Bitcoin price started a fresh increase and broke the key $4,000 resistance level. BTC is currently gaining traction and it could continue to move higher towards $4,200.

Besides, there were bullish moves in altcoins such as Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, ICX and EOS. The overall price action is positive and indicates a positive trend in the coming days.

Key Takeaways:

  • Bitcoin price found a strong buying interest and climbed above $4,000 and $4,050.
  • Ethereum price stayed above the $134 support and rebounded above $140.
  • Ripple price declined sharply below $0.3050 before it corrected higher.
  • EOS rallied recently above the $4.00 and $4.25 resistance levels.
  • CCN surged around 1600% and ETA is up around 255% in the past 7 days.

Cryptocurrency Price Watch

Read: Our Cryptocurrency Trading Bots Guide

Bitcoin Price Analysis

Earlier, there was a downside reaction in bitcoin price below the $4,030 level. BTC/USD tested the $3,940 support level, where buyers emerged. Later, there was a sharp upward move and the price traded above the $4,000 resistance and pivot level.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as low as $3,940 and later climbed above the $4,000 and $4,020 resistance levels. There was even a close above the $4,020 level and the 21 simple moving average (4-hours).

The price even traded above the 61.8% Fib retracement level of the last decline from the $4,147 high to $3,940 low. It opened the doors for more gains and the price traded above the $4,080 level.

It tested the 76.4% Fib retracement level of the last decline from the $4,147 high to $3,940 low. Besides, there is a connecting bearish trend line in place with resistance near $4,100 on the same chart. In the short term, there could be a downside correction towards the $4,065 support.

The main support is near the $4,050 level and the 21 simple moving average (4-hours). There are high chances of buyers taking a stand near the $4,050 and $4,030 support levels.

On the upside, a convincing break above the trend line and $4,120 is must for more gains. The next key resistance is near the $4,150 swing high. Any further gains is likely to set the pace for an upsurge towards the $4,200 and $4,250 resistance levels.

Overall, bitcoin price is trading with a positive bias and it could soon make an attempt to climb above the $4,100 and $4,150 resistance levels.

Ethereum Price Analysis

Ethereum price followed a bearish path below the $140 resistance and tested the $133-134 support area. ETH/USD found a strong buying interest near the $133-134 support area, resulting in a decent comeback this week.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded below the $133 level and formed a low just above the $132 level. Later, there was a sharp upward move above the $135 and $138 resistance levels. Buyers even managed a close above the $138 level and the 21 simple moving average (4-hours).

During the upside, there was a break above a major bearish trend line with resistance at $137 on the same chart. Finally, there was a break above the 50% Fib retracement level of the last decline from the $147 swing high to $132 swing low.

At the moment, the price is trading near the $140 level and facing a strong resistance near the $142 level. The 61.8% Fib retracement level of the last decline from the $147 swing high to $132 swing low is also near the $142 level.

An upside break above the $142 barrier may clear the path for more gains towards the $144 and $145 resistance levels.

If the price corrects lower in the short term, it could find support near the $138 level and the 21 simple moving average (4-hours). The main support is near $137, where buyers are likely to take a stand.

Ripple Price Analysis

There was a significant downside break in ripple price below the $0.3100 and $0.3050 support levels against the US Dollar. XRP/USD even traded below the $0.3000 support level before buyers appeared near the $0.2980 level.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded below a massive breakout structure with support near the $0.3140 level. Later, there was a sharp decline below the $0.3100 support and the 21 simple moving average (4-hours).

The price even traded below the $0.3000 level and formed a new monthly low at $0.2986. Later, the price corrected higher and broke the $0.3050 and $0.3060 resistance levels.

There was also a break above the 23.6% Fib retracement level of the last decline from the $0.3288 high to $0.2986 low. Bulls managed to push the price above the $0.3100 level and the 21 simple moving average (4-hours).

However, the price is facing a strong resistance near the $0.3150 level and the 50% Fib retracement level of the last decline from the $0.3288 high to $0.2986 low.

Therefore, the price must break the $0.3150 and $0.3160 resistance levels to move back in a positive zone. The next key resistance levels are $0.3200 and $0.3225. If it fails to move past $0.3150, there could be a fresh decline towards the $0.3100 and $0.3020 support levels.

EOS Price Analysis

There was a strong rally in EOS price after it broke the $3.72 and $3.75 resistance levels against the US Dollar. The price surged above the $4.00 and $4.12 resistance levels to move into a bullish zone.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price formed a solid support at $3.62 and later rallied above the $3.75 resistance, a bearish trend line on the same chart, and the 21 simple moving average (4-hours).

There was a sharp surge above the $4.00, $4.12 and $4.25 resistance levels. The price traded to a new monthly high at $4.40 and it is currently consolidating gains. An initial support is at $4.25 and the 23.6% Fib retracement level of the last wave from the $3.61 low to $4.40 high.

If there is a break below the $4.20 support, the price may test the $4.00 support and the 50% Fib retracement level of the last wave from the $3.61 low to $4.40 high.

On the upside, an initial resistance is near $4.35, above which there is a risk of more gains above the $4.40 swing high. Finally, if bulls remain in action, the price could even test the $5.00 barrier in the near term.

Top Gainers

During the past 7 days, a few small cap altcoins surged higher and posted gains more than 150%, including CCN, EVX, ETA, NEXT, AIT, SHE, COT and XHV (trading volume more than $50K). Out of these, CCN rallied around 1600% and ETA gained nearly 255%.

Overall, bitcoin price is trading nicely in a positive zone above the $4,000 level. There could be a couple of swing moves in BTC in the short term, but there are chances of more gains above $4,150. A successful break above the $4,150 resistance may perhaps clear the path for more upsides in altcoins like Ethereum, ripple, bitcoin cash, XLM, ADA, TRX, EOS, ICX, LTC, BNB, XMR and ICX in the coming days.

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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