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The price of the bitcoin was corrected lower this week and tested the $ 3,700 support. BTC / USD seems to form a support base and could resume its move upwards above $ 4000. Similarly, all major altcoins such as Ethereum (ETH), ripple (XRP), bitcoin cash (BCH) , litecoin (LTC) and EOS are traded close to key supports and may soon recover.
Key Takeaways:
- The bitcoin price has dropped recently below the support levels $ 4,000 and $ 3,800.
- The price of Ethereum reorganized recently and revisited the resistance zone of $ 160-162.
- The price of the ripple is in difficulty and could be reduced to the support of $ 0.3400.
- EOS is trading well above the $ 2.5 support area.
- RNT and TOLL have gained over 100% in the last 7 days.
Bitcoin price analysis
After passing the $ 4,200 resistance, the bitcoin price faced sellers near the $ 4,400 level. The BTC / USD was trading at $ 4,383 and thereafter started a downward correction.
Bitcoin price chart: Click to enlarge
Looking at the 4-hour chart, the price fell below $ 4,200 and $ 4,000 support levels to enter a short-term bearish zone. During the decline, the price also broke the Fib retracement level to 23.6% at the last leg, from $ 3.212 downwards to $ 4,383 upwards.
Also, there was a break below the $ 3,800 support and the simple 21 (4 hours) moving average. The price was traded close to the $ 3,700 support where buyers emerged and protected further dips.
Even the 50% and 61.8% retracement levels of the last stage of the Fibra, from $ 3.122 down to $ 4.383 up, represented a major obstacle for sellers. A support base was formed near $ 3,700 and thereafter the price started an upward move.
It broke the $ 3,800 resistance and the simple moving average 21 (4 hours). Furthermore, there was a break above a bearish link trend line with a resistance at $ 3,800 on the same chart.
Currently, the price is consolidating above the support of $ 3,700 and an uptrend line. On the upside, the price must break the $ 3,880 and $ 4,000 resistance levels to revisit the $ 4,400 hurdle in the coming days.
Price analysis of Ethereum
The price of Ethereum worked very well after forming solid support near the $ 115 level. The ETH / USD traded higher and broke resistance levels $ 130 and $ 145 to start a new one. upward move.
Ethereum price table: Click to enlarge
Looking at the 4-hour chart, the price has even risen above the resistance of $ 150 and the moving average at 21 simple (4 hours). More importantly, there was a clear break above a fundamental bearish trend line with resistance to $ 144.
He opened the door for further gains and the price exceeded the resistance of $ 160. The price was traded up to $ 163 and subsequently started a downward correction. It has moved below the level of $ 155 and the Fib retracement level 23.6% of the last wave from the low of $ 116 to $ 163 high.
At the moment, the price is close to the support levels $ 145 and $ 142. It seems that the broken trend line near the $ 144 level can also act as a solid support. The next key support is the 50% fiber retracement level of the last wave from the low of $ 116 to a maximum of $ 163.
Overall, if the price of Ethereum corrects lower from the current levels, it could find support near the levels of $ 144 or $ 138. On the upside, a break above $ 158, $ 160 and $ 163 could push the price towards the resistance levels $ 175 and $ 180.
Price analysis of undulations
The price of the ripple underwent strong resistance near the $ 0.4680 level and thereafter began to decline sharply. XRP / USD traded below support levels $ 0.400 and $ 0.4000 to enter a bearish zone.
Ripple Price Chart: Click to enlarge
Looking at the 4-hour chart, the price declined heavily and broke the support of $ 0.3800 plus the simple moving average at 21 (4 hours). The sellers pushed the price towards the $ 0.3400 support in which the buyers emerged.
Low was formed at $ 0.3398 and thereafter the price started an upward correction. It has moved above the $ 0.3700 level and the fiber retracement level of 23.6% of the last slide from the low of $ 0.4677 to $ 0.3398 at the bottom.
The buyers managed to cancel the resistance from $ 0.3900, but failed to overcome the resistance of $ 0.4000. There was also no 50% fiber retracement test of the last slide from the low of $ 0.4677 to $ 0.3398 minimum.
The current price action is slightly downward and the fluctuation has moved below an important uptrend line with support of $ 0.3700 on the same chart.
Therefore, there is scope for a "bearish" extension to support levels of $ 0.3400 or $ 0.3300 before the price resumes. On the positive side, an adequate closing above the resistance of $ 0.4000 is needed to allow buyers to gain momentum.
EOS price analysis
The EOS price has once again risen above the $ 3.00 resistance recently against the US dollar. However, the price did not keep earnings above $ 3.00 and subsequently started a downward correction.
EOS Price Table: Click to enlarge
Looking at the 4-hour chart, the price was trading at $ 3.02 and subsequently fell below the $ 3.00 support. There was a rupture under the support of $ 2.90 and the Fib retracement level of 23.6% from the last wave from $ 2.29 down to $ 3.02 at the top.
However, there are many supports on the negative side near the levels of $ 2.65 and $ 2.60. The 50% fiber retracement level of the last wave, from $ 2.29 down to $ 3.02 at the top, is positioned near the $ 2.65 level to serve as solid support.
More importantly, there is an uptrend line formed with $ 2.45 support on the same chart. Therefore, if the price corrects lower, it could find support near the levels of $ 2.60 or $ 2.45.
Overall, the price of EOS traded well above the key support level of $ 2.45. In the short term, there may be variations in distance, but it is likely that the price will break resistance levels of $ 2.90 and $ 3.00. However, an adequate break above the resistance of $ 3.20 is necessary for upward acceleration in the short term.
The best earnings
In the last 7 days, despite a bitcoin downtrend, many small capitalization highs have gained over 100%, including RNT, TOLL, ECHT, DBET, STC and CEN (trading volume above $ 50K). Of these, the RNT gathered around 130% and TOLL gained almost 120%.
To sum up, the bitcoin price is traded on many major media near the $ 3,700 level. If BTC / USD breaks the resistance of $ 4000, it could start a new rally towards $ 4,200 and $ 4,400 levels. Likewise, the major altcoins such as Ethereum, EOS, Stellar, XRP, BCH, BCHSV, ADA, NEO, ICX and XMR are positioned well above key supports and may soon recover.
Market data is provided by TradingView, Bitfinex.
