Bitcoin price surged significantly this week towards $8,400 before starting a downside correction. BTC traded below the $8,000 support, but it is likely to find a strong buying interest near $7,000 and $6,880.

Similarly, there were solid gains in major altcoins such as binance coin (BNB), Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), stellar (XLM), ADA, EOS, and TRX. Recently, they corrected lower sharply (similar to bitcoin) and seems to be approaching important support zones.

Cryptocurrency Price Watch

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Key Takeaways:

  • Bitcoin price traded to a new multi month high at $8,350 before correcting lower.
  • Ethereum price climbed more than 30% and tested the $280.00 resistance area.
  • Ripple price surged higher significantly towards $0.4780 and recently corrected below $0.4250.
  • EOS price jumped above $6.500 and $6.800 before correcting lower towards $6.000.
  • CCCX, SPEC and MATIC surged more than 250% in the past 7 days.

Bitcoin Price Analysis

This week, bitcoin price climbed significantly above the $7,000 and $7,500 resistance levels. BTC even broke the main $8,000 resistance level and traded to a new multi month high at $8,350. Recently, it started a strong downside correction below the $8,100 and $8,000 support levels.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price broke a short term ascending channel with support near $7,950 to start a major downside correction. It broke down below the $7,800 support and 21 simple moving average (4-hours).

The price even broke the $7,600 support level and the 50% Fib retracement level of the recent wave from the $6,872 low to $8,350 high.

It opened the doors for more losses and the price spiked below the $7,250 and $7,100 support levels. BTC tagged the $7,000 support level and the 76.4% Fib retracement level of the recent wave from the $6,872 low to $8,350 high.

There are many supports on the downside near the $7,000 level and a connecting crucial bullish trend line with currently support at $6,880 on the same chart.

If the price fails to stay above the trend line, it could decline further towards the $6,525 support level. The $6,525 level is a major support since it coincides with the 1.236 Fib extension level of the recent wave from the $6,872 low to $8,350 high.

As long as bitcoin price is above the $7,000 and $6,880 support levels, it is likely to bounce back. An immediate resistance is at $7,600, above which the price may struggle near the $7,880 and $8,000 resistance levels.

Ethereum Price Analysis

Ethereum price started a solid upward move after it broke the key $180.00 and $200.00 resistance levels. ETH surged above the $250.00 resistance level and even spiked above the $275.00 pivot level.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded close to the $280.00 level and settled above the 21 simple moving average (4-hours). A new 2019 high was formed near $279.33 and recently the price corrected lower sharply.

There was a break below the $260.00 support and the 23.6% Fib retracement level of the last wave from the $199.85 swing low to $179.33 high.

The price even spiked below the $250.00 support and the 50% Fib retracement level of the last wave from the $199.85 swing low to $179.33 high. However, the $235.00 level and the 21 simple moving average (4-hours) acted as strong supports.

It seems like there is a strong support forming near $230.00 level, the 21 simple moving average (4-hours), and the 61.8% Fib retracement level of the last wave from the $199.85 swing low to $179.33 high.

There is also a major bullish trend line forming with support at $225.00 on the same chart. As long as the price is above the trend line support, it is likely to rebound above $250.00 and $260.00 in the near term.

Conversely, if Ethereum price declines below the $230.00 support, there is a risk of an extended drop towards the $200.00 support area.

Ripple Price Analysis

Ripple price joined the party later, but it surged significantly after it broke the $0.3285 resistance level against the US Dollar. As a result, XRP/USD climbed higher and broke many resistances, including $0.3800, $0.4000 and $0.4200.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $0.4400 resistance and the 21 simple moving average (4-hours). It traded close to the $0.4800 level and formed a new 2019 high at $0.4758.

Recently, it started a strong downside correction below the $0.4400 support and the 23.6% Fib retracement level of the upward move from the $0.3147 low to $0.4785 high.

The decline was such that the price even broke the $0.4000 support and the 50% Fib retracement level of the upward move from the $0.3147 low to $0.4785 high. Besides, there was a break below the 21 simple moving average (4-hours) and a connecting bullish trend line with support at $0.4100 on the same chart.

It tagged the $0.3770 support and the 61.8% Fib retracement level of the upward move from the $0.3147 low to $0.4785 high. However, the current price action suggests that there could be more losses below the $0.3770 support.

The next key support is near the $0.3550 level and another bullish trend line on the same chart. On the upside, the recent support near the $0.4100 level might act as a resistance.

If there is a successful close above $0.4100 and the 21 simple moving average (4-hours), ripple price could start a fresh increase in the near term.

EOS Price Analysis

EOS price formed a strong support above the $5.000 and $5.200 levels against the US Dollar. As a result, the price started a strong upward move and broke the $5.800, $6.200 and $6.500 resistance levels.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $6.800 resistance level and settled above the 21 simple moving average (4-hours). It traded as high as $6.880 and recently started a major downside correction.

It broke the key $6.300 support level and the 50% Fib retracement level of the last wave from the $5.242 low to $6.880 high.

There was a close below the $6.200 support and the 21 simple moving average (4-hours). The price tagged the $5.860 support area and the 61.8% Fib retracement level of the last wave from the $5.242 low to $6.880 high.

On the downside, there is a major bullish trend line with support at $5.850 on the same chart. As long as the price is trading above the trend line, it could bounce back above $6.200 and $6.400.

Overall, EOS price declined heavily below $6.200 and it is now trading close to a couple of important supports near $5.850 and $5.800.

Top Gainers

During the past 7 days, a few small cap altcoins rallied sharply and gained more than 120%, including CCCX, SPEC, MATIC, GMB, BQ, VNX, BTW, UCT and MFTU  (trading volume more than $50K). Out of these, CCCX rallied around 320% and SPEC gained nearly 260%.

Overall, bitcoin price is back in a strong uptrend above $6,500 and $7,000. The recent decline in BTC could be seen as a corrective decrease and it is likely to bounce back above $7,500 and $8,000 in the coming days. Similarly, there could be a fresh increase in Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, DASH, BNB, XMR, NEO, and IOTA.

The market data is provided by TradingView, Bitfinex.



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