $3,720 and $3,800. If BTC/USD continues to struggle near the stated resistances, there is a risk of a bearish break below the $3,500 and $3,400 support levels. Ethereum, ripple, EOS, stellar, XRP, BCH, TRX, ADA, LTC, IOTA and XMR are also preparing for the next significant break in the coming sessions.
The market data is provided by TradingView, Bitfinex.