Bitcoin received support from $ 6,000-6,100 and has recovered recently. Even the major Altcoins such as Ethereum, ripple, EOS, bitcoin liquidity and litecoin have found support around the annual lows and subsequently started a short-term correction. However, BTC / USD is approaching a crucial resistance, which could stop the current recovery.
- The bitcoin price has been corrected over $ 6,300 after trading at $ 6,123.
- more than 18% recently and exceeded $ 200.
- The price of the ripple is likely to be on a double bottom near the $ 0.2530 support.
- EOS buyers defended the $ 4.60 support area and raised the price.
- FTXT, TCC, VITAE and Webcoin have increased by over 200% in the last 7 days.
Bitcoin price analysis
Bitcoin prices were traded mostly with bearish movements this week and approached the $ 6,100 support. The BTC / USD pair traded at a low of $ 6,123 and subsequently started a fair recovery.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hour chart, the price traded in a range for a few sessions above $ 6.123 low and formed a important contracting triangle with resistance to $ 6,300. There have been many attempts to overcome the triangle and later buyers have managed to earn over $ 6,300.
As a result, the price was traded higher and broke resistance at $ 6,440 along with the Fib retracement level of 23.6% from the last slide from $ 7.420 high to $ 6.123 low. Furthermore, there was a close above the $ 6.440 level and the simple moving average of 21 (4 hours).
The current price action is positive, but bitcoin buyers are facing many upside obstacles close to $ 6,660, $ 6,700 and $ 6,770 levels. The most important resistance is $ 6,770, which was a key support previously.
In addition, the resistance of $ 6,770 coincides with the 50% fiber retracement level of the last slide, from $ 7,420 up to $ 6,123 below. Therefore, any further gain above the resistance of $ 6,660 could face a strong selling interest close to $ 6,700 and $ 6,770
On the downside, the broken resistance at $ 6,300 is a decent support followed by the 21 SMA. However, the key supports are $ 6,100 and $ 6,000.
Price Analysis of Ethereum
Ethereum prices extended losses this week and traded below the $ 200 support area. The ETH / USD even broke the support of $ 175 and traded at $ 166 before the appearance of the buyers.
Ethereum Price Chart: Click to Enlarge
price has formed a solid support near the $ 165-170 zone and started an upward move . It broke the Fiber retracement level 23.6% of the major decline from the $ 303 high to $ 166 low.
He cleared the path for further gains and the price stabilized above the $ 200 resistance and the simple moving average 21 (4 hours). At the moment, the price is struggling to cancel the resistance of $ 220.
Over $ 220, there is a significant resistance near $ 232-234, which was a support previously. It also coincides with the 50% fiber retracement level of the biggest decline from the $ 303 up to $ 166 at the bottom. Furthermore, there is a bearish trend line in place with resistance to $ 240 on the same chart.
Therefore, the current correction could face a strong selling interest close to $ 232, 234 and 240. Above these, the price could rise towards the $ 270 level, which is a crucial crucial area.
On the other hand, if Ethereum fails to exceed $ 234, there may be a new downward move towards the $ 200 and $ 190 support levels. The declared support of $ 190 holds the key since it is close to the simple moving average of 21 (4 hours).
Undulation price analysis
The price of ripple also followed the bitcoin this week and fell below the key supports such as $ 0.3000 and $ 0.2820 against the US dollar. The XRP / USD even broke the support of $ 0.2700 before the buyers took a position near the support area of $ 0.2530
Undulation prices chart: Click to enlarge
the price suffered a sharp decline after the sellers pushed the price below the rotation zone by $ 0.3135. It broke down and retested the last key support for $ 0.2530.
Buyers were successful in keeping losses below the $ 0.2530 level, leading to a new rise above the $ 0.2700 level. The price broke an important bearish trend line with a resistance of $ 0.2700 and was also positioned above the 21 simple (4 hours) moving average.
In addition, there was a break above the Fib retracement level of 23.6% of the last drop from $ 0.3544 high to $ 0.2530 below. The next immediate resistance is close to another bearish trend line with resistance at $ 0.2900 on the same chart.
Ripple buyers must cancel the trendline and resistance of $ 0.2920 for further gains. Above them, the $ 0.3000 level and the Fibre 50% retracement level of the last decline from $ 0.3544 high to $ 0.2530 lower to $ 0.3030 may contain positive effects.
Overall, the current price action is positive as long as the price exceeds $ 0.2530, and could go over $ 0.3000 in the short term.
EOS Price Analysis
The EOS price found support near the last low swing at $ 4.60 after a sharp decline compared to the US dollar. The price was trading at a minimum of $ 4.61 and later began operating in a range.
EOS Price Chart: Click to enlarge
Looking at the 4 hour chart, the consolidated price above the $ 4.60 level and then made a nice upward move . During the upswing, the price broke a crucial contractual triangle with resistance to $ 5.00.
Buyers gained pace and pushed the price above the Fib retracement level of 23.6% from the $ 6.68 to $ 4.61 low drop. Also, there was a close above $ 5.00 and the simple moving average at 21 (4 hours).
At the top, there is an important resistance waiting near the $ 6.50 zone. It was a previous support and now coincides with the 50% fiber retracement level of the decline from $ 6.68 up to $ 4.61 down.
There is also a bearish trend line with resistance at $ 5.75 on the same chart. Therefore, a break above $ 5.50 and $ 5.75 will not be easy. Above these, the price can go up to $ 6.00 and $ 6.40 levels. Otherwise, the price may fall back to the $ 5.00 support.
During the last 7 days, many small-cap altcoins have increased by more than 200% such as FTXT, TCC, VITAE and Webcoin (trading volume over $ 50K). A few coins other currencies have gathered over 100% such as METM, MIC, OWN and BAAS.
To sum up, the current price action is positive for bitcoin above the $ 6,300 level. Having said that BTC / USD must gain momentum above $ 6,660 and $ 6,770 to rise further higher. If successful, it could help in the near future reels like Ethereum, EOS, litecoin, ripple, neo, bitcoin cash, binance coins and ICX.
Market data are provided by TradingView, Bitfinex.