[ad_1]
This week the price of Bitcoin has shrunk and tested the $ 6.250 support. BTC / USD is currently recovering, but it is facing a lot of upside obstacles. Buyers need to gain momentum to push bitcoins and big altcoins like Ethereum, ripple, bitcoin cash, EOS and litecoin into the positive zone.
Key Takeaways:
- The price of the bitcoin extended the slides and tested the key support of $ 6,250.
- Ethereum remained in a downward trend below the resistance levels of $ 208 and $ 212.
- The price of the ripple is positioned for further gains above the resistance of $ 0.4800.
- EOS holds the very important support zone of $ 5.00.
- Bitcoin incognito and quantis network has gained over 350% in the last 7 days.
Bitcoin price analysis
The bitcoin price remained under bearish pressure, decreasing below the $ 6.420 support. The BTC / USD pair failed to stay above the $ 6.340 support and extended its slippage to the $ 6,250 support.
Bitcoin price chart: Click to enlarge
Looking at the 4-hour chart, the price is trading at $ 6,251 and subsequently started an upward correction. The recent recovery was positive as the price moved above the $ 6.350 level and the simple moving average at 21 (4 hours).
At the moment, the price is trading near a main resistance at $ 6.440 and the Fib retracement level 23.6% from the recent decline from $ 7.018 swing to $ 6.251 low.
Furthermore, there is a crucial declining channel formed with current resistance near $ 6.440 on the same chart. If buyers gain momentum above the resistance to the channel and $ 6.450, there may be further gains in the short term.
The next immediate resistance is $ 6.518, above which the price is likely to accelerate gains. The main resistance is close to $ 6,630 and the Fibra 50% retracement level of the recent decline from $ 7.018 to $ 6.251 low.
On the other hand, if buyers fail to push the price above $ 6.440 or $ 6.518 resistance levels, there could be a new short-term decline. The $ 6,250 support is an important area, below which the price may be subject to much selling pressure. The next key support is $ 6.010 where buyers may emerge.
Price analysis of Ethereum
The price of Ethereum struggled a lot after it stabilized under the $ 215 support area. The ETH / USD declined further and traded below the $ 200 support area. .
Ethereum price table: Click to enlarge
Looking at the 4-hour chart, the price was trading from $ 193.26 and subsequently found support for a short-term correction. It has recently moved above the $ 197 level and the simple moving average to 21 (4 hours).
More importantly, there was a break above an important bearish trend line with resistance at $ 199 on the same chart. At the beginning, the price is consolidating close to the Fib retracement level at 23.6% of the last decline, going from $ 224 to $ 193 low.
If buyers gain traction, the price may increase towards the resistance of $ 208. In addition, there is another bearish trend line in place with resistance at $ 208. Finally, the 50% retracement level Fiber% of the last drop from the $ 224 top to $ 193 is close to $ 208.
Therefore, it is likely that the price escapes very close to the $ 208 zone, beyond which the price could move into a bullish zone towards $ 212 and $ 215.
On the downside, initial support is close to $ 198 and $ 197. If buyers fail to gain momentum, the price could retest the $ 193 minimum. The next key support is $ 188, below which it is likely that the price is $ 180.
Price analysis of undulations
The price of the ripple was traded relatively comparatively and remained above the support area of $ 0.4360 compared to the US dollar. The XRP / USD is currently trading with a rising trend above support levels of $ 0.4510 and $ 0.4460.
Ripple Price Chart: Click to enlarge
Looking at the 4-hour chart, the price started a downward correction from the low of $ 0.5253. He refused and broke the $ 0.5000 and $ 0.4500 media. However, the $ 0.4360 level represented strong support and the price started to consolidate.
It traded in a wide range and has recently moved above the Fib retracement level of 23.6% from the last decline, from $ 0.5233 high to $ 0.4360 lower.
Furthermore, there was a closing above the $ 0.4500 level and the simple moving average at 21 (4 hours). The current price action is positive and it seems that the price could translate to the resistance of $ 0.4800 and the 50% fiber retracement level of the last decline from $ 0.5233 high to $ 0 , 4360 bass.
On the upside, there is a rising bearish trend line in place with resistance at $ 0.4780. If there is a break above the trend line and resistance of $ 0.4800, the price could rally towards $ 0.5000 and $ 0.5230 levels.
On the other hand, if the price fails to cancel the resistance of $ 0.4780 and $ 0.4800, there may be a new decline. In the case mentioned, the levels of $ 0.4360 and $ 0.4100 risk protecting declines.
EOS price analysis
The EOS price fell below the $ 5.50 support area against the US dollar. The price traded towards the $ 5.00 support, which acted as a solid barrier for buyers.
EOS Price Table: Click to enlarge
Looking at the 4-hour chart, the price traded from $ 5.05 recently and formed a decent support for an upward move. The price started to recover and traded above the $ 5.20 level and the simple moving average at 21 (4 hours).
Recently it broke the Fib retracement level 23.6% of the last drop from $ 6.10 high to $ 5.05 low. However, strong resistance was formed near the resistance levels of $ 5.50 and $ 5.60.
More importantly, there is a bearish trend line in place with resistance at $ 5.55 on the same chart. In addition, the 50% fiber retracement level of the last drop from the minimum of $ 6.10 to $ 5.05 is $ 5.58 to serve as resistance.
Therefore, if the pair continues to move higher, it may face sellers close to the resistance levels of $ 5.50 and $ 5.60. Above these, the price can go up to $ 6.00 and $ 6.20 levels.
On the downside, the $ 5.00 support area is very important. If there is a break and close under $ 5.00, the price should fall significantly.
The best earnings
During the last 7 days, some small capitalization altcoins have gained over 100%, including XBI, QUAN, IG and PGX (trading volume above $ 50K). Of these, the unknown bitcoin (XBI) has gathered around 410% and the quantum network (QUAN) has increased by about 390%.
Overall, the bitcoin price is currently attempting a decent recovery above $ 6,400. However, BTC / USD buyers must gain momentum above $ 6.440 and $ 6.520 to start a solid uptrend. Otherwise, further drops in bitcoin and altcoin may occur such as Ethereum, EOS, litecoin, ripple, NEO, QTUM, bitcoin cash, ADA, XLM, ZRX and XMR in the short term.
Market data is provided by TradingView, Bitfinex.
