EagleFX

Bitcoin price rallied significantly before it faced a strong hurdle near $13,800. BTC trimmed most its gains and recently traded towards an important support area above $10,000.

Similarly, there were sharp 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. To start a fresh increase BTC must climb back above $12,000 and Ethereum must settle above $325.00.

Cryptocurrency Price Watch

Key Takeaways:

  • Bitcoin price rallied more than 30% and recently trimmed most gains.
  • Ethereum price topped near the $364.00 level and recently declined below $300.00.
  • Ripple price formed a double top near $0.4930 and tumbled below $0.4200.
  • EOS price broke a major support area near $6.05 to move into a bearish zone.
  • XMX gained nearly 800% and BOX rallied around 280% in the past 7 days.

Bitcoin Price Analysis

This week, bitcoin price formed a strong support near the $10,400 level and started an upward move. BTC/USD rallied more than 25% and broke a few important resistances, including $11,500, $12,000 and $13,000.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $13,500 level and the 21 simple moving average (4-hours). Finally, the price traded close to the $14,000 level before sellers emerged.

A new 2019 high was formed near $13,760 before the price started a strong decline. It tumbled more than 20% and broke the key supports near $13,000 and $12,000.


Cryptorocket

There was also a close below the $12,000 support and the 21 simple moving average (4-hours). It opened the doors for more losses below $11,800 and the price even broke the $11,200 support area. However, the previous support zone near $10,400 acted as a crucial buy zone.

Moreover, there is a connecting bullish trend line forming with support at $10,500 on the same chart. The price is currently correcting higher and is trading near the 23.6% Fib retracement level of the recent decline from the $13,760 swing high to $10,417 low.

On the upside, there is a strong resistance near the $11,550 level. If there is a break above the $11,550 level, the price could recover towards $12,000 or the 21 simple moving average (4-hours).

The main resistance is near the $12,100 level and the 50% Fib retracement level of the recent decline from the $13,760 swing high to $10,417 low.

A successful close above the $12,000 level and a follow through above $12,100 might start a fresh increase in the near term.

Conversely, if bitcoin price slides below the main $10,400 support, it could move into a bearish zone and might decline towards the $9,600 or $9,200 support.

Ethereum Price Analysis

Ethereum price also followed a similar pattern and rallied above the $320.00 and $350.00 resistance levels. ETH price even spiked above the $360.00 level and traded to a new 2019 high near the $363.70 level.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price failed to continue higher and declined sharply below the $342.00 and $325.00 support levels. There was even a close below the $325.00 support and the 21 simple moving average (4-hours).

It opened the doors for more losses and the price even broke the main $300.00 support area. The price is currently trading above the $275.00 support level and is consolidating losses.

There is also a major bullish trend line forming with support at $284.00 on the same chart. If the price fails to stay above the trend line and the $275.00 support, there is a risk of more losses. The next immediate support is near the $250.00 level, where the bulls may emerge.

On the upside, an initial resistance is near $300.00 and the 23.6% Fib retracement level of the last decline from the $263.67 high to $276.06 low.

Furthermore, there are many barriers near the $318.00, $320.00 and $325.00 levels. The 21 simple moving average (4-hours) is positioned near the $318.00 level to act as a resistance.

Besides, the 50% Fib retracement level of the last decline from the $263.67 high to $276.06 low is near $320.00. Therefore, Ethereum price must break the $320.00 and $325.00 resistance levels to move back in a positive zone.

If not, there is a risk of more losses below the trend line and the $275.00 support in the coming days.

Ripple Price Analysis

Ripple price traded above the $0.4750 and $0.4800 resistance levels against the US Dollar. However, the XRP/USD pair struggled to clear the main $0.4950 and $0.5000 resistance levels. It formed a double top pattern and recently declined heavily below $0.4600.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price formed a top near the $0.4930 level and declined sharply below $0.4600 and 0.4500. There was also a break below the $0.4320 support and the 21 simple moving average (4-hours).

Moreover, the price traded below a key bullish trend line with support near $0.4300 on the same chart. It opened the doors for more losses and the price declined below the $0.4200 support.

It even spiked below $0.4000 and traded close to the $0.3800 support. A swing low was formed at $0.3903 and the price is currently correcting higher.

An initial resistance is near the $0.4145 level and the 23.6% Fib retracement level of the last drop from the $0.4930 high to $0.3903 low. Above $0.4145 and $0.4200, the price could recover towards the next key resistance near $0.4420.

The 50% Fib retracement level of the last drop from the $0.4930 high to $0.3903 low is also near the $0.4420 level. Therefore, if the price corrects higher, it could face a strong resistance near $0.4400 and $0.4420 level.

On the downside, there is a strong support forming near the $0.3800 level. If ripple price fails to stay above the $0.3800 support, it could extend losses.

The next major support is near the $0.3550 and $0.3500 levels, below which XRP/USD might slide towards the $0.3200 pivot level.

EOS Price Analysis

After a decent upward move, EOS price struggled to stay above the $7.500 level against the US Dollar. The price started a fresh decline and broke the $7.200 and $7.000 support levels to enter a bearish zone.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price declined steadily and gathered pace below the $6.720 support level plus the 21 simple moving average (4-hours). It set the tone for more downsides and the price even cleared the $6.250 support level.

More importantly, there was a break below a bullish trend line and the price even surpassed a crucial support area near $6.050 and $6.000.

A new weekly low was formed at $5.551 and the price is currently consolidating losses. An initial resistance is near the $5.920 level plus the 23.6% Fib retracement level of the last decline from the $7.407 high to $5.551 low.

If there is a steady rise above $6.000 and $6.050, the price could recover towards the $6.250 level. The next major resistance is near the $6.450 level and the 50% Fib retracement level of the last decline from the $7.407 high to $5.551 low.

Conversely, if the price fails to settle above $6.050, it could continue to move down. A break below the $5.500 support might push the price towards the $5.250 level.

Top Gainers

During the past 7 days, a few small cap altcoins gained traction and climbed more than 100%, including XMX, BOX, EFYT, BTNT, YCC, IG, STPT, SEELE, UUU and LXT (trading volume more than $50K). Out of these, XMX rallied around 800% and BOX gained nearly 280%.

Overall, bitcoin price must stay above the key $10,400 support level to start a fresh increase. If BTC/USD extends losses below $10,400 and $10,000, there could be more downsides in major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, ICX, BNB, XMR, NEO, and WTC.

The market data is provided by TradingView, Bitfinex.


Buy Crypto    Trade Crypto
eToro Risk Warning: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Avatar

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.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply

Your email address will not be published. Required fields are marked *