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Bitcoin is holding above-average earnings of $ 6,320. Ripple and bitcoin cash have recently come together and moved into the bullish zone. Also other Altcoins such as Ethereum, EOS and litecoin are showing positive signs. Once the BTC / USD settles above $ 6,800, there may be further increases in the short term.
Key Takeaways:
- The bitcoin price is rising above the USD 6,700 level at a positive angle.
- Ethereum must settle above $ 230 and $ 235 for more positives.
- The price of ripple is forming a major breakout model with resistance to $ 0.5600.
- EOS is positioned below the key resistance at $ 6.35 and $ 6.70.
- XET, NTK, NGOs and ETNs have recovered more than 200% in the last 7 days.
Bitcoin price analysis
The bitcoin price remained well supported above $ 6,200 and $ 6,320 levels. The BTC / USD pair was recently adjusted below the $ 6.400 level, but buyers protected further falls below the $ 6.320 support.
Bitcoin price chart: Click to enlarge
Looking at the 4-hour chart, the price was trading at $ 6.326 and then started a new uptrend. It broke the resistance area of $ 6,500 and also violated the simple moving average of 21 (4 hours).
Furthermore, there was a break above the fiber retracement level of 50% of the last slide, from $ 6,841 in high to $ 6,326 in low. More importantly, there was a break above a fundamental bearish trend line with resistance to $ 6,585 on the same chart.
The price is currently testing the resistance area of $ 6,720, which is close to the Fib retracement level of 76.4% of the last slide from $ 6.841 in high to $ 6.326 in low. If the buyers of bitcoins manage to cancel the resistance of $ 6,720 and the rotation level of $ 6,750, there may be further gains in the short term.
On the upside, the next target for buyers could be $ 6,960 and the 1,236 Fib extension level of the last slide from $ 6,841 in high to $ 6,326 down.
On the other hand, if there is a downward move, the price is likely to find support near $ 6.440 and $ 6.320 levels. Below this, the price could test the most important support at $ 6,130.
Price analysis of Ethereum
The price of Ethereum was traded mostly in a very broad range above the $ 185 support area. The ETH / USD has recently slipped to the $ 200 level, but buyers are appeared and protected losses below $ 202.
Ethereum price table: Click to enlarge
Looking at the 4-hour chart, the price is trading at $ 202.92 and is currently moving higher. He broke the resistance of $ 216 and positioned himself above the moving average at 21 (4 hours).
Furthermore, there was a break above the fiber retracement level of 23.6% of the last decline, from a low of $ 255 high to $ 202 low. However, the price is currently finding sellers near the $ 235-237 area. It seems that buyers are struggling to push the price over the $ 235 area.
Furthermore, the Fib retracement level of 61.8% of the last decline from the minimum of $ 255 to $ 202 is a strong obstacle. There is also a key linking the bearish trend line formed with resistance to $ 233 on the same chart.
As a result, an adequate break above the trend line and $ 237 is required for further gains. The next target for buyers could be $ 252, followed by $ 260.
The downside, if the price drops again, the 21 SMA at $ 217 can act as a support. Under the 21st SMA, the price could retest the $ 200 support area. The most important downside support pays off at $ 185-186, which is also a pivotal level.
Price analysis of undulations
The price of ripple has gained a lot of traction in the last days as it has gathered over the resistance of $ 0.6500 against the US dollar. The XRP / USD rose above the $ 0.7000 level before sellers appeared near $ 0.7900.
Ripple Price Chart: Click to enlarge
Looking at the 4-hour chart, the price was trading at $ 0.7906 and then underwent a significantly lower correction. The price cut more than 25% of earnings and tested the simple moving average 21 (4 hours).
Low-fluctuation was formed at $ 0.4353 and the price started to recover. It exceeded 21 SMA and the 23.6% retracement level of Fibra's last decline from the low of $ 0.7906 to $ 0.4353 minimum.
At present, there seems to be a major breakout model formed with resistance at $ 0.5600. If buyers push the price above the $ 0.5600 resistance, the ripple may resume its uptrend. In the case mentioned, the price will most likely break resistance of $ 0.6000 and trade towards $ 0.7000.
On the other hand, if the price breaks down and settles below $ 0.5000, there may be a new fall towards support levels $ 0.4500 and $ 0.4200.
Overall, the next move in ripple depends on the fact that buyers are able to clear the $ 0.5600 resistance in the short term.
EOS price analysis
The EOS price was well supported above the support levels of $ 4.80 and $ 5.00 against the US dollar. However, there were no big gains as the price struggled to exceed the resistance area of $ 6.20- 6.30.
EOS Price Table: Click to enlarge
Looking at the 4-hour chart, the price traded from $ 4.98 recently and then started a new upward move. It exceeded the resistance of $ 5.50 and placed itself above the moving average at 21 (4 hours).
The upward move was strong as the price was trading above the 50% Fibre retracement level of the last decline, from $ 6.32 up to $ 4.98 below. Also, there was a break above a key bearish trend line with resistance at $ 5.65.
The next resistance for buyers is around $ 6.00 and the Fib retracement level 76.4% from the last drop from $ 6.32 up to $ 4.98 low. Above $ 6.00, there are two major resistances for buyers at $ 6.30 and $ 6.70.
On the negative side, the broken resistance at $ 5.50 is a decent support along with the 21 SMA. Below $ 5.50, the price is likely to repeat the $ 5.00 support area again. The most important support and a rotation region are $ 4.70.
The best earnings
During the last 7 days, some small capitalization altcoins have gained more than 100%, including XET, NTK, NGOs, ETNs, GPKRs, OCCs, PATs, MLMs and CNETs (trading volume above $ 50K). Of these, NTK and NGO have gathered close to 300%.
To sum up, bitcoin is slowly rising above the $ 6700 level. That said, BTC / USD must break resistance levels $ 6,800 and $ 6,960 to gain bullish momentum. Otherwise, there may be a new bearish reaction, which will probably weigh on altcoin like Ethereum, EOS, litecoin, ripple, neo, bitcoin money, binance currency, ICX, WAN and XLM.
Market data is provided by TradingView, Bitfinex.
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