Bitcoin declined sharply this week and broke key supports near $ 7,250 and $ 6,815. The major Altcoins such as Ethereum, ripple, EOS and litecoin also followed the decline of BTC / USD.
- Bitcoin's price has dropped sharply and is currently trading above key support at $ 6,000.
- Ethereum is in a strong downtrend and is trading well below $ 390-400.
- The price of the ripple has plummeted below $ 0.40 and currently holds the support of $ 0.32.
- EOS almost tested the $ 5.00 support and is currently consolidating losses.  Despite the recent collapse, Vikky Token and Bankcoin reported gains of over 300%.
Bitcoin price analysis
The price of bitcoin declined dramatically from the $ 7.150 bumpy after the US SEC decided to postpone one of the ETF approval decisions. BTC / USD has collapsed and broke some major supports such as $ 7,020, $ 6,815 and $ 6,550.
Bitcoin price chart: Click to Enlarge
Looking at the 4-hour chart, the price has been fixed under the $ 6.815 support area and the simple moving average 21 (4 hours). It opened the door to further losses and the price almost tested the $ 6,100 support area
. A new monthly minimum stood at $ 6,139 and the price is currently attempting a recovery. Bitcoin buyers managed to push the price above the $ 6,500 level and the 23.6% Fiber retracement level of the last decline from $ 7,167 down to $ 6,139 down.
However, buyers faced a strong resistance area near $ 6,620 and 21 SMA. More importantly, the price failed to test the Fibre 50% retracement level of the last decline from $ 7.167 down to $ 6.139 down.
It appears that the price failed to keep earnings above $ 6,500 and returned below $ 6,450. On the upside, there is also a fundamental bearish trend line in place with resistance at $ 6.560 on the same chart.
If the price were to break the trend line and stand above $ 6,620, there could be a rebound towards the $ 6,800 and $ 6,815 resistance levels. The downside, a fall below $ 6,139 low and the support of $ 6,100 puts the price at risk of trading at a new annual low.
Price Analysis of Ethereum
The price of Ethereum has once again acted very badly failed to maintain significant support near the $ 400-405 zone against the US dollar. ETH / USD collapsed by over $ 50 this week and traded below support levels $ 400 and $ 380.
Chart Ethereum Price: Click to Enlarge
chart, the price dropped sharply from well over $ 410 to well below $ 380. Ether sellers took control and pushed the price below $ 370 and $ 360 levels. There was even a break under the $ 350 support and a new monthly minimum was formed at $ 346.
Next, the price corrected some points and moved above the $ 363 level. # 39; was also a peak above the fiber retracement level of 23.6% of the last drop from the $ 414 minimum to the $ 346 minimum. However, buyers failed to keep the price above $ 362.
In the beginning, the price remains lower and if sellers push the price below the recent $ 346 minimum, there may be another sharp decline. The next supports are at $ 335 and $ 315. On the upside, a break and close above $ 380 plus a downtrend line at $ 395 is needed to avoid further losses.
Ripple Price Analysis
The price of ripple followed the bitcoin and the path of Ethereum to move into a bearish zone against the US dollar. The XRP / USD declined heavily and broke a crucial support level close to $ 0.4240.
Undulation price graph: Click to Enlarge
Looking at the 4-hour chart, the $ 0.4240 price tag and $ 0.4000 support levels. It caused a sharp downturn and the price broke $ 0.3600 and $ 0.3400.
The XRP was trading at $ 0.3198 and is currently consolidating losses. There seems to be a short-term breakout model with support for $ 0.3250 and resistance close to $ 0.3500. If the price were to break the resistance of the triangle, it could move towards the Fib retracement level equal to 38.2% of the last decline from $ 0.4624 maximum to $ 0.3198 low.
However, there are many upside barriers for ripple buyers near the $ 0.3700 level, 21 SMA, $ 0.3750, and a bearish trend line with resistance at $ 0.4050.
Therefore, any recoveries from current levels should face a strong selling interest of more than $ 0.3700. On the downside, a break below $ 0.3198 could clarify the path for further losses to support levels of $ 0.3000 and $ 0.2800.
EOS Price Analysis
There were bad declines recorded in the EOS price last week against the US dollar. EOS / USD has stabilized below the support of $ 7.50 and decreased significantly
EOS Price Chart: Click to Enlarge
Looking at the 4-hour chart, the price broke many key media including $ 7.20, $ 6.85 and $ 6.00. He almost tested the $ 5.00 support and achieved a minimum of $ 5.33. The price is currently attempting an upward correction, but it is facing a resistance near $ 5.80-6.00.
The 23.6% retracement level of Fibers from the last slide, from $ 7.23 upwards to $ 5.33 below, also acts as a barrier for buyers. Above this, the price could attempt a recovery towards resistance levels $ 6.25 and $ 6.50.
An intermediate resistance is close to the $ 6.30 level and the 50% Fiber retracement level of the last slide from $ 7.23 down to $ 5.33 down. However, as long as the EOS price is less than $ 6.85, it remains at risk of further losses.
On the downside, support levels of $ 5.20 and $ 5.00 are very important. A break below $ 5.00 could possibly trigger heavy losses in EOS in the short term.
During the last 7 days, Vikky Token and Bankcoin have gained much bullish momentum and have gathered more than 300% (trading volume over $ 50K). In addition, coins such as SRCOIN, Luna Stars, GENE, ATC Coin and Tourist Token have recorded gains of over 100%.
To sum up, the decline in Bitcoin, Ethereum, ripple, litecoin, ICX, BNB, XLM and ADA this week indicates an increase in selling pressure. However, if BTC / USD remains above $ 6,000 and Ethereum recovers from $ 350, then there may be a positive move upward in the coming days.
Market data are provided by TradingView, Bitfinex.