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The bitcoin price traded higher, but it struggled to break the resistance of $ 6,600. BTC / USD is currently lowering and trading near key support above $ 6,450. In the same way, the most important altcoins such as Ethereum, ripple, bitcoin cash, EOS and litecoin are correcting gains and trading close to important supports.
Key Takeaways:
- The bitcoin price is trading with a positive bias compared to the $ 6.400 support.
- Ethereum broke a greater resistance area near $ 206-207 to move into a bullish zone.
- The price of the ripple rose above $ 0.5500 before correcting the lower.
- EOS settled above the key resistance zone $ 5.50.
- DEX and BOScoin have gained over 150% in the last 7 days.
Bitcoin price analysis
The price of bitcoin has recently formed a solid support near the $ 6,250 level and traded higher. The BTC / USD pair climbed higher and broke the $ 6,300 and $ 6,400 resistance levels to move to a positive zone.
Bitcoin price chart: Click to enlarge
Looking at the 4-hour chart, the price gained momentum above the resistance of $ 6,400 and exceeded the resistance of $ 6,500 and the simple moving average at 21 (4 hours).
There was even a closing above the $ 6,400 level and the 23.6% retracement level of Fibre's last slide from $ 7.016 up to $ 6.251 in low fluctuation. However, the upward move was limited to a larger obstacle to $ 6,600.
More importantly, there was no 50% Fib retracement test of the last slide from $ 7.016 up to $ 6.251 low oscillating. The price has been corrected lower recently and is currently trading near the support area of $ 6,480.
It is also an important upward channel with support for $ 6.480 on the same chart. Should there be an interruption below channel support, the price could test the support area of $ 6.440, which was a key resistance previously.
As long as the price is higher than channel support or $ 6,440, it may recover. On the upside, a break above the resistance of $ 6,600 is required for further gains over the short term. The next major resistance for buyers above $ 6,600 is close to $ 6,724, which is the fiber retracement level of 61.8% in the last slide.
On the other hand, if there is a break below the $ 6.440 support, the price will most likely fall back into a negative zone towards $ 6,250.
Price analysis of Ethereum
The price of Ethereum followed a slow and steady uptrend from the $ 194 support area. The ETH / USD overcame the $ 198 and $ 200 barriers to move to a positive zone.
Ethereum price table: Click to enlarge
Looking at the 4-hour chart, the price gained over the $ 200 level and broke the $ 207 resistance area. The upward move was strong as the price stabilized above the level of rotation of $ 205 and the simple moving average at 21 (4 hours).
Furthermore, there was a break above a fundamental bearish trend line with resistance to $ 207 on the same chart. Buyers gained momentum and the price was trading above $ 215 and $ 220 levels.
He traded up to $ 225 before starting a downward correction. The price was traded below the Fib retracement level at 23.6% of the last wave, from the low of $ 193 to $ 225. However, there are a lot of supports on the negative side near the $ 209 level.
In addition, there is an uptrend line with $ 210 support on the same chart. In addition, the 50% fiber retracement level of the last wave from the low of $ 193 to $ 225 is close to $ 209.
Therefore, if the price continues to fall, it may find strong support near the $ 210 and $ 209 levels. Below the trendline, the main support is at $ 207, which was previously a resistance.
On the upside, an initial resistance is close to the $ 220 level, above which the price will most likely exceed the $ 225 peak and will exchange new monthly highs in the next sessions.
Price analysis of undulations
The price of ripple gained bullish momentum this week and exceeded the resistance levels of $ 0.4800 and $ 0.5000 compared to the US dollar. The XRP / USD even managed to break the levels of $ 0.5200 and $ 0.5500 before the sellers appeared close to the $ 0.5700 level.
Ripple Price Chart: Click to enlarge
Looking at the 4-hour chart, the price was trading at $ 0.5702 before there was a downward correction. The price declined sharply and traded below support levels of $ 0.5400 and $ 0.5300.
The decline was such that the price shifted below the 50% fiber retracement level of the last wave, from a low of $ 0.4498 to $ 0.5702. The sellers have even pushed the price below the $ 0.5000 level and the simple moving average at 21 (4 hours).
The price tested the fiber retracement level of 61.8% in the last wave, from $ 0.4498 down to $ 0.5702 up. At the moment, the price is consolidating losses over the $ 0.5000 support at a bullish angle. On the downside, there is also an uptrend line in connection with support at $ 0.4750.
Therefore, if the price falls from current levels, it could find support near $ 0.4900 or $ 0.4750. On the upside, an initial resistance is $ 0.5300 and the 21st SMA, above which the price will most likely exceed the barrier of $ 0.5450.
Overall, the price action is positive above $ 0.5000 and the price will most likely rise above $ 0.5300 and $ 0.5400 in the short term.
EOS price analysis
The EOS price started a good upward move and traded higher from the low of $ 5.00 against the US dollar. The price broke resistance levels of $ 5.25 and $ 5.30 to set the pace for the highest.
EOS Price Table: Click to enlarge
Looking at the 4-hour chart, the price has eliminated an important bearish trend line with resistance at $ 5.55 and the simple moving average at 21 (4 hours). The price was trading at $ 5.83 and thereafter began a downward correction.
The sellers pushed the price below the Fib retracement level to 23.6% of the last wave, from $ 5.05 down to $ 5.93 up, and the simple moving average to 21 ( 4 hours). However, the interrupted resistance at $ 5.50 and the previous downtrend line is supporting.
Below $ 5.50, the next major support is close to the Fib 50% retracement level of the last wave, from $ 5.05 down to $ 5.83 up to $ 5.44.
As long as the price exceeds $ 5.50 and $ 5.44 levels, it could recover. On the upside, an initial resistance is $ 5.60 and the SMA 21, beyond which the price could revisit the $ 5.80 area. The main obstacle for upward buyers is close to the $ 6.00 zone.
The best earnings
During the last 7 days, many small capitalization altcoins have gained over 100%, including DEX, BOS, HYC, ABDT, OCC, SPC, MRK and PPY (trading volume above $ 50K). Of these, DEX has gathered around 290% and BOSCoin (BOS) has risen by about 150%.
Overall, the bitcoin price is currently traded near a major support area above $ 6,440. Therefore, there are chances for a new upward movement above $ 6,500 and $ 6,600. If BTC / USD gains upward momentum, it could help in the next days EthCoum, EOS, litecoin, ripple, NEO, QTUM, bitcoin cash, ADA, XLM, ZRX and XMR.
Market data is provided by TradingView, Bitfinex.
