Bitcoin price retested the $8,260-8,300 resistance area, but buyers failed to push the price further higher, BTC corrected lower sharply, but it remains well supported above $7,300 for more gains in the coming days.

Similarly, there were short-term bearish moves in major altcoins such as binance coin (BNB), Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), stellar (XLM), ADA, EOS, and TRX. There could another dip in the next few sessions before the crypto market starts a fresh increase.

Cryptocurrency Price Watch

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Key Takeaways:

  • Bitcoin price recently corrected lower towards $7,450 and bounced back sharply.
  • Ethereum price retested the $230 support level and it is currently facing resistance near $250.
  • Ripple price dropped towards the $0.3600 support and it seems to be struggling below $0.4000.
  • EOS price is facing a couple of important resistances near the $6.150 and $6.200 levels.
  • SOP, HBZ and IPC surged more than 200% in the past 7 days.

Bitcoin Price Analysis

Earlier this week, bitcoin price slowly climbed higher and retested the key $8,260-8,300 resistance area. A swing high was formed at $8,268 and BTC recently corrected lower. However, the $7,480 level acted as a strong support and the price bounced back above $7,750.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price clearly faced a strong resistance near the $8,260-8,300 area. It failed on many occasions, resulting in a drop below the $7,800 support.

There was even a close below the $8,000 level and the 21 simple moving average (4-hours). The price traded below the 50% Fib retracement level of the last major wave from the $7,009 swing low to $8,268 high.

The decline was such that the price spiked below the $7,600 and $7,500 support levels. However, the 61.8% Fib retracement level of the last major wave from the $7,009 swing low to $8,268 high acted as a support.

Finally, the price bounced back above the $7,750 and $7,800 levels. On the upside, the $7,975 level is currently acting as a strong resistance along with the 21 simple moving average (4-hours).

Besides, there is a major bearish trend line forming with resistance near the $7,975 and $8,000 levels. A successful close above the bearish trend line will most likely set the stage for a significant upward move above the $8,300 and $8,400 levels.

On the downside, there are many supports near the $7,500 and $7,400 levels. The main support is near $7,400 and a crucial bullish trend line on the same chart.

Therefore, a daily close below the $7,400 support level might start a significant downward move below the $7,200 and $7,000 support levels.

Ethereum Price Analysis

Ethereum price retested the key $263.00 and $264.00 resistance levels earlier this week. However, ETH failed to surpass $265.00, resulting in a bearish wave below the $256.00 and $254.00 support levels.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price declined steadily below the $250.00 support and settled well below the 21 simple moving average (4-hours).

Besides, there was a break below a crucial bullish trend line with support at $246.00 on the same chart, opening the doors for more losses. The decline was such that the price even broke the $240.00 support area.

However, the $230.00 support zone acted as a solid buy zone. A swing low was formed at $230.23 and the price rebounded above the $240.00 level.

The price is currently testing the $250.00 resistance and the 50% Fib retracement level of the recent slide from the $263.07 high to $230.23 low. On the upside, there are many hurdles near $255.00 and the 21 simple moving average (4-hours).

Moreover, there is a major bearish trend line in place with resistance near $250.50 and the 61.8% Fib retracement level of the recent slide from the $263.07 high to $230.23 low.

Therefore, a successful close above the $250.00 and $255.00 levels is must for a fresh increase. The next key resistances are near $260.00, $265.00 and $280.00.

Conversely, if Ethereum price declines again, it could retest the key $230.00 support area. If there are more losses below $230.00, the next stop for sellers might be $200.00.

Ripple Price Analysis

Ripple price struggled on multiple occasions to stay above the $0.4050 and $0.4000 levels against the US Dollar. As a result, XRP/USD declined recently below the $0.4000 and $0.3920 support levels.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $0.3850 support and the 21 simple moving average (4-hours). However, the bulls remained active near the main support at $0.3600.

A new weekly low was formed near the $0.3602 level and the price recently stated an upside correction. It climbed above $0.3725, and the 23.6% Fib retracement level of the recent slide from the $0.4132 high to $0.3602 low.

An immediate barrier for the bulls is near $0.3865 and the 21 simple moving average (4-hours). Besides, the 50% Fib retracement level of the recent slide from the $0.4132 high to $0.3602 low is also near the $0.3865 level to prevent gains.

The main resistance is near $0.4000 and a connecting bearish trend line on the same chart. If there is a clear break above the $0.4000 resistance, there are chances of more upsides above the $0.4050 and $0.4100 resistance levels.

On the downside, the main support is near the $0.3600 level. If the bulls fail to defend $0.3600, there is a risk of a sharp decline below the $0.3500 and $0.3400 support levels.

EOS Price Analysis

Similar to other major altcoins, EOS price started a downward move after it failed to move above the $6.400 resistance against the US Dollar. It traded below the key $6.220 and $6.000 support levels.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $5.850 support level and settled below the 21 simple moving average (4-hours). However, the $5.750 support area acted as a strong buy zone and recently the price rebounded higher.

A swing low was formed at $5.735 and the price climbed above $5.880 and the 23.6% Fib retracement level of the recent slide from the $6.399 high to $5.735 low.

However, the $6.080 level along with the 21 simple moving average (4-hours) are currently preventing gains. Besides, the 50% Fib retracement level of the recent slide from the $6.399 high to $5.735 low is acting as a resistance.

On the upside, the main hurdle is near $6.150 and a bearish trend line on the same chart. A successful close above $6.150 and $6.200 could start a fresh increase towards $6.500 and $6.600.

Conversely, a downside break below the $5.750 support area could trigger an extended decline below the $5.500 and $5.400 support levels.

Top Gainers

During the past 7 days, a few small cap altcoins climbed higher and gained more than 100%, including SOP, HBZ, IPC, MATIC, EGT, PENG, TFUEL, SNTR and IBANK (trading volume more than $50K). Out of these, SOP rallied around 250% and HBZ gained nearly 215%.

Overall, bitcoin price still trading in a strong uptrend as long as it is above the $7,400 and $7,000 support levels. In the short term, there could be downsides and swing moves, but BTC and most major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, DASH, BNB, XMR, NEO, and IOTA are likely to continue higher.

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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