Bitcoin price tested the $9,100 area before starting a crucial downside correction. BTC declined sharply below the $8,600 support level, but uptrend is still intact as long as the price is above $7,480.

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. There might be more losses, but the market is likely to recover after completing the current correction.

Cryptocurrency Price Watch

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Key Takeaways:

  • Bitcoin price remained in a strong uptrend until sellers took a stand near the $9,100 level.
  • Ethereum price declined heavily after trading to a new yearly high at $289.55.
  • Ripple price retreated from highs, but it remained well above $0.3875 support area.
  • EOS price is likely to find a strong support near the $6.800 level.
  • STAC is up around 450% and THX gained nearly 185% in the past 7 days.

Bitcoin Price Analysis

This week, there were steady gains in bitcoin price above the $7,800 and $8,000 levels. The price traded above the key $8,400 and $8,500 resistance levels to extend gains above $8,800. The upward move was positive as there was even a break above the $9,000 barrier.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded above the $9,100 level and formed a near yearly high at $9,113. However, there was a major bearish reaction and the price declined sharply below the $9,000 support level.

There was a break below many supports near $8,800 and $8,600. Moreover, there was a break below the 23.6% Fib retracement level of the last major wave from the $6,988 swing low to $9,113 high.

Finally, there was a close below the $8,400 level and the 21 simple moving average (4-hours). The price tested the $8,050 support level and the 50% Fib retracement level of the last major wave from the $6,988 swing low to $9,113 high.

On the downside, there are many important supports near the $8,050 and $7,800 levels. There is also an ascending channel in place with support at $8,050 on the same chart.

Below the channel, there is a crucial bullish trend line with support at $7,820. The 61.8% Fib retracement level of the last major wave from the $6,988 swing low to $9,113 high is also near the $7,800 level.

Finally, the major uptrend support is near the $7,480 level, below which the price could start a strong downward move.

On the upside, the recent supports near the $8,350 and $8,400 levels could prevent gains. The main resistance is near the $8,620 level and the 21 SMA. Overall, bitcoin price is likely to recover as long as it is trading above the $7,800 and $7,480 support levels.

Ethereum Price Analysis

Ethereum price gained traction above the $270.00 level. ETH price even cleared the $280.00 level and the 21 simple moving average (4-hours). The price traded to a new 2019 high near the $289.55 level before starting a crucial downside correction.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price declined heavily below the $270.00 support and settled well below the 21 simple moving average (4-hours).

During the decline, there was a break below the 50% Fib retracement level of the last wave from the $230.92 low to $289.55 high. The recent decline took the price below the $250.00 support level.

The price tagged the $240.00 support level and the 76.4% Fib retracement level of the last wave from the $230.92 low to $289.55 high. Moreover, there is a major bullish trend line in place with support at $240.00 on the same chart.

The next major support is at $230.00, below which the price may perhaps move into a bearish zone. On the upside, an initial resistance is near the $260.00 level.

However, the main resistance is at $270.00 and the 21 simple moving average (4-hours). In the short term, there might be range moves below $270.00 before the price spikes towards $230.00 to complete the current downside correction.

Ripple Price Analysis

Ripple price made a sharp upward move after it cleared the $0.4180 resistance level against the US Dollar. XRP/USD traded above the $0.4200 and $0.4400 resistance levels. The upward move was strong and the price even rallied above $0.4600.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price retested the key $0.4750 resistance area, where sellers emerged. A swing high was formed at $0.4758 and the price recently declined heavily.

It seems like a double top pattern is formed at $0.4758 and the price declined below $0.4600 and $0.4400. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $0.3602 swing low to $0.4758 high.

Finally, there was a close below the $0.4400 level and the 21 simple moving average (4-hours). The price tested the $0.4040 level and the 61.8% Fib retracement level of the last wave from the $0.3602 swing low to $0.4758 high.

On the downside, there is a key bullish trend line formed with support at $0.4040. The main support is near the $0.3875 level and the 76.4% Fib retracement level of the last wave from the $0.3602 swing low to $0.4758 high.

If there is a downside break below $0.3875, the price could revisit the next important support at $0.3600. The current price action is slightly bearish, but as long as the price is above $0.3875, there are chances of a fresh increase above the $0.4350 level.

EOS Price Analysis

There was a sharp increase in EOS price this week above the $7.000 barrier against the US Dollar. The price traded higher and cleared the main $7.600 and $8.000 resistance levels. The upward move was such that the price traded to a new 2019 high at $8.464.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price started consolidating gains after trading as high as $8.464. Finally, there was a downside break below the $8.000 support level and an ascending channel.

The price settled below the $7.600 support and the 21 simple moving average (4-hours). Besides, there was a spike below the $7.200 support level and the 50% Fib retracement level of the wave from the $5.728 low to $8.464 high.

The price tagged the $7.000 support level and traded close to the 61.8% Fib retracement level of the wave from the $5.728 low to $8.464 high.

The bulls defended the $7.00 support level and the price is currently trading in a range. On the upside, there is an initial barrier bear the $7.600 level (the recent support).

To start a fresh increase, the price must break the $8.000 level and the 21 simple moving average (4-hours). On the downside, an initial support is at $7.000 and $6.800, below which there is a risk of a sharp decline towards $6.000.

Top Gainers

During the past 7 days, a few small cap altcoins climbed higher and gained more than 100%, including STAC, THX, ADK, JWL, SNX, MVP, ISR, INC, MRS and NEAL (trading volume more than $50K). Out of these, STAC rallied around 475% and THX gained nearly 185%.

Overall, bitcoin price started a major downside correction after it failed to stay above $9,100 and $9,000. In the short term, there could be more downsides, but BTC and most major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, DASH, BNB, XMR, NEO, and IOTA are likely to recover higher.

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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