Bitcoin, Ethereum, Ripple, EOS, Bitcoin Cash and other altcoins rallied sharply this week. Recently, many altcoins corrected lower, but BTC/USD remained in a bullish zone.
Key Takeaways:
- Bitcoin price surged above the $6,800 and $7,300 resistances to move into a bullish zone.
- ETH/USD climbed above $500.00, but the pair failed to hold gains.
- Ripple price failed to stay above the $0.5000 pivot and declined below $0.4900.
- EOS is currently placed nicely above a crucial support near $8.00.
- The best performers during the past seven days were Soarcoin, vTorrent and Super Bitcoin.
Bitcoin Price Analysis
Bitcoin price gained bullish momentum this week and formed a key bottom near the $6,080 level. BTC/USD started a solid upward move and broke many hurdles like $6,800 and $7,300.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, there was a sharp bullish move after the price was able to move past $6,800. It even broke the $7,500 resistance and formed a high at $7,595.
At present, the price is consolidating gains below the $7,580 and $7,600 resistance levels. A bullish flag is likely forming with support at $7,400. Below this, the next support is the 23.6% Fib retracement level of the last wave from the $6,084 low to $7,595 high at $7,238, which is positioned near the 21 simple moving average.
Therefore, if the price dips from the current levels, the $7,240 area is likely to hold declines. Below this, the next support is a bullish trend line with support at $7,010. It is aligned with the 38.2% Fib retracement level of the last wave from the $6,084 low to $7,595 high.
On the upside, a break above the $7,580 and $7,600 resistance levels could clear the path for more gains. The next hurdles for bitcoin buyers are at $8,000 and $8,300.
Ethereum Price Analysis
Ethereum price also gained traction this week and moved above the $500.00 resistance level against the US Dollar. ETH/USD traded as high as $514.86 before it faced a strong barrier.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price was completely rejected from the $515.00 area. There was a sharp downside move and the price tumbled below the $500.00 and $485.00 support levels.
It even spiked below the 50% Fib retracement level of the last wave from the $417.47 low to $514.86 high. At present, a key connecting bullish trend line with support at $461.00 is preventing declines.
If ETH buyers fail to keep the price above the $460.00-461.00 support, it could decline further towards the $430.00 level. An intermediate support and a buy zone may well be near $451.00.
Overall, Ethereum lost most of this week’s gains. To recover once again, ETH/USD must bounce back above the $485.00 resistance and the 21 simple moving average.
Ripple Price Analysis
Ripple price made a nice upward move this week and broke the $0.4540 and $0.5000 resistance levels against the US Dollar. XRP/USD even traded above the $0.5200 resistance, but it faced a critical resistance near $0.5250.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price failed to move past $0.5250, resulting in a sharp downward move. The price declined below the $0.5000 support and also broke the 50% Fib retracement level of the last wave from the $0.4249 low to $0.5250 high.
There was a close below the $0.4900 support and the 21 SMA. At the outset, the price is trading near a crucial bullish trend line with support at $0.4620. Moreover, the 61.8% Fib retracement level of the last wave from the $0.4249 low to $0.5250 high is at $0.4632.
Therefore, the price may bounce back from the $0.4620 support. If not, ripple could decline further towards the next support at $0.4540. Below this, XRP/USD will most likely move back in a bearish zone towards $0.4200.
EOS Price Analysis
EOS price jumped higher this week and broke a key resistance at $8.00 against the US Dollar. EOS/USD pair also surpassed a significant bearish trend line at $8.10 to move into a bullish zone.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded above the $9.00 level and formed a high at $9.34. Later, a downward correction was initiated and the price declined below the $9.00 level.
It also broke the 21 SMA and the 38.2% Fib retracement level of the last wave from the $6.56 low to $9.34 high. However, the price is approaching a major support area near $8.00 (the previous resistance), which is likely to act as a strong buy zone.
The mentioned $8.00 support is also near a bullish trend line on the same chart and the 50% Fib retracement level of the last wave from the $6.56 low to $9.34 high.
Therefore, EOS price remains in a bullish zone as long as it is above $8.00. Below this, it could decline towards the $7.20 support. On the upside, resistances are at $9.00 and $9.40.
Top Gainers
During the last 7 days, the top performing cryptocurrencies with more than 100% gains were Soarcoin, vTorrent and Super Bitcoin (trading volume more than $50K). A few other coins with more than 50% gains were Neumark, Hempcoin, MOAC, TenX, Stellar, Dogecoin, Kin and REPO.
Overall, bitcoin likely formed a key bottom at $6,080 and is currently placed in a solid uptrend. However, major altcoins like Ethereum and ripple are struggling to catch up and they remain at a risk of more losses.
The market data is provided by TradingView, Bitfinex.
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