[ad_1]
The price of bitcoin has risen to a new monthly high above $ 4,200, before having to face new sales pressures. BTC / USD fell heavily below $ 4,000 and dragged all major altcoins such as Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS into a bearish zone. Going forward, there may be a short-term recovery, but there is the risk of further losses in the next sessions.
Key Takeaways:
- The price of the bitcoin exceeded the $ 4,220 level and exceeded $ 4,000 and $ 3,800.
- The price of Ethereum failed to exceed $ 165 and was reduced by more than 20%.
- The price of ripple made a downward move below the support of $ 0.3650 and could test $ 0.3000.
- EOS operates in a downward zone and can trade towards the support area of $ 2.10.
- WXC and CIT have gained over 300% in the last 7 days.
Bitcoin price analysis
There was a slow and steady increase in the price of the bitcoin above the $ 4000 level. BTC / USD even exceeded the resistance level of $ 4,200 this week before the sellers appeared and pushed the price below of $ 4000.
Bitcoin price chart: Click to enlarge
Looking at the 4-hour chart, the price formed a new monthly high at $ 4,221 and subsequently fell heavily. He broke support levels $ 4,000 and $ 3,950 to enter a bearish zone. There was also a closing below the $ 4000 level and the simple moving average of 21 (4 hours).
The decline began when sellers pushed the price below an important uptrend channel with support for $ 3955 on the same chart. The price broke the $ 3,800 support and the Fib retracement level reached 76.4% from the last wave from $ 3.694 low to $ 4.221 high.
At the moment, the price is trading near the $ 3,700 support with a bearish angle. In the short term, there may be an upward correction, but the levels of $ 3,850 and $ 3,900 will probably prevent gains.
Only a positive closing above $ 4000 can push the price into a positive zone. On the downside, a break below the $ 3.684 minimum could push the price towards the $ 3.550 support. Represents the 1.236 Fib extension level of the last wave from $ 3,684 down to $ 4,221 up.
Over $ 3,558 and $ 3,550, the price may fall towards the $ 3,350 support, which is the extension level of 1,618 Fib. Overall, the current price action is on the downside and the bitcoin could extend losses to $ 3,550 or $ 3,350.
Price analysis of Ethereum
The price of Ethereum has failed on many occasions near the resistance levels of $ 165 and $ 166. Finally, the ETH / USD started a new decline and surpassed the $ 150 and $ 140 support levels.
Ethereum price table: Click to enlarge
Looking at the 4-hour chart, the price suffered a heavy selling interest of less than $ 150 and 21 simple moving averages (4 hours). The sellers pushed the price below the Fib retracement level of 61.8% of the last stage from the low of $ 116 to $ 166 high.
More importantly, there was a break below an important uptrend line with $ 152 support on the same chart. It opened its doors to more losses and the price fell below support levels $ 135 and $ 130.
In the beginning, the price is testing the support of $ 127-128 and the Fib retracement level 76.4% of the last stage from the low of $ 116 to $ 166 high. ETH may correct some short-term points, but previous supports at $ 135 and $ 140 will most likely stop.
On the downside, a close below $ 128 and $ 125 could push the price down to the minimum of $ 116. The next key support is close to the $ 105 level and the 1.236 Fib extension level of the last leg from the low of $ 116 to $ 166 high.
Overall, the price of Ethereum is under pressure below $ 140 and could accelerate falls below the support level of $ 128.
Price analysis of undulations
The price of ripple rose recently above the level of $ 0.4000 against the US dollar, but failed to gain bullish momentum. The XRP / USD withdrew from the highs and broke support levels of $ 0.3900 and $ 0.3800.
Ripple Price Chart: Click to enlarge
Looking at the 4-hour chart, the price traded up to $ 0.4042 recently and subsequently fell below the support of $ 0.3700. There was also a close below the $ 0.3650 support and the simple moving average at 21 (4 hours).
The sellers pushed the price below the support of $ 0.3420 and a new weekly minimum stood at $ 0.3228. The price is currently consolidating losses above $ 0.3220 and may fall above the Fib 23.6% retracement level of the recent decline from the low of $ 0.4042 to $ 0.3228 low.
However, the price is likely to make a strong selling interest near the levels of $ 0.3600 and $ 0.3640. In addition, the previous support of the trend line close to $ 0.3700 and the simple moving average at 21 (4 hours) could very well act as a barrier.
Finally, Fibra's 50% retracement level of the recent decline from the low of $ 0.4042 to $ 0.3228 is $ 0.3635 to prevent rises.
Therefore, the increases are likely to remain closed at around $ 0.3700 and sooner or later the ripple may extend the decline. The main support is at $ 0.3100 and $ 0.3000, below which sellers are probably in trouble.
EOS price analysis
The EOS price has been trading above the resistance of $ 3.00 recently against the US dollar. However, there was not a big upward move and the price had difficulty near the $ 3.05 level.
EOS Price Table: Click to enlarge
Looking at the 4-hour chart, the price was trading at $ 3.05 and thereafter started a new decline. He broke support levels $ 3.00 and $ 2.80 to enter a bearish zone. More importantly, there was a closing below the $ 2.80 level and the simple moving average at 21 (4 hours).
During the decline, there was a break below an uptrend line with support at $ 2.80 on the same chart. The price fell below the Fib retracement level 76.4% of the last leg from the low of $ 2.29 to $ 3.05 high.
The current price action is bearish and it seems that the price may fall towards the low of $ 2.29 or even the support of $ 2.10. Key support is $ 2.10 and the last-leg 1.236 Fib extension level from $ 2.29 down to $ 3.05 at the top.
Overall, the EOS price may extend the slides to $ 2.10 or even $ 2.00 where buyers are likely to take short-term positions. On the upside, an initial resistance is $ 2.60, followed by the main obstacle to $ 2.80.
The best earnings
In the last 7 days, despite strong bitcoin sales, some small altcoins have gained over 100%, including WXC, CIT, DNA, EVN and CBC (trading volume above $ 50K). Of these, the WXC has gathered around 500% and CIT has gained almost 320%.
To sum up, the price of the bitcoin made a downward turn below $ 4,000 and if the sellers gained momentum they could slip towards the $ 3,350 support. To recover, BTC / USD must pass over $ 4,000 and $ 4,050. Otherwise, further drops could occur in the BTC and in major alternative sectors such as Ethereum, EOS, Stellar, XRP, BCH, TRX, ADA, NEO, ICX and XMR in the near future.
Market data is provided by TradingView, Bitfinex.
