Bitcoin price declined further and tested the $3,400 support area. BTC/USD remains in a downtrend and it could either correct above $3,500 or decline further below $3,400. Similarly, all major altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS could continue to move down.

Key Takeaways:

  • Bitcoin price extended losses below $3,500 and tested the $3,400 support level.
  • Ethereum price is following a significant declining channel with resistance near $107.
  • Ripple price is struggling below the $0.3000 and $0.3100 resistance levels.
  • EOS is consolidating in a broad range above the $2.25 support area.
  • B2G and ERC20 rallied more than 200% during the past 7 days.

Cryptocurrency Price Watch

Bitcoin Price Analysis

This week, there was a downside extension below the $3,500 level in bitcoin price. BTC/USD traded below the $3,440 support and it almost tested the $3,400 support. A new yearly low was formed at $3,404 and the price is currently consolidating losses.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price attempted a minor upside recovery above the $3,500 and $3,540 levels. The price even broke the $3,550 level and the 21 simple moving average (4-hours). However, sellers defended gains above the $3,580 and $3,600 resistance levels.

Later, there was a fresh decline and the price traded below the $3,500 support and the 21 simple moving average (4-hours). It even broke the last swing low at $3,426 and traded to a new yearly low at $3,404.

At the moment, the price is consolidating losses and it recently tested the 23.6% Fib retracement level of the recent decline from the $3,581 high to $3,404 low. However, there are many barriers on the upside near the $3,460 and $3,500 resistance levels.

Moreover, there is a major bearish trend line active with resistance at $3,455 on the same chart. Above the trend line, the next resistance is near $3,500 and the 50% Fib retracement level of the recent decline from the $3,581 high to $3,404 low.

To start a solid rebound, the price must break the $3,500 and $3,520 resistance levels. The next key resistances are at $3,580 and $3,600.

Alternatively, if there is no upside break above $3,500, the price might slide below the $3,400 support level in the near term. On the downside, the next major supports are at $3,320 and $3,250.

Ethereum Price Analysis

Ethereum price started a short term upside correction from the $103 swing low. ETH/USD traded above the $107 and $110 levels, but it faced a strong resistance near the $114 level, resulting in a fresh drop towards $103 and $102.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded above the $107 resistance and the 23.6% Fib retracement level of the last downside move from the $123 swing high to $103 low. There was even a break above the $110 level and the 21 simple moving average (4-hours).

However, sellers appeared near the $114 and $115 resistance levels. They also defended the 50% Fib retracement level of the last downside move from the $123 swing high to $103 low.

As a result, the price failed to break the $115 resistance and started a fresh downside move. It broke the $107 support and the 21 simple moving average (4-hours). The decline was such that the price tested the $102-103 support area.

At the moment, the price is consolidating above $103 and below the 21 simple moving average (4-hours).  There is also a crucial declining channel in place with resistance at $107 on the same chart.

Therefore, a proper break above the channel resistance and the $114-115 is needed for a decent rebound in the coming sessions. If not, there is a risk of a bearish break below the $102 and $100 levels.

Ripple Price Analysis

Ripple price climbed higher sharply earlier this week after forming a support base near $0.2850 against the US Dollar. XRP/USD jumped above the $0.3000 and $0.3200 resistance levels, but buyers failed miserably near the $0.3400 resistance level.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded towards the $0.3450 resistance level and formed a high at $0.3427. Later, there was a sharp decline and the price trimmed most of its gains above $0.3000. The price even broke the $0.3000 support and the 21 simple moving average (4-hours).

During the decline, there was a break below the 61.8% Fib retracement level of the last wave from the $0.2850 low to $0.3427 high. The price traded close to the $0.2850 support and formed a low at $0.2908.

At the moment, the price is consolidating above $0.2900 and below the 21 simple moving average (4-hours). An initial resistance is near the 23.6% Fib retracement level of the last drop from the $0.3427 high to $0.2908 low.

There is also a key bearish trend line in place with resistance at $0.3100 on the hourly chart. Therefore, a break above the trend line and $0.3000 is need for a correction towards $0.3300.

On the flip side, if the price fails to move past $0.3000 and $0.3100, there could be a fresh decline towards the $0.2850 and $0.2600 levels in the coming sessions.

EOS Price Analysis

EOS price was mostly confined in a tiny range below the $2.50 and $2.55 resistance levels against the US Dollar. The price recently corrected higher, but upsides were capped by the $2.50 resistance.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price started an upside correction after trading as low as $2.18. It recovered above the $2.30 and $2.40 resistance levels. The price traded close to the $2.50 resistance, where sellers emerged.

There was a fresh decline below $2.40 and the 21 simple moving average (4-hours). The price also traded below the 50% Fib retracement level of the last wave from the $2.18 low to $2.49 high.

On the downside, supports are visible near $2.30, $2.32, and the 61.8% Fib retracement level of the last wave from the $2.18 low to $2.49 high. On the upside, there is a strong resistance formed near $2.50 and a bearish trend line.

To climb towards the $3.00 handle, the price has to break the $2.50 and $2.55 resistance levels. If not, it could revisit the $2.25 and $2.20 support levels.

Top Gainers

During the past 7 days, a few small cap altcoins gained upward traction and moved up by more than 100%, including B2G, ERC20, TKT, PCH and ORME (trading volume more than $50K). Out of these, B2G rallied around 375% and ERC20 gained nearly 220%.

Overall, the crypto market mostly remained in a bearish zone, but bitcoin price could find support near the $3,400 level. If BTC/USD gains traction and breaks the $3,500 resistance, there are chances of a decent rebound in the coming days. If not, bitcoin and altcoins such as Ethereum, ripple, EOS, stellar, XRP, BCH, ADA, LTC, TRX, XLM and XMR could extend their decline.

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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