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Bitcoin rose more slowly and broke the resistance of $ 6,800 to start a good recovery. Even the major Altcoin like Ethereum, ripple, EOS, bitcoin liquidity and litecoin have undergone a higher adjustment, but they have struggled to gain momentum.
Key Takeaway:
- The price of the bitcoin has recovered well and has broken resistance $ 6,700 and $ 6,800
- Ethereum has consolidated itself mostly in a much smaller range than to $ 265 support.
- The price of ripple has undergone significant technical resistance near the $ 0.3548 level.
- EOS is positioned in a positive zone above $ 5.50 and $ 5.00.
- EPLUS, APL, TIC and VIKKY have climbed over 150% in the last 7 days.
Bitcoin Price Analysis
Bitcoin's price has formed a bullish structure this week and has exceeded the resistance of $ 6,600. BTC / USD gained bullish momentum and broke the key resistance at $ 6,800, opening the door to further gains in the short term.
Bitcoin price chart: Click to Enlarge
– now chart, the price traded nicely above the $ 7,000 level and the simple moving average 21 (4 hours). It traded towards the $ 7.150 level, which served as solid resistance. The same area near $ 7.140-7.150 prevented gains at the start of this month, and again acted as an obstacle for buyers.
The lowest correct price and has moved below the Fib retracement level 23.6% from the last wave from $ 6,650 low to $ 7,146 high. However, the downturns were limited as buyers appeared near the $ 6,800 level, which was previously a resistance.
In addition, the 50% fiber retracement level of the last wave from $ 6,650 to $ 7,146 also acted as support. The bitcoin is recovering and is currently trading above the $ 6,900 level.
It appears that the BTC / USD is following a nice upward trend and may continue to rise towards $ 7,150 and $ 7,300 in the coming days. More importantly, there is a crucial upward channel in place with support for $ 6.810 on the same chart (as discussed in the last analysis).
As long as the price is above the channel and the $ 6.800 support, it is likely to rise to $ 7,300. The downside, a break below $ 6,800, may perhaps push the price back towards $ 6,500 and $ 6,400 support levels.
Ethereum Price Analysis
The price of Ethereum has moved slowly this week, but has formed a support base near the $ 265 level against the US dollar. ETH / USD traded higher towards $ 295 and $ 300 levels, but buyers failed to gain traction for further gains.
Ethereum Price Chart: Click to Enlarge
-or chart, the price settled above the $ 265 level and formed solid support. It broke the fiber retracement level of 23.6% of the last slide from $ 370 up to $ 250 at the bottom. Also, there was a break above a key linking the bearish trend line with resistance to $ 277.
However, the upward move faced hurdles near the $ 296 level and the Fib retracement level. 38.2% of the last slide from $ 370 high to $ 250 low. The price cut earnings and moved to the support area of $ 265.
At the beginning, the price is currently trading in a range very close to $ 270. As long as Ethereum is above the $ 265 support base, it could slowly rise to resistance levels $ 300 and $ 310. Otherwise, there is a risk of a break below the $ 250 minimum in the short term.
Undulation price analysis
The price of undulations followed bitcoin well and moved higher than the minimum swing of $ 0.2465 against the US dollar. XRP / USD traded higher and settled resistance levels of $ 0.3300, $ 0.3310 and $ 0.3460.
Ripple price chart: Click to enlarge
Looking at the 4 hour chart, the price gained traction above the level of $ 0.3000 and the level fiber retracement of 23.6% of the last slide from the low of $ 0.4632 to $ 0.2463 minimum. However, the price has faced a crucial obstacle close to the $ 0.3700 level.
It appears that the 50% fiber retracement level of the last slide from $ 0.4632 to $ 0.2463 near the $ 0.3550 level worked as a solid barrier and prevented further disadvantages. More importantly, there is a bearish trend line in place with resistance at $ 0.3420 on the same chart.
A positive closing above the trendline and $ 0.3548 is needed for an acceleration to levels of $ 0.3700 and $ 0.4000 in the coming days. The downside, if the price can not overcome the resistance of $ 0.3548, could decline towards the support of $ 0.3130.
Any additional losses below $ 0.3130 could possibly increase to $ 0.3000 and $ 0.2750.
EOS Price Analysis
EOS has worked very well over the past 3-4 days and has exceeded the key resistance at $ 5.60 against the US dollar. The price has moved above the $ 6.00 level and traded up to $ 6.49 recently.
EOS Price Chart: Click to enlarge
Looking at the 4-hour chart, the price consolidates in a range above the $ 4.50 support and format a triangular model of important bargaining for the next move. Subsequently, the control of the EOS buyers' instruments managed to push the price over the resistance of the triangle to $ 5.00.
He gave an opening for further gains and the price has moved above the resistance levels $ 5.60 and $ 6.00. The price traded up to $ 6.49 and corrected below the $ 6.00 level. There was also a break below the fiber retracement level of 23.6% of the last wave, from $ 4.83 down to $ 6.49.
However, the downturns were limited by a bullish trend line with current support at $ 6.00 and 21 SMA (4 hours). As long as the price is higher than the $ 6.00 and $ 5.60 support, it could continue to rise towards the resistance of $ 8.00
on the other hand, a break below the $ 5 support , 6 will most likely push the EOS price back towards $ 4.80 and $ 4.50.
Top Gainers
During the last 7 days, many small capitalization altcoins have risen higher and have posted gains of over 100%, including EPLUS, APL, TIC, VIKKY, Bitcoin File, PKG, ITC, NOAH , SKB, CPT and GO (trading volume above $ 50K). Of these, EPLUS, APL and TIC have achieved excellent results with gains of 200%, 180% and 175% respectively.
Overall, the bitcoin is back in a positive zone with a close above $ 6.800. If BTC / USD continues to move higher and breaks $ 7.150, it could help alternative circuits like Ethereum, EOS, litecoin, ripple, neo, bitcoin cash, binary coins and a few others in the coming days.
Market data are provided by TradingView, Bitfinex.
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