Bitcoin price failed to gain bullish momentum and declined below the $3,550 support. BTC/USD is currently following a bearish structure below $3,600 and it could extend losses in the near term. Similarly, all major altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS remain at a risk of further declines.

Key Takeaways:

  • Bitcoin price failed to break the $3,600 resistance and declined to a new yearly low.
  • Ethereum price extended losses and traded close to the $100-101 support area.
  • Ripple price rallied from the $0.2850 support, but it failed to surpass the $0.3400 barrier.
  • EOS remained below the $2.50 resistance, with range moves.
  • B2G and BBC rallied more than 600% during the past 7 days.

Cryptocurrency Price Watch

Bitcoin Price Analysis

This week, there were further bearish moves in bitcoin price below the $3,600 pivot level. BTC/USD traded below the $3,500 support and formed a new yearly low at $3,426 before starting a short term upside correction.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price recovered above the $3,450 and $3,500 resistance levels. There was also a break above the $3,520 level and the 21 simple moving average (4-hours).

Buyers were successful in pushing the price above the 23.6% Fib retracement level of the recent decline from the $3,750 high to $3,426 low. However, the recovery faced a strong resistance near the $3,550 and $3,575 resistance levels.

Moreover, there is a crucial bearish trend line in place with resistance at $3,560 on the same chart. The price even failed to test the 50% Fib retracement level of the recent decline from the $3,750 high to $3,426 low.

Therefore, a proper break and close above the trend line plus $3,600 is needed for buyers to gain bullish momentum in the near term. The next key resistances are near the $3,750 and $3,800 levels.

On the other hand, if there is no upside break above $3,600 in bitcoin, there is a risk of more losses. An initial support is at $3,440, below which the price could break the $3,426 low and trade towards the $3,320 level in the coming sessions.

Ethereum Price Analysis

Ethereum price remained in a downtrend and broke the $115 and $110 support levels. ETH/USD even broke the $105 support and traded to a new yearly low near $103. It traded close to the $100-101 support and later started an upside correction.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price recovered above the $105 and $107 resistance levels. There was a break above the 23.6% Fib retracement level of the last slide from the $122 high to $103 swing low. The price also traded above the $110 level and the 21 simple moving average (4-hours).

However, the price failed to break the $114-115 resistance zone, which was a crucial support earlier this week. Sellers also defended the 50% Fib retracement level of the last slide from the $122 high to $103 swing low.

As a result, the price declined once again and traded below the $18 level plus the 21 simple moving average (4-hours). The current price action is bearish and it seems like the price may soon revisit the $103 swing low.

If sellers remain in action, there is even a chance of ETH testing the main $100 support. If there is a downside break below the $100 support, there could be a sharp decline in Ethereum towards the $90 and $85 support levels.

On the upside, there is a strong resistance formed near $112, $113, and a declining channel on the same chart. A successful close above the $114 level is needed for buyers to gain traction in the coming days.

Ripple Price Analysis

Ripple price declined further earlier this week and traded below the $0.3000 support against the US Dollar. However, XRP/USD found a strong support near the $0.2850 level and later started a sharp upward move.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price climbed above the $0.3000 and $0.3150 resistance levels. There was a break above the 23.6% Fib retracement level of the last drop from the $0.4045 high to $0.2850 low.

The price also traded above the $0.3200 level and the 21 simple moving average (4-hours). However, there was no clear break above the $0.3400 resistance and the price failed to test the 50% Fib retracement level of the last drop from the $0.4045 high to $0.2850 low.

More importantly, there was a rejection near a crucial bearish trend line with resistance at $0.3320 on the same chart. As a result, there was a fresh drop below $0.3200 and the price trimmed most of its recent gains.

It seems like the price is back in a bearish zone and it could revisit the $0.2850 support level. Conversely, to start a solid upward move, ripple price must surpass the bearish trend line and break the $0.3400 resistance.

EOS Price Analysis

EOS price failed to break the $2.50 resistance and declined heavily against the US Dollar. The price broke the $2.35 support and even spiked below the $2.25 pivot before buyers appeared.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price tested the $2.20 level and later recovered above the $2.25 and $2.30 levels. Moreover, there was a close above the $2.30 level and the 21 simple moving average (4-hours).

However, the price is still well below the $2.45 and $2.50 resistance levels. Besides, there is a major bearish trend line in place with resistance at $2.50 on the same chart.

Therefore, there are many hurdles on the upside near the $2.50 and $2.55 levels. Besides, the 50% Fib retracement level of the last slide from the $3.06 swing high to $2.24 swing low is also near the $2.55 level to act as a solid resistance.

If the price continues to struggle near the $2.50 and $2.55 resistance levels, there is a risk of a downside break below the $2.25 and $2.20 support levels in the near term. The next main support for EOS buyers is near the $2.00 handle.

Top Gainers

During the past 7 days, a few small cap altcoins traded higher and gained significantly, including B2G, BBC, DXR, ORME, VME and SENC (trading volume more than $50K). Out of these, B2G rallied around 800% and BBC gained nearly 700%.

Overall, the crypto market and bitcoin price made a decent attempt to start a fresh upward move, but buyers failed near key resistance levels. As long as BTC/USD is trading below the $3,550 and $3,600 resistance levels, there is a risk of more losses towards $3,200. Similarly, Ethereum, ripple, EOS, stellar, XRP, BCH, ADA, LTC, TRX, BNB and XMR could decline further in the coming days.

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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