The bitcoin price has remained in a bearish zone this week below the $ 5,000 resistance. BTC / USD corrected higher than some points, but the gains were limited to close to $ 4,800 and $ 5,000 levels. Later, the price has started a new decline and it seems that there may be greater losses in bitcoins and in important altcoin such as Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS in the short term.
- The bitcoin price was trading below support levels of $ 4,500 and $ 4,300.
- Ethereum is currently under pressure and may fall to $ 108.
- The price of the ripple failed to maintain the bullish momentum and fell below $ 0.4200.
- EOS has established itself below the $ 4.00 support, which is an important bearish signal.
- TKT and PAT have gathered close to 100% in the last 7 days.
Bitcoin price analysis
The bitcoin price started a short-term correction this week after closing at $ 4,309. BTC / USD has recovered above the $ 4,700 and $ 4,800 levels, but buyers have failed to gain strength.
Bitcoin price chart: Click to enlarge
Looking at the 4-hour chart, the price has recovered above the 23.6% retracement level of the recent decline from $ 5.732 high to $ 4.309 low. It has even moved above the $ 4,900 level once, but it seems that buyers have faced solid resistance near the $ 4,880 and $ 5,000 levels.
The price was rejected near the level of $ 5000 and the moving average at 21 (4 hours). Furthermore, the 50% retracement level of Fibra's recent decline from $ 5,752 to $ 4,309 also acted as robust resistance.
As a result, there was a new decline and the price has moved below support levels of $ 4,600 and $ 4,500. The decline was such that the price even broke the $ 4.309 lower. A new annual minimum has risen below $ 4,300 and the price has moved further into a bearish zone.
On the downside, the main support is $ 4,000, below which the price could extend losses below the $ 3800 short-term level. On the upside, an initial resistance is close to the $ 4,600 level and to the 21st SMA.
There is also an important bearish trend line on the same chart with resistance at $ 4,650. A break above $ 4,650 is required for higher earnings above the $ 4,700 level.
Price analysis of Ethereum
The price of Ethereum also followed a similar path to bitcoin and started a short-term correction after trading at $ 126. The ETH / USD recovered above the $ 130 level, but the positives were limited.
Ethereum price table: Click to enlarge
Looking at the 4-hour chart, the price rebounded above $ 130 and $ 132, but buyers failed to gain traction. There is also a big bearish trend line in place on the same chart, which acts like a resistance near the $ 128 level.
Recently, the price has met with solid resistance close to the 21-simple (4-hour) moving average and the Fib retracement level of 23.6% from the last decline from $ 182 high to $ 126 low.
The price started a new fall and moved below the $ 130 level. The sellers even pushed the price below the $ 126 minimum to clarify the path for the sellers to gain control. It seems that the price could accelerate falls below the $ 120 level in the short term.
The downside, if the price corrects higher than current levels, could face sellers close to the $ 128 and $ 130 levels. Above these, ETH could perhaps rebound to the $ 140 level.
Price analysis of undulations
The price of the ripple was exchanged with a positive bias when both the bitcoin and the Ethereum were decreasing. However, buyers lost control later and XRP / USD started a bearish move from the low of $ 0.5300.
Ripple Price Chart: Click to enlarge
Looking at the 4-hour chart, the price started a new decline and exceeded the support levels of $ 0.5000 and $ 0.4800. The decline was such that the price broke the $ 0.4500 level and the simple moving average at 21 (4 hours).
The decline was such that the price broke the Fib retracement level at 1.8.8% from the last wave, from $ 0.4154 to $ 0.5319. At the moment, the price is trading near the last minimum swing and supports near the $ 0.4100 level.
If the price extends the current decline, there may be more losses below the $ 0.4000 level. The next major support could be the $ 0.3880 level and the Fibon 1.236 extension level of the last wave, from $ 0.4154 down to $ 0.5319 up.
On the upside, an initial resistance is $ 0.4400, above which the price could trade towards the resistance of $ 0.4550 and the 21st SMA. There is also a key bearish trend line on the same chart with resistance at $ 0.5000.
Overall, if the ripple price fails to remain above the $ 0.4000 support, heavy falls in the short term may occur.
EOS price analysis
The price of EOS was one of the worst results as it fell heavily below support levels of $ 5.00 and $ 4.5 against the US dollar. The price even broke the $ 4.00 support and stabilized below the $ 4.20 pivot level.
EOS Price Table: Click to enlarge
Looking at the 4-hour chart, the price traded at $ 3.48 during the last decline and subsequently started a small upward correction. It exceeded the resistance levels $ 3.50 $ 3.60, but the positives were limited.
Furthermore, there was a peak above the 23.6% Fibra retracement level of the recent decline from $ 4.71 upwards to $ 3.48 below. The price failed to exceed the $ 4.00 level and the simple moving average at 21 (4 hours).
As a result, there was a new decline and the price was trading below support levels of $ 3.80 and $ 3.50. Sellers have even pushed the price under the last minimum of $ 3.48. A new annual minimum has been formed below $ 3.40 and it appears that the price could extend the drop to support levels $ 3.20 or $ 3.00.
On the upside, initial resistance is $ 3.80, above which buyers are likely to touch the $ 4.00 barrier.
The best earnings
During the last 7 days, some low-cost altcoins have gained between 60% and 90%, including TKT, PAT, FCT, OLE, STC and BIR (trading volume above $ 50K). Of these, the TKT gained about 95% and PAT has recovered almost 90%.
Overall, the bitcoin price has probably completed a short-term correction and failed to overcome the resistance of $ 5000. BTC / USD is back in a downtrend and if sellers come into action, there may be more losses under the support of $ 4000 in the coming days. Likewise, the major altcoins such as Ethereum, EOS, litecoin, ripple, NEO, QTUM, bitcoin cash, ADA, XLM, ZRX and XMR are likely to extend losses below recent lows.
Market data is provided by TradingView, Bitfinex.