Bitcoin price remained in a bearish zone after it failed to settle above $11,000. BTC/USD is currently preparing for the next break either towards $11,000 or below the $9,400 support in the near term.
Moreover, the recent recovery in major altcoins such as Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX was capped. The crypto market cap is currently declining and it seems like it could even break the key $250.0B support area in the coming sessions.
- Bitcoin price is facing a lot of hurdles near the $10,000 resistance area.
- Ethereum price is showing bearish signs below the $230.00 resistance.
- Ripple price is likely forming a crucial bearish pattern with support at $0.3070.
- EOS price must hold the $4.000 support to remain in a positive zone.
- Litecoin price could rally significantly as long as it is above the $85.00 support.
- Proton Token (PPT) rallied more than 600% and CCX gained nearly 250% in the past 7 days.
Bitcoin Price Analysis
Bitcoin price started a slow and steady decrease after it failed to break the $11,150 resistance. BTC/USD broke many supports and it is currently preparing for the next crucial move either towards $11,000 or below $9,400 and $9,000.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price started an upside correction from the $9,100 swing low. It broke the $10,000 resistance and the 23.6% Fib retracement level of the major decline from the $13,170 high to $9,100 swing low.
The pair even climbed above the $10,500 resistance and the 21 simple moving average (4-hours). Finally, there was a spike above the $11,000 level. However, the upward move was capped near the $11,200 level.
More importantly, the 50% Fib retracement level of the major decline from the $13,170 high to $9,100 swing low acted as a strong resistance. As a result, the price topped near $11,136 and the price declined steadily below the $10,500 and $10,200 support levels.
The price is now trading well below the $10,000 resistance and it seems like there is a key breakout pattern forming on the same chart. If there is an upside break above $10,000 and the 21 simple moving average (4-hours), the price could continue to rise.
The next stop for the bulls could be near the $11,100 level, above which the price could surge towards the $11,800 resistance.
Conversely, if the price fails to climb above the $10,000 and $10,150 resistance levels, there could be additional losses. An immediate support is near the $9,500-9,400 area, below which bitcoin price could even break the $9,100 support area.
Ethereum Price Analysis
Ethereum price started a short term upside correction after trading towards the $191.00 level. ETH price recovered above the $200.00 and $210.00 levels, but the upward move was capped by $235.00 and it seems like the price might resume its slide in the coming sessions.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price formed a swing low at $191.67 and recovered above $200.00. Moreover, there was a close above the $200.00 level and the 21 simple moving average (4-hours).
The price climbed above the 23.6% Fib retracement level of the last major drop from the $318.75 high to $191.67 low. However, the price failed to gain bullish momentum above the $230.00 level and topped near the $235.00 level.
The price is currently following a bearish trend line with resistance at $220.00 on the same chart. If there is an upside break above the trend line, the price could recover towards the $240.00 level.
There is another bearish trend line forming with resistance near the $240.00 level on the same chart. Lastly, the 50% Fib retracement level of the last major drop from the $318.75 high to $191.67 low might act as a resistance.
On the downside, an immediate support is near the $212.00 level and the 21 simple moving average (4-hours). If there is a downside break below $212.00 and $210.00, the price is likely to accelerate losses below $200.00. The next key supports are near $190.00 and $184.00.
Ripple Price Analysis
Ripple price started a slow and steady rise from the $0.2830 low against the US Dollar. The XRP/USD pair broke the $0.3000 and $0.3150 resistance levels, but it struggled to continue above the key $0.3400 resistance area and recently started a fresh decline.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as high as $0.3407 before it started a fresh decline. It broke the $0.3280 support and the 21 simple moving average (4-hours).
Moreover, the bears were able to push the price below the $0.3200 support plus the 50% Fib retracement level of the last recovery from the $0.2830 low to $0.3407 high.
However, the $0.3050 support seems to be acting as a support along with the 61.8% Fib retracement level of the last recovery from the $0.2830 low to $0.3407 high. It seems like there is a crucial contracting triangle forming with resistance near $0.3180 on the same chart.
If there is an upside break above the $0.3180 resistance, the price could climb towards the $0.3400 resistance. However, the main resistance for the bulls for a larger upward move is near the $0.3500 level.
On the downside, an immediate support is near the $0.3070 level. If the price breaks down below $0.3070 and $0.3050, there could be a sharp drop in the near term. In the mentioned case, the price may perhaps revisit or break the $0.2830 low.
Litecoin Price Analysis
Litecoin price started a solid recovery after it tested the $75.00-76.00 zone against the US Dollar. The LTC/USD pair gained bullish traction and broke the $90.00 resistance. However, the bulls failed to gain strength above $100.00 and the price recently trimmed most its gains.
Litecoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as high as $106.31 and declined below $100.00. The recent decline gained pace below the $95.00 support plus the 21 simple moving average (4-hours).
Moreover, the price traded below the 50% Fib retracement level of the upward move from the $76.23 low to $106.31 high. The decline was such that the price even traded below the $90.00 support.
However, the $85.00-86.00 support area is acting as a strong buy zone. On the upside, there is a key resistance forming near $96.00 and a connecting bearish trend line on the same chart.
If there is an upside break above the trend line, the price could start a fresh increase. The next key resistance is near $106.00 and $112.00. Any further upsides might push the price towards the $120.00 level.
Conversely, if there is a downside break below the $85.00 support, litecoin price might accelerate declines. In the mentioned bearish scenario, LTC price could revisit the $76.00 swing low in the coming days.
During the past 7 days, a few small cap altcoins gained traction and climbed more than 100%, including PPT, CCX, MPAY, VOCO, PRA and DXR (trading volume more than $50K). Out of these, PPT rallied around 620% and CCX gained nearly 250%.
Overall, bitcoin price is struggling to start a solid recovery above the $10,000 level. If BTC/USD continues to struggle below $10,000 and $10,150, there is a risk of a sharp drop below $9,400 and $9,100. Similarly, there could be more losses in major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, ICX, BNB, XMR, NEO, and WTC in the coming days.
The market data is provided by TradingView, Bitfinex.
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