Bitcoin price formed a decent support near $5,000 and climbed higher. BTC could correct lower in the short term, but dips remain supported as long as the price is above the $5,050 support.

Recently, binance coin (BNB) rallied to a new 2019 high, while other altcoins such as Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), stellar (XLM), ADA, EOS and TRX corrected lower. There could be more downsides, but the bulls are likely to bounce back sooner or later.

Cryptocurrency Price Watch

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Key Takeaways:

  • Bitcoin price is trading nicely above the $5,050 and $5,110 support levels.
  • Ethereum price is holding a crucial bullish trend line with current support at $164.
  • Ripple price is facing a strong resistance near the $0.3400 and $0.3500 levels.
  • EOS price is forming a breakout pattern with resistance near the $5.58 level.
  • PLTC and BIFI surged around 150% in the past 7 days.

Bitcoin Price Analysis

After a downside correction, bitcoin price found support near the $4,980 and $5,000 levels. BTC rebounded recently and traded above the $5,300 level. It is currently correcting lower, but remains well supported near $5,160, $5,100 and $5,050.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price formed a swing low at $4,983 and climbed above the $5,200 resistance and the 21 simple moving average (4-hours). The bulls gained traction above the $5,300 level and the price traded to a new weekly high at $5,340.

At the moment, the price is correcting lower and recently broke the $5,260 level plus the 23.6% Fib retracement level of the recent wave from the $4,986 swing low to $5,340 high.

On the downside, an initial support is near the $5,200 level and the 21 simple moving average (4-hours). The next support is at $5,160 since it coincides with the 50% Fib retracement level of the recent wave from the $4,986 swing low to $5,340 high.

There is also a crucial bullish trend line formed with support at $5,050 on the same chart. An intermediate support is at $5,110 and the 61.8% Fib retracement level of the recent wave from the $4,986 swing low to $5,340 high.

In the short term, there could be a downside correction towards $5,160 or $5,110. However, the price remains well supported and bid as long as the trend line support at $5,050 is intact.

Only a close below $5,050 and $5,000 could trigger an extended drop towards the $4,800 and $4,750 levels. On the upside, an initial resistance is at $5,300, above which the price is likely to clear the $5,340 high to climb towards the $5,400 and $5,500 levels. If the bulls gain traction above $5,500, bitcoin price could rally towards $5,800 or $6,000.

Ethereum Price Analysis

Ethereum price corrected lower sharply below the $175 and $170 support levels. ETH even broke the $165 support level and traded close to the $156 support level. A swing low was formed near $157 and the price recently bounced back above $165.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price rebounded above the $160 and $165 resistance levels to move into a positive zone. Moreover, there was a close above the $165 level and the 21 simple moving average (4-hours).

The price rallied above the $172 level before sellers appeared near $177. The price is currently correcting lower and recently broke the 23.6% Fib retracement level of the last wave from the $156 low to $177 high.

On the downside, there is a strong support formed near $167 and the 21 simple moving average (4-hours). The 50% Fib retracement level of the last wave from the $156 low to $177 high is also positioned near the $167 level.

More importantly, there is a crucial bullish trend line in place with current support at $164 on the same chart. Therefore, if there is a downside extension, the price is likely to find a strong support near $167 or $164.

On the upside, a break above the $177 level and a connecting bearish trend line is needed for more gains. A successful close above the $180 level could trigger a rally towards the $186 and $190 levels in the near term.

Ripple Price Analysis

There was a steady decline from the $0.3750 resistance in ripple price against the US Dollar. XRP/USD declined below the $0.3650 and $0.3500 support levels to move into a bearish zone. The price traded close to the $0.3125 level before starting an upside correction.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as low as $0.3126 and recently corrected above the $0.3300 level and the 21 simple moving average (4-hours). The price even broke the $0.3400 level, but the $0.3500 level acted as a strong resistance.

A swing high was formed at $0.3503 and the price is currently correcting lower below the 23.6% Fib retracement level of the last wave from the $0.3126 low to $0.3503 high.

However, the $0.3300 support, the 21 simple moving average (4-hours), and the 50% Fib retracement level of the last wave from the $0.3126 low to $0.3503 high is acting as a major support area.

If there are more losses, the price may continue to slide towards the $0.3220 level. Below $0.3220, the price could revisit the $0.3125 swing low.

On the upside, the price must break the $0.3400 resistance, a connecting bearish trend line, and the $0.3500 barrier to move into a positive zone. The next major resistance is at $0.3750.

EOS Price Analysis

There was a major downside correction in EOS price from the $6.079 high against the US Dollar. The price declined below the $5.65 and $5.50 support levels. It traded close to the $5.00 support and formed a low near the $5.094 level.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price consolidated in a range after trading as low was $5.094. It broke the 23.6% Fib retracement level of the last decline from the $6.079 high to $5.094 low.

There was even a break above the $5.50 level and the 21 simple moving average (4-hours). However, the price struggled to gain bullish momentum above the $5.60 level, and the 50% Fib retracement level of the last decline from the $6.079 high to $5.094 low.

At the outset, there is a major breakout pattern forming with resistance near the $5.58 level on the same chart. If there is an upside break above the $5.58 and $5.60 levels, the price could resume its upward move towards $6.00 and $6.10.

On the other hand, if there is a downside break below the $5.30 support, there is a risk of an extended correction below the $5.10 swing low.

Overall, EOS price may trade in a range for some time before it could either rally towards $6.00 or decline back to $5.00.

Top Gainers

During the past 7 days, many small cap altcoins surged and gained more than 100%, including PLTC, BIFI, ZEL, XWC, XRC, 777, IG, and EQUAD (trading volume more than $50K). Out of these, PLTC rallied around 160% and BIFI gained nearly 150%.

To sum up, there are many positive signs on the charts for bitcoin above the $5,000 pivot level. Therefore, there could be more upsides in BTC above $5,400 and $5,500. Conversely, a daily close below $5,000 could trigger losses in BTC and altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, ICX, BNB, XMR, WAN and ICX.

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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