Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) & EOS Analysis

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Bitcoin price traded higher, but it struggled to break the $6,600 resistance. BTC/USD is currently correcting lower and is trading near key support above $6,450. Similarly, major altcoins like Ethereum, ripple, bitcoin cash, EOS and litecoin are correcting gains and trading near important supports.

Key Takeaways:

  • Bitcoin price traded with a positive bias above the $6,400 support.
  • Ethereum broke a major resistance area near $206-207 to move into a bullish zone.
  • Ripple price climbed above $0.5500 before correcting lower.
  • EOS settled above the key $5.50 resistance zone.
  • DEX and BOScoin gained more than 150% during the past 7 days.

Bitcoin Price Analysis

Bitcoin price formed a solid support near the $6,250 level recently and traded higher.  The BTC/USD pair climbed higher and broke the $6,300 and $6,400 resistance levels to move into a positive zone.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price gained momentum above the $6,400 resistance and traded above the $6,500 resistance and the 21 simple moving average (4-hours).

There was even a close above the $6,400 level and the 23.6% Fib retracement level of the last slide from the $7,016 high to $6,251 swing low. However, the upside move was capped near a major hurdle at $6,600.

More importantly, there was no test of the 50% Fib retracement level of the last slide from the $7,016 high to $6,251 swing low. The price corrected lower recently and it is currently trading near the $6,480 support area.

There is also a major ascending channel in place with support at $6,480 on the same chart. Should there be a break below the channel support, the price may perhaps test the $6,440 support area, which was a key resistance earlier.

As long as the price is above the channel support or $6,440, it could bounce back. On the upside, a proper break above the $6,600 resistance is needed for more gains in the near term. The next major resistance for buyers above $6,600 is near the $6,724, which is the 61.8% Fib retracement level of the last slide.

On the other hand, if there is a break below the $6,440 support, the price will most likely move back in a negative zone towards $6,250.

Ethereum Price Analysis

Ethereum price followed a slow and steady uptrend from the $194 support area. ETH/USD traded above the $198 and $200 barriers to move into a positive zone.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price gained pace above the $200 level and broke the $207 resistance area. The upside move was strong as the price settled above the $205 pivot level and the 21 simple moving average (4-hours).

Moreover, there was a break above a crucial bearish trend line with resistance at $207 on the same chart. Buyers gained momentum and the price traded above the $215 and $220 levels.

It traded as high as $225 before starting a downside correction. The price traded below the 23.6% Fib retracement level of the last wave from the $193 low to $225 high. However, there are many supports on the downside near the $209 level.

Besides, there is a bullish trend line in place with support at $210 on the same chart. Moreover, the 50% Fib retracement level of the last wave from the $193 low to $225 high is also near $209.

Therefore, if the price continues to move down, it could find a strong support near the $210 and $209 levels. Below the trend line, the main support is at $207, which was a resistance earlier.

On the upside, an initial resistance is near the $220 level, above which the price will most likely surpass the $225 swing high and trade to new monthly highs in the coming sessions.

Ripple Price Analysis

Ripple price gained bullish momentum this week and traded above the $0.4800 and $0.5000 resistance levels against the US Dollar. XRP/USD even managed to break the $0.5200 and $0.5500 levels before sellers appeared near the $0.5700 level.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as high as $0.5702 before there was a downside correction. The price declined sharply and traded below the $0.5400 and $0.5300 support levels.

The decline was such that the price moved below the 50% Fib retracement level of the last wave from the $0.4498 low to $0.5702 high. Sellers even pushed the price below the $0.5000 level and the 21 simple moving average (4-hours).

The price tested the 61.8% Fib retracement level of the last wave from the $0.4498 low to $0.5702 high. At the moment, the price is consolidating losses above the $0.5000 support with a bullish angle. On the downside, there is also a connecting bullish trend line with support at $0.4750.

Therefore, if the price dips from the current levels, it could find support near $0.4900 or $0.4750. On the upside, an initial resistance is at $0.5300 and the 21 SMA, above which the price will most likely break the $0.5450 barrier.

Overall, the price action is positive above $0.5000 and the price will most likely climb above $0.5300 and $0.5400 in the near term.

EOS Price Analysis

EOS price started a decent upward move and traded higher from the $5.00 swing low against the US Dollar. The price broke the $5.25 and $5.30 resistance levels to set the pace for more upsides.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price cleared a major bearish trend line with resistance at $5.55 and the 21 simple moving average (4-hours). The price traded as high as $5.83 and later started a downside correction.

Sellers pushed the price below the 23.6% Fib retracement level of the last wave from the $5.05 low to $5.83 high, and the 21 simple moving average (4-hours). However, the broken resistance at $5.50 and the previous bearish trend line is acting as a support.

Below $5.50, the next main support is near the 50% Fib retracement level of the last wave from the $5.05 low to $5.83 high at $5.44.

As long as the price is above the $5.50 and $5.44 levels, it could bounce back. On the upside, an initial resistance is at $5.60 and the 21 SMA, above which the price may well revisit the $5.80 zone. The main hurdle for buyers on the upside is near the $6.00 zone.

Top Gainers

During the last 7 days, many small cap altcoins gained more than 100%, including DEX, BOS, HYC, ABDT, OCC, SPC, MRK and PPY (trading volume more than $50K). Out of these, DEX rallied around 290% and BOSCoin (BOS) moved up around 150%.

Overall, bitcoin price is currently trading near an important support zone above $6,440. Therefore, there are chances of a fresh upward move above $6,500 and $6,600. If BTC/USD gains upside momentum, it could help altcoins like Ethereum, EOS, litecoin, ripple, NEO, QTUM, bitcoin cash, ADA, XLM, ZRX and XMR in the coming days.

The market data is provided by TradingView, Bitfinex.



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