Bitcoin price extended losses below the $4,500 support zone and traded towards $3,650. BTC/USD is currently correcting higher, but upsides are likely to be capped near $4,700 or $4,950. Similarly, major altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS are under a lot of pressure and they could decline further after a short term bounce.

Key Takeaways:

  • Bitcoin price declined heavily and traded close to the $3,650 level.
  • Ethereum traded close to the key $100 support area.
  • Ripple price revisited the $0.3200 support area and later corrected higher.
  • EOS crashed below $3.50 and $3.00 support levels.
  • MPX and OCC gained more than 250% during the past 7 days.

Cryptocurrency Price Watch

Bitcoin Price Analysis

Bitcoin price remained in a significant downtrend after it broke the $6,000 support area. BTC/USD extended losses recently and broke the $4,500, $4,000 and $3,700 support levels to move further into a bearish zone.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded close to the $3,650 level and formed a new yearly low at $3,662. Later, the price formed a support base near $3,660 and started an upside correction.

It traded above the $4,000 resistance and settled above the 21 simple moving average (4-hours). There was also a break above the 23.6% Fib retracement level of the recent decline from the $5,750 swing high to $3,662 low.

More importantly, there was a break above a key bearish trend line with resistance at $4,155 on the same chart. It opened the doors for more gains and the price traded towards the $4,450-4,500 resistance, which acted as a barrier.

The price is currently consolidating below $4,450 and it is preparing for the next wave. It could spike above the $4,500 resistance and test the $4,700 resistance. It represents the 50% Fib retracement level of the recent decline from the $5,750 swing high to $3,662 low.

Any further gains could be limited by sellers near the $4,950 and $5,000 levels. On the downside, an initial support is at $4,100 and the 21 SMA, below which the price may decline back towards the $3,650 support zone.

Overall, bitcoin price is placed nicely for a recovery, but gains are likely to be capped near the $4,700 or $4,950 levels.

Ethereum Price Analysis

Ethereum price also followed bitcoin and declined heavily below the $130 and $120 support levels. ETH/USD even broke the $110 level and traded close to the $100 handle.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price found a strong support above the $100 level and a new yearly low was formed at $103.27. Later, the price formed a solid support and started a recovery above the $110 level.

There was a break above a major bearish trend line with resistance at $112 on the same chart. Moreover, the price broke the $120 level and the 21 simple moving average (4-hours).

There was also a spike above the 23.6% Fib retracement level of the last decline from the $180 swing high to $103 low. However, buyers failed to clear the $126-127 resistance area. At the moment, the price is consolidating above the $115 level and the 21 simple moving average (4-hours).

On the upside, a break above the $127 level is needed for more gains. The next hurdle is near the $142-143 zone and the 50% Fib retracement level of the last decline from the $180 swing high to $103 low.

On the downside, an initial support is at $115 and the 21 simple moving average (4-hours), below which the price is likely to revisit the $103 low. If sellers remain in action, there is a chance of more losses below the $100 level.

Ripple Price Analysis

Ripple price also failed to recover and declined below the $0.4500 support level. More importantly, there was a close below the crucial $0.4200 support area, which is likely to act as a resistance if the price corrects higher.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price remained in a steady decline and traded below the $0.4330, $0.4160 and $0.4040 support levels. It opened the doors for more losses and the price broke the $0.3500 support and the 21 simple moving average (4-hours).

The price traded as low as $0.3286 and later started an upside correction. It climbed back above the $0.3600 level and the 21 simple moving average (4-hours).

Buyers pushed the price above the 23.6% Fib retracement level of the recent decline from the $0.5313 high to $0.3286 low. However, the previous supports at $0.4330, $0.4160 and $0.4040 are now likely to act as strong barriers for buyers.

The $0.4300 level also coincides with the 50% Fib retracement level of the recent decline from the $0.5313 high to $0.3286 low.

Overall, if ripple price is likely to struggle to gain pace above the $0.4200-0.4300 zone and it could decline once again below the $0.3600 level.

EOS Price Analysis

EOS price failed to recover and remained in a solid downtrend from the $5.80 swing high against the US Dollar. The price traded lower and broke many supports recently, including $5.20, $5.00, $4.50, $4.25 and $4.00.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price declined heavily and even broke the $3.00 support level. A new multi month low was formed at $2.86 and later the price is still showing a lot of bearish signs.

At the moment, there is a major declining channel in place with resistance at $3.25 on the same chart. Above the channel, the 23.6% Fib retracement level of the recent decline from the $4.70 swing high to $2.86 low is at $3.30.

If there is a break above $3.25 and $3.30, the price could trade towards the $3.80 level. It represents the 50% Fib retracement level of the recent decline from the $4.70 swing high to $2.86 low.

If the price fails to correct higher, it could decline back below $3.00. The next support is at $2.85, below which the price could tumble towards the $2.50 or $2.20 level.

Top Gainers

During the last 7 days, a few small cap altcoins gained more than 100%, including NPX, OCC, BSV, CST, BDT and UPP (trading volume more than $50K). Out of these, NPX rallied around 370% and OCC gained nearly 260%.

Overall, bitcoin price is currently recovering nicely above $4,000. BTC/USD could continue to recover, but sellers are likely to defend the $4,700 or $4,950-5,000 resistance zones. Once the current correction is complete, the price is likely to resume its decline below $4,000. Similarly, major altcoins like Ethereum, EOS, litecoin, ripple, NEO, QTUM, bitcoin cash, ADA, XLM, ZRX and XMR are slide further after a short term upside correction.

The market data is provided by TradingView, Bitfinex.

Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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