[ad_1]
The price of the bitcoin started a solid rebound and broke the resistance from $ 3,760 and $ 4,000. BTC / USD remains supported on declines and could move further towards the $ 4,500 resistance. Likewise, all the major altcoins such as Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS have gained bullish momentum and have moved into a positive zone.
Key Takeaways:
- The price of the bitcoin has increased and eliminated the resistance area of $ 4000.
- Ethereum has exceeded the resistance levels $ 100 and $ 110.
- The price of the ripple reorganized and tested the resistance area of $ 0.4000.
- In the end, EOS recovered and broke resistance levels of $ 2.00 and $ 2.5.
- ARB has gathered over 400% and CRBT has gained around 200% in the last 7 days.
Bitcoin price analysis
The price of the bitcoin formed a solid base of support near the levels of $ 3200 and $ 3,250, and then began a strong push towards the top. BTC / USD has broken many obstacles such as $ 3,500, $ 3,760 and $ 4,000 to move into a positive zone.
Bitcoin price chart: Click to enlarge
Looking at the 4-hour chart, the price rose sharply after eliminating the $ 3.760 rotation level and positioned above the simple moving average at 21 (4 hours). More importantly, there was a break above an important bearish trend line at $ 3,400 on the same chart.
The recent recovery was solid as the price even broke the resistance of $ 4,200 and reached $ 4,306. The price is currently consolidating gains, with initial support close to the Fib retracement level of 23.6% from the last wave from $ 3.213 low to $ 4.306 in height.
If there is a downward correction below the $ 4040 and $ 4000 supports, the price can be adjusted to the $ 3,900 level and the simple moving average to 21 (4 hours).
However, the main support is close to the $ 3,760 level, which was previously a resistance and now coincides with the 50% Fibra retracement level of the last wave, from $ 3,213 downwards to $ 4,306 upwards. Therefore, if the price corrects lower than current levels, it could find support near $ 4,000, $ 3,900 or $ 3,760.
On the upside, there is solid resistance near the levels of $ 4,450 and $ 4,500. A break above $ 4,500 could push the price to the $ 5,000 short-term handle.
Price analysis of Ethereum
The price of Ethereum followed the path of the bitcoin and resumed abruptly from the $ 82-83 support area. ETH / USD broke the key resistance levels $ 92, $ 98 and $ 100 to start a solid short-term uptrend.
Ethereum price table: Click to enlarge
Looking at the 4-hour chart, the price even broke the resistance of $ 105 and the moving average at 21 (4 hours). Also, there was a break above a key bearish trend line at $ 90 on the same table.
It opened its doors for further gains above $ 100 and $ 105. The price traded above the $ 120 level and a high was formed at $ 122. Thereafter, the price was lower and almost tested the retracement level of Fib 23.6% of the last wave from the minimum of $ 83 to the maximum of $ 122.
If the price fails to maintain support levels of $ 113 and $ 110, it can test the support of $ 105 or the simple moving average of 21 (4 hours). However, the key support for buyers is close to the $ 103 level (the pivot area) and the 50% Fibre retracement level of the last wave from the low of $ 83 to the maximum of $ 122.
Therefore, dives remain supported near the levels of $ 105 and $ 103. Only a close below $ 100 can push the price back into a bearish zone.
On the upside, the price of Ethereum should face a strong barrier near the $ 125-127 zone, beyond which it could test the $ 140 level.
Price analysis of undulations
The price of the ripple consolidated above the support of $ 0.2800 for some sessions and subsequently started a sharp rise. The XRP / USD rose above the resistance levels of $ 0.3000 and $ 0.3200 to start a decent recovery.
Ripple Price Chart: Click to enlarge
Looking at the 4-hour chart, the price started an upward move after breaking a fundamental bearish trend line with resistance at $ 0.2940. Later, the resistance of $ 0.3315 and the simple moving average to 21 (4 hours) were gathered.
The price even exceeded the resistance of $ 0.4000 and reached a new weekly high for $ 0.4054. Subsequently, a downward correction occurred and the price moved below the fiber retracement level of 23.6% of the last wave, from $ 0.2857 lower to $ 0.4054 higher .
However, there was no closing below the level of $ 0.3550 and the simple moving average at 21 (4 hours). The price recovered and is currently on the market near the $ 0.3750 level.
On the downside, there is a solid support formed near the $ 0.3450 level. If there is a downward extension below $ 0.3450, the price could test the support of $ 0.3315. It coincides with the Fib retracement level at 1.8.8% of the last wave from the low of $ 0.2857 to $ 0.4054 high.
On the upside, a convincing break is needed above the resistance levels of $ 0.4000 and $ 0.4050 for higher gains to the $ 0.4200 and $ 0.4400 levels in the near term.
EOS price analysis
The price of EOS suffered a lot at the start of this month and traded below $ 2.00 and $ 1.75. However, he finally found support close to the $ 1.55 level and then started a fairly good recovery against the US dollar.
EOS Price Table: Click to enlarge
Looking at the 4-hour chart, the price exceeded $ 1.80 resistance and a significant bearish trend line. Subsequently, buyers gained momentum over the resistance of $ 2.00 and the simple moving average at 21 (4 hours).
The price even exceeded the resistance of $ 2.50 and tested the $ 2.90-3.00 key barrier in which sellers emerged. At the moment, the price is consolidating gains and there is a bullish flag model formed with support for $ 2.60 on the same chart.
In addition, the 23.6% retracement level of the latest wave from $ 1.76 in the low to $ 2.89 is also close to flag support. If there is a bearish break below the support of $ 2.50-2.60, the price could be adjusted to the $ 2.30 level.
Overall, the EOS price is positioned well above the support levels $ 2.30 and $ 2.5. However, buyers must cancel the resistance levels of $ 2.90 and $ 3.00 to extend the gains. Otherwise, there could be a strong bearish wave towards $ 2.30.
The best earnings
In the last 7 days, some small capitalization altcoins have gained traction and have climbed more than 100%, including ARB, CRBT, MCC, STRAT, LINA, R and WTL (trading volume above $ 50K). Of these, ARB met around 400% and CRBT gained almost 210%.
To summarize, the bitcoin price has clearly recovered from the $ 3200 support. However, to further recover and retain gains, the BTC / USD must stop the resistance area by $ 4,500. Otherwise, the price could reverse earnings and return to $ 3,500. Similarly, the main altcoins such as Ethereum, EOS, Stellar, XRP, IOTA, BCH, ADA, NEO, ZRX and XMR are traded at a bullish angle and face major upward trend hurdles.
Market data is provided by TradingView, Bitfinex.
Source link
