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The price of the bitcoin failed to overcome the resistance of $ 4,400 and started a bearish move. BTC / USD broke the key support at $ 3,880 and moved into a bearish zone. Likewise, all major altcoins such as Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS have not recorded any gains, have declined recently and may continue to slip.
Key Takeaways:
- The price of the bitcoin rose near the $ 4,400 level and started a big bearish move.
- The price of Ethereum has started to drop from well over $ 160 and has moved below $ 130.
- The price of the ripple dropped dramatically below $ 0.4200 and $ 0.3800.
- EOS is slowly moving towards the support area of $ 2.15.
- XET has gathered over 400% and the PLC has gained around 100% in the last 7 days.
Bitcoin price analysis
The price of Bitcoin has recently made a nice upward move above the $ 4000 level and has even exceeded the $ 4,200 level. However, the BTC / USD pair failed to cancel the resistance level of $ 4,400 and subsequently began a downward correction.
Bitcoin price chart: Click to enlarge
Looking at the 4-hour chart, the price was trading at $ 4,386 and later started a big bearish move. He broke the $ 4,200 and $ 4,000 of support to move into a bearish zone.
More importantly, there was a break below a fundamental uptrend line with support for $ 3,880 on the same chart. The price has even stabilized below the level of $ 4000 and the moving average at 21 (4 hours). Furthermore, there was a break below the 50% Fibra retracement level of the last wave, from $ 3,213 down to $ 4,386 up.
The price has clearly moved into a bearish zone and could continue to fall short-term to $ 3,700 and $ 3,600. Immediate support is $ 3,660 and the Fib retracement level of 61.8% of the last wave from $ 3,213 down to $ 4,386 high.
If there is a slide under the $ 3,500 support, the price may even fluctuate towards the last low low at $ 3.133. On the upside, there is solid resistance formed close to $ 3,900 and $ 4,000 levels. As long as BTC is trading below $ 4,000, there is a risk of further short-term losses.
Price analysis of Ethereum
The price of Ethereum also followed a similar structure and recently took the step above the resistance levels $ 140 and $ 150. The ETH / USD even exceeded the $ 160 level before sellers appeared and pushed the lowest price.
Ethereum price table: Click to enlarge
Looking at the 4-hour chart, the price rose near the $ 164 level and then started a big bearish move. He broke the $ 155 and $ 148 support levels to enter a bearish zone.
During the decline, there was a break below an important uptrend line with support for $ 130 on the same chart. The price gained ground and stood below the $ 130 level and the 21-hour moving average (4 hours). Furthermore, there was a break below the 50% Fibra retracement level of the last stage from the minimum of $ 83 to the maximum of $ 163.
The price is currently trading below the $ 120 level, with a bearish angle. On the flip side, immediate support is close to the $ 114 level. It represents the Fib retracement level of 61.8% of the last leg from the low of $ 83 to $ 163 high.
If there is a break below $ 114, the price may fall to support levels $ 104 and $ 102. The downside, if the price corrects higher, the previous support near $ 130 and 21 SMA are able to prevent increases.
Overall, the price of Ethereum has moved into a bearish zone and there may appear to be further declines below $ 114 and $ 110 in the short term.
Price analysis of undulations
The price of the ripple has recently reorganized and has exceeded the resistance levels of $ 0.4400 and $ 0.400. The XRP / USD even exceeded the $ 0.4700 level and subsequently started a significant downtrend.
Ripple Price Chart: Click to enlarge
Looking at the 4-hour chart, the price rose near the $ 0.4677 level before the sellers took control. They pushed the price below support levels of $ 0.400 and $ 0.4400.
The decline was strong as there was a break below an important uptrend line with support of $ 0.3900 on the same chart. After the breakdown of the trend line, the price eliminated the Fib 50% retracement level of the last wave from the low of $ 0.2857 to $ 0.4677 high.
There was a closing below the support of $ 0.3700 and the simple moving average at 21 (4 hours). The next stop for sellers could be near the $ 0.3285 level. Represents the fiber retracement level of 76.4% of the last wave, from $ 0.2857 lower to $ 0.4054 at the top.
If sellers push the price below the $ 0.3285 support, there may be a sharp decline to the $ 0.3100 level. On the upside, an initial resistance is close to the $ 0.3800 level. A proper closing above the $ 0.3800 level and the 21st SMA are necessary for buyers to gain momentum.
EOS price analysis
The EOS price rose significantly above the minimum swing of $ 1.5 and exceeded $ 2.00 and $ 2.80 against the US dollar. The price even traded above the $ 300 resistance level before the sellers.
EOS Price Table: Click to enlarge
Looking at the 4-hour chart, the price was trading at $ 3.20 and then started a downward correction. There was a fall below the support of $ 2.80 and the simple moving average at 21 (4 hours), and the price moved into a negative zone.
The price was traded below the $ 2.40 level and the 50% Fibra retracement level of the last wave from $ 1.55 down to $ 3.20 up. The current price action is bearish and it seems that the price may continue to fall towards the levels of $ 2.30 and $ 2.20.
Furthermore, there is an uptrend line with $ 2.20 support on the same chart. It coincides with the Fib retracement level of 61.8% of the last wave, from $ 1.55 downwards to $ 3.20 at the top.
Therefore, if the price continues to fall, there may be a decent buying interest near the $ 2.20 level in the short term.
Overall, the EOS price is lowering with a bearish tone below $ 2.80, but the $ 2.20 support could perhaps serve as short-term support.
The best earnings
Over the past 7 days, despite recent downward movements, some small capitalization altcoins have gained more than 80%, including XET, PLC, GTC, BOX and PCL (trading volume above $ 50K). Of these, XET met around 420% and PLC gained almost 130%.
To sum up, the price of the bitcoin has clearly reached the highest level near the $ 4,380 level and has started a big downward move. If BTC / USD extends the current decline below the $ 3.500 support, further losses may occur in the coming days. Likewise, the major altcoins such as Ethereum, EOS, Stellar, XRP, BCHSV, BCH, ADA, NEO, ZRX and XMR are currently at risk of further losses if sellers remain in stock.
Market data is provided by TradingView, Bitfinex.
