Bitcoin price corrected lower recently below the $4,000 support. However, BTC/USD is holding an important support and currently preparing for the next move. Likewise, altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS are trading in a range, with a minor bullish angle.

Cryptocurrency Price Watch

Key Takeaways:

  • Bitcoin price corrected lower below the $4,000 and $3,900 support levels.
  • Ethereum price traded below the $150 support and tested the $130 support.
  • Ripple price made many swing moves above the $0.3000 support level.
  • EOS rallied above $4.20 and later corrected below the $4.00 support.
  • ABBC, TIG and LBTC rallied more than 150% during the past 7 days.

Bitcoin Price Analysis

Recently, we saw a strong upward move in bitcoin price above the $3,900 and $4,000 resistance levels. BTC/USD even broke the $4,200 resistance and traded towards the $4,280 level before starting a major downside correction.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as high as $4,281 and later declined below the $4,200 and $4,000 support levels. The decline was strong as the price broke the $3,900 support and settled below the 21 simple moving average (4-hours).

It traded towards the $3,750-3,760 support area and later corrected higher. It traded above the $3,800 level and the 23.6% Fib retracement level of the recent decline from the $4,281 high to $3,768 low.

However, there are many hurdles for buyers near the $3,960 and $4,000 resistance levels. The main resistance is at $4,075, above which the price could test the $4,200 resistance. An intermediate resistance is near the 50% Fib retracement level of the recent decline from the $4,281 high to $3,768 low.

On the downside, there is a strong support formed near the $3,800 level and a bullish trend line on the same chart. If there is a bearish break below the trend line and $3,760, the price could move into a bearish zone. The next stop for sellers could be $3,640 or $3,600.

The overall price action is still positive as long as the price is above the $3,800 and $3,760 supports. Having said that, a break above the $3,960 and $4,000 resistances is must for more gains.

Ethereum Price Analysis

Ethereum price remained in a steady uptrend above the $150 and $155 resistance levels. However, ETH/USD faced a strong resistance near the $170 zone, resulting in a sharp decline below the $160 and $150 support levels.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $140 support area and the 21 simple moving average (4-hours). A low was formed near $129 and the price later corrected above the $132 and $136 support levels.

There was a break above the 23.6% Fib retracement level of the last decline from the $170 swing high to $129 swing low. However, the price is facing a strong resistance near the $143-144 zone.

It seems like there is a short term breakout pattern is formed with support at $132 and resistance near the $144 level. If there is an upside break above the $144 resistance, the price could recover towards the $150 resistance level.

The 50% Fib retracement level of the last decline from the $170 swing high to $129 swing low is near the $150 level to act as a hurdle. If there is successful break above the $150 resistance, the price could trade towards the $165 and $170 levels.

On the other hand, if there is a downside break below the $130 support, the price could move into a bearish zone. The next key support below $130 is near the $120 level, where buyers are likely to emerge.

Ripple Price Analysis

Ripple price made a couple of nasty swing moves above the $0.3000 support against the US Dollar. XRP/USD gained traction and surged towards the $0.3500 resistance level after the Coinbase Pro listing announcement. However, buyers failed to clear the $0.3500 resistance and the price declined sharply below $0.3200.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price remained below the $0.3475 and $0.3500 resistance levels. The last swing high was formed at $0.3475 and the price declined below the $0.3320 and $0.3200 support levels.

There was even a close below the $0.3250 level and the 21 simple moving average (4-hours). However, the $0.3000 and $0.3050 support levels acted as barriers for sellers. The last swing low was $0.3054 before the price recovered above the $0.3100 level.

It broke the 23.6% Fib retracement level of the last decline from the $0.3475 high to $0.3054 low. However, the $0.3250 level and the 21 simple moving average (4-hours) are acting as a resistance and preventing further gains.

Moreover, the 50% Fib retracement level of the last decline from the $0.3475 high to $0.3054 low is near the $0.3264 to prevent gains. If there is a break above $0.3250 and $0.3265, the price could recover above the $0.3320 and $0.3350 levels.

On the upside, the main resistance is near the $0.3475 and $0.3500 levels. Similarly, the key supports are $0.3050 and $0.3000, below which the price may drop to $0.2800.

EOS Price Analysis

EOS price extended gains recently above the $4.00 resistance level against the US Dollar. The price broke the $4.20 resistance level and spiked above the $4.50 resistance level before starting a major downside correction.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as high as $4.53 and later corrected sharply below the $4.00 and $3.90 support levels. There was even a break below the $3.75 support level and the 21 simple moving average (4-hours).

The price tested the $3.40 level, which acted as a support and prevented further losses. At the moment, it seems like there is a short term breakout pattern formed with support at $3.40 and resistance near the $3.65 level.

Besides, the 23.6% Fib retracement level of the last decline from the $4.53 high to $3.38 swing low is near the $3.63 level. The main resistance is near the $3.75 level, above which buyers are likely to take control and the price could revisit the $4.00 and $4.20 levels.

On the other hand, if there is a downside break below the $3.40 and $3.35 levels, the price may come under a lot of pressure. The next stop for sellers could the $3.05 and $3.00.

Top Gainers

During the past 7 days, a few small cap altcoins rallied and gained more than 100%, including ABBC, TIG, LBTC, CWV, ENJ, PBT and GBT (trading volume more than $50K). Out of these, ABBC rallied around 265% and TIG gained nearly 160%.

Overall, bitcoin price corrected sharply from well above the $4,200 level. However, the $3,800 support is acting as a strong buy zone. If buyers succeed in gaining momentum above $4,000, the price could start a fresh upward move towards $4,200 and $4,400. Similarly, altcoins such as Ethereum, ripple, EOS, XLM, XRP, BNB, ADA, LTC, TRX, XMR and NEO could bounce back if bitcoin rallies above $4,000.

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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