Bitcoin price fell significantly and broke the $3,700 support zone. BTC/USD is trading in a bearish zone and an upside correction is likely to face sellers near $3,700 or $3,880. Similarly, all major altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS nosedived recently and remain sell on rallies near previous supports (now resistances).

Key Takeaways:

  • Bitcoin price traded below the $3,700 support and tested the $3,400 zone.
  • Ethereum settled below the $100 support area and tested $80.
  • Ripple price declined below the $0.3200 support and revisited $0.3000.
  • EOS declined heavily and even broke the $2.00 support level.
  • VRS and WC gained more than 200% during the past 7 days.

Cryptocurrency Price Watch

Bitcoin Price Analysis

Bitcoin price formed a decent support base near the $3,700 level this past week and recovered above $4,100. BTC/USD recovered close to the $4,500 level where sellers emerged and protected further gains.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as high as $4,486 and later started a fresh decline. There was a slow and steady decline and the price broke the $4,000 and $3,800 support levels. The decline was such that the price even broke the $3,700 support area.

There was even a close below the $3,700 level and the 21 simple moving average (4-hours). Sellers gained control and pushed the price below the $3,500 level and the 1.236 Fib extension level of the last wave from the $3,698 low to $4,486 high.

The current technical structure is such that the price may continue to move down. An initial support is at $3,400, below which the price may trade towards the $3,200 level.

The stated $3,200 level is an important support since it represents the 1.618 Fib extension level of the last wave from the $3,698 low to $4,486 high. Below $3,200, the price is likely to test the key $3,000 support level.

On the flip side, if there is an upside correction, the price may find resistance near the $3,600 level. However, the most important resistance is near $3,700, which was a support earlier. Moreover, there is a crucial bearish trend line with resistance near $3,880 on the same chart.

Ethereum Price Analysis

Ethereum price traded in the same fashion and followed bitcoin’s decline. This past week, ETH/USD formed a decent support near the $102 level and recovered above $115, but the upward move faced a solid resistance near the $130 level.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price found sellers near the $128 level and later started a fresh decline. The price declined heavily and broke the $115 and $110 support levels. Sellers even managed to push the price below the $102 support level.

Later, the price broke the $100 support and settled below the 21 simple moving average (4-hours). Moreover, there was a break below a declining channel with support at $100 on the same chart.

It opened the doors for more losses and the price broke the $97.00 level and the 1.236 Fib extension level of the last wave from the $102 low to $128 high. Buyers were completely outpaced as the price broke the $90 level.

A new low was formed below $86 and the 1.618 Fib extension level of the last wave from the $102 low to $128 high. If there is an upside correction, the price is likely to face sellers near the $96 or $100 levels, which were supports earlier.

Overall, Ethereum remains in a major downtrend and it seems like it may even break the $85-86 zone and trade towards the $70 level in the coming sessions.

Ripple Price Analysis

Ripple price did not decline much and remained stable compared to bitcoin and Ethereum. This past week, XRP/USD tested the $0.3200 support area and later staged a decent recovery.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded above the $0.3600 and $0.3800 resistance levels. However, the price failed to break the $0.4000 resistance and later started a new downward move below the $0.3800 level.

The price traded below the $0.3600 and $0.3400 support levels and settled below the 21 simple moving average (4-hours). Sellers even pushed the price below the $0.3300 support level.

A new monthly low was formed near $0.2940 and the price is still following a downtrend. On the upside, an initial resistance is near the 23.6% Fib retracement level of the recent decline from the $0.4082 high to $0.2935 low.

There is also a major bearish trend line in place with resistance at $0.3300 on the same chart, above which the price may test the $0.3500 resistance and the 50% Fib retracement level of the recent decline from the $0.4082 high to $0.2935 low.

Overall, ripple price remains in a downtrend as long as it is below $0.3500. On the downside, a break below $0.2900 may push the price towards $0.2800 or $0.2650.

EOS Price Analysis

EOS price remained one of the worst performers as it declined continuously from the $4.00 swing high against the US Dollar. Sellers remained in action and they were successful in clearing the $3.00 and $2.50 support levels.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price followed a steady decline and a declining channel. Later, the price broke the channel support at $2.10 and declined below the $2.00 support level.

The price is now trading well below the $2.50 pivot level and the 21 simple moving average (4-hours). A new multi month low was formed near $1.68 and it seems like the current downtrend is far from over.

On the upside, an initial resistance is the 23.6% Fib retracement level of the recent decline from the $3.00 high to $1.68 low. More importantly, the key resistance is near the $2.20 level and the 21 simple moving average (4-hours).

The 50% Fib retracement level of the recent decline from the $3.00 high to $1.68 low is also near $2.34 to act as a solid resistance for buyers. Therefore, there are high chances of more losses in EOS below $1.68 and any upsides are likely to face sellers near $2.20 or $2.35.

Top Gainers

Despite the recent decline, a few small cap altcoins gained more than 80% during the last 7 days, including VRS, WC, PUT, XYO, GLD, LPC and KNOW (trading volume more than $50K). Out of these, VRS rallied around 250% and WC gained nearly 210%.

Overall, bitcoin price is under a lot of pressure below the $3,700 support. BTC/USD is likely to recover in the short term, but sellers could defend the $3,700 and $4,000 resistance levels. Similarly, major altcoins like Ethereum, EOS, litecoin, ripple, bitcoin cash, BCHSV, ADA, NEO, ZRX and XMR remain in a major downtrend and they are likely to extend losses in the coming days.

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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