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The bitcoin price remained in a bearish zone below the resistance area of $ 3,800. If BTC / USD continues to struggle to increase the pace above $ 3,700 and $ 3,800, there may be further declines. Likewise, all major altcoins such as Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS could extend losses if sellers remain in stock in the coming days.
Key Takeaways:
- The price of the bitcoin was corrected higher, but failed near the resistance of $ 3,800.
- Ethereum has recently recovered and has faced sellers near the $ 100 resistance.
- The price ripple remains at risk of a break below the $ 0.2930 support.
- EOS is finding it difficult to break the resistance level of $ 2.00.
- EVN and VRS have gained over 400% in the last 7 days.
Bitcoin price analysis
Bitcoin prices fell heavily last week and exceeded support levels of $ 4,000 and $ 3,500. BTC / USD traded as low as $ 3,283 and thereafter began consolidation above the $ 3,300 level.
Bitcoin price chart: Click to enlarge
Looking at the 4-hour chart, the price recovered this week and broke resistance levels $ 3,400 and $ 3,500. There was also a break above the $ 3,600 resistance and the 21 simple (4 hours) moving average.
The buyers pushed the price above the fiber retracement level of 23.6% of the last drop from the low of $ 4,470 to a $ 3,280 swing. However, the upward move was limited by the resistance area of $ 3,800 and there was no adequate closing above the $ 3,700 spin zone.
The price has declined again and traded below the $ 3,400 support. He is currently following a bearish trend line with resistance at $ 3,550 and 21 SMA. Above the trendline, the next major hurdles are $ 3,700, $ 3,800, and the 50% fiber retracement level of the last drop from $ 4,470 slower to $ 3,280 fluctuates to $ 3,877.
If the price fails to overcome the mentioned obstacles, there is the risk of further losses under the support of $ 3,280. The next stop for sellers could be $ 3,000, below which the price could slip to the $ 2,750 level.
Price analysis of Ethereum
The price of Ethereum dropped sharply from the $ 127 rise and broke the $ 100 support level. The ETH / USD even broke the $ 88-90 support area and traded close to $ 80 level.
Ethereum price table: Click to enlarge
Looking at the 4-hour chart, the price touched a low of $ 82.76 and subsequently started a short-term upward correction. It has exceeded the level of $ 90 and the moving average to 21 (4 hours). Furthermore, there was a break above the Fib retracement level of 23.6% from the last decline from $ 127 high to $ 83 low.
However, the upward move was limited by the $ 100-102 zone (the previous support). There was not even a 50% fiber retracement test of the last decline from $ 127 high to $ 83 low.
The price is back below the $ 90 level and is currently trading below a bearish trend line with resistance to $ 95. A correct break above the $ 95 level and then a close above the $ 100 barrier. it is necessary for a bullish break in the short term.
On the flip side, if the price of Ethereum fails to exceed resistance levels $ 95 and $ 100, there could be a new fall below the $ 82-83 area. The next major support is close to the $ 68 level where buyers could emerge.
Price analysis of undulations
The price of the ripple has dropped recently and has stabilized below support levels of $ 0.3300 and $ 0.3200. The XRP / USD was trading close to the $ 0.2900 level and subsequently began operating in a range.
Ripple Price Chart: Click to enlarge
Looking at the 4-hour chart, the price was trading at $ 0.2933 and subsequently adjusted above the resistance from $ 0.3000 and $ 0.3100. There was a break above the fiber retracement level of 23.6% in the last slide, from $ 0.3684 upwards to $ 0.2933 below.
The price has even risen above the level of $ 0.3300 and the simple moving average at 21 (4 hours). However, there was no adequate closing above the $ 0.3300 resistance and the 50% fiber retracement level of the last slide from $ 0.3684 to $ 0.2933 low.
There was a new decline below $ 0.3200 and $ 0.3100. The XRP is currently trading below the $ 0.3050 level and is following a bearish trend line with resistance at $ 0.3080.
A positive closing above the trendline, $ 0.3100, and the simple moving average at 21 (4 hours) is necessary for a decent recovery towards $ 0.3300 or even $ 0.3500. If there is a bullish break above the trendline and $ 0.3100, there may be a bearish break below the $ 0.2933 minimum.
The next key support will be $ 0.2900, below which sellers could direct the $ 0.2500 support area in the next sessions.
EOS price analysis
The EOS price fell below the $ 2.00 support area last week against the US dollar. The price traded to the support area $ 1.50 this week and subsequently formed a decent support.
EOS Price Table: Click to enlarge
Looking at the 4-hour chart, the price started a decent recovery from the low of $ 1.55. It exceeded the $ 1.85 level and the Fib retracement level of 23.6% of the last slide from $ 3.07 up to $ 1.55 below.
Also, there was a break above the $ 2.00 level and the simple moving average at 21 (4 hours). However, the price failed to exceed the $ 2.00 level and was refused near the $ 2.14 to 2.015 zone.
The price has declined again and traded below the support of $ 2.00 plus the moving average at 21 (4 hours). Furthermore, there is a crucial bearish trend line in place with resistance at $ 2.05 on the same chart.
If there is a break above the trend line and $ 2.15, the price can test the Fib 50% retracement level of the last slide from $ 3.07 up to $ 1.55 down for $ 2.31. On the flip side, if there is no bullish break above $ 2.00 and $ 2.15, the EOS price is likely to revisit the $ 1.55 or $ 1.60 support.
The best earnings
In the last 7 days, some small capitalization altcoins have recorded a higher upside and have posted gains of over 80%, including EVN, VRS, TKT, ABBC, AAA and SSP (trading volume above $ 50,000). Of these, the EVN has gathered around 450% and VRS has gained almost 430%.
Overall, the bitcoin price is still in a bigger downtrend than the swing price of $ 4,500. To start a solid recovery, BTC / USD must break resistance levels $ 3,800 and $ 4,000. Otherwise, there is a risk of further losses of less than $ 3,200 and $ 3,000. Likewise, the main altcoins such as Ethereum, EOS, Stellar, ripple, BCH, BCHSV, ADA, NEO, ZRX and XMR could extend losses in the next few sessions if the bitcoin slips below $ 3,200.
Market data is provided by TradingView, Bitfinex.
