Bitcoin price completed a major downside correction near $7,480 and recently climbed higher. BTC is currently placed above $8,000 and it is likely to grind higher towards $8,480 or $8,740.

Moreover, there was a decent recovery in major altcoins such as binance coin (BNB), Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), stellar (XLM), ADA, EOS, and TRX. If BTC continues to rise, it could drag altcoins higher in the near term.

Cryptocurrency Price Watch

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Key Takeaways:

  • Bitcoin price found a strong buying interest near the $7,480 and $7,500 levels.
  • Ethereum price remained well bid above the main $226 support area.
  • Ripple price is still holding the key $0.3700 support area, but struggling near $0.4100.
  • EOS price seems to be forming a major breakout pattern with resistance near $6.600.
  • EQL, VOCO and PPP are up more than 250% in the past 7 days.

Bitcoin Price Analysis

This week, bitcoin price retested the key $7,480 and $7,500 support levels. Sellers were not able to gain strength below $7,500, resulting in a bullish reaction in BTC/USD above the $7,600 and $7,700 resistance levels.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as low as $7,478 and recently traded above the $7,800 resistance area. There was even a close above the $8,000 level and the 21 simple moving average (4-hours).

The price even climbed above the 23.6% Fib retracement level of the last key decline from the $9,120 swing high to $7,480 swing low. Moreover, there was a break above a major bearish trend line at $8,000 on the same chart.

Finally, the price moved above the $8,200 level, but it faced a strong resistance near the $8,300 level. It seems like the 50% Fib retracement level of the last key decline from the $9,120 swing high to $7,480 swing low is acting as a resistance for the bulls.

If there is an upside break above the $8,300 level, the price could continue higher. The next resistance could be $8,500 or the 61.8% Fib retracement level of the last key decline from the $9,120 swing high to $7,480 swing low.

Above $8,500, the price is likely to accelerate towards the $8,740 level. Conversely, if there is a downside correction, the price might find bids near the $8,100 level or the 21 simple moving average (4-hours).

The main support is near the $7,850 level, below which the price could correct further lower towards the $7,500 support.

Overall, bitcoin price is likely to continue higher towards $8,500 and $8,740 as long as it is trading above the $7,500 support zone.

Ethereum Price Analysis

Ethereum price declined steadily below the $260 and $250.00 support levels. ETH price traded below the $240.00 support and revisited the main $225-226 support area, where the bulls emerged.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price formed a swing low near $227 and recently started an upside correction. It broke the $240 resistance and the 21 simple moving average (4-hours).

Moreover, there was a break above a major bearish trend line at $241 on the same chart. The price surpassed the $250 resistance and the 50% Fib retracement level of the last decline from the $289 swing high to $227 swing low.

The price is now trading above the $250 level and the 21 simple moving average (4-hours). However, the 61.8% Fib retracement level of the last decline from the $289 swing high to $227 swing low is acting as a resistance.

The price is currently correcting lower, but the 21 simple moving average (4-hours) is acting as a support near the $250 level. If there is a downside break, the price could retest the $240 support area.

On the upside, the price must gain pace above the $265 level to continue higher. The next stop for the bulls could be $274 or the 76.4% Fib retracement level of the last decline from the $289 swing high to $227 swing low.

Above $274, the price could accelerate above the $280 and $282 levels.

Ripple Price Analysis

Ripple price declined sharply after it failed to climb above $0.4400 against the US Dollar. XRP/USD even traded below the $0.4000 support area and revisited the main $0.3700 support zone.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as low as $0.3700 and recently started an upside correction. It broke the $0.3820 resistance and the 21 simple moving average (4-hours).

There was a break above the 23.6% Fib retracement level of the last drop from the $0.4334 high to $0.3700 low. The price climbed and recovered above the $0.3920 and $0.3950 resistance levels.

Finally, there was a push above the $0.4000 level and the 50% Fib retracement level of the last drop from the $0.4334 high to $0.3700 low.

However, the upward move was capped by a bearish trend line near $0.4100 on the same chart. Moreover, the 61.8% Fib retracement level of the last drop from the $0.4334 high to $0.3700 low also acted as a resistance.

The price is currently trading near $0.3950 and the 21 simple moving average (4-hours), with a risk of more losses below the $0.3920 and $0.3900 levels. The main support is at $0.3700 and $0.3640, below which ripple price could decline heavily.

To start a fresh upward move, the price must break the $0.4050 and $0.4100 resistance levels. The next key hurdle is at $0.4200, followed by $0.4240.

EOS Price Analysis

There was a sharp reversal in EOS price below the $8.000 and $7.500 support levels against the US Dollar. The price even broke the $6.800 support area to enter a bearish zone.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price extended losses below the $6.500 and $6.200 support levels. There was also a close below the $6.800 pivot level and the 21 simple moving average (4-hours).

The price spiked below $6.000 and found support near $5.900. A swing low was formed at $5.927 before the price started consolidating losses. It recovered above the $6.200 and $6.300 levels.

However, EOS is facing resistance near $6.600 and the 23.6% Fib retracement level of the last decline from the $8.671 high to $5.927 low.

Moreover, there is a breakout pattern forming with resistance near $6.600 on the same chart. If there is an upside break above $6.600, the price could stage a strong upward move.

The next key resistances are near $6.800 and $7.000. The main hurdle is near $7.300 and the 50% Fib retracement level of the last decline from the $8.671 high to $5.927 low.

Conversely, if there is a downside break below $6.200, the price may even struggle to stay above the $6.000 support area.

Top Gainers

During the past 7 days, a few small cap altcoins climbed higher and gained more than 150%, including EQL, VOCO, PPP, WISH, NOW, IFOOD, ZXC, BOMB, VRA, WGP, A and VIDT (trading volume more than $50K). Out of these, EQL rallied around 570% and VOCO gained nearly 280%.

Overall, bitcoin price started a convincing upward move above the $8,000 pivot level. If BTC accelerates above $8,300 and $8,500, it could help major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, DASH, BNB, XMR, NEO, and IOTA to gain bullish momentum.

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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