Bitcoin price failed to gain bullish momentum and declined below the $3,550 support. BTC/USD is currently following a bearish structure below $3,600 and it could extend losses in the near term. Similarly, all major altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS remain at a risk of further declines.

Key Takeaways:

  • Bitcoin price failed to break the $3,600 resistance and declined to a new yearly low.
  • Ethereum price extended losses and traded close to the $100-101 support area.
  • Ripple price rallied from the $0.2850 support, but it failed to surpass the $0.3400 barrier.
  • EOS remained below the $2.50 resistance, with range moves.
  • B2G and BBC rallied more than 600% during the past 7 days.

Cryptocurrency Price Watch

Bitcoin Price Analysis

This week, there were further bearish moves in bitcoin price below the $3,600 pivot level. BTC/USD traded below the $3,500 support and formed a new yearly low at $3,426 before starting a short term upside correction.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price recovered above the $3,450 and $3,500 resistance levels. There was also a break above the $3,520 level and the 21 simple moving average (4-hours).

Buyers were successful in pushing the price above the 23.6% Fib retracement level of the recent decline from the $3,750 high to $3,426 low. However, the recovery faced a strong resistance near the $3,550 and $3,575 resistance levels.

Moreover, there is a crucial bearish trend line in place with resistance at $3,560 on the same chart. The price even failed to test the 50% Fib retracement level of the recent decline from the $3,750 high to $3,426 low.

Therefore, a proper break and close above the trend line plus $3,600 is needed for buyers to gain bullish momentum in the near term. The next key resistances are near the $3,750 and $3,800 levels.

On the other hand, if there is no upside break above $3,600 in bitcoin, there is a risk of more losses. An initial support is at $3,440, below which the price could break the $3,426 low and trade towards the $3,320 level in the coming sessions.

Ethereum Price Analysis

Ethereum price remained in a downtrend and broke the $115 and $110 support levels. ETH/USD even broke the $105 support and traded to a new yearly low near $103. It traded close to the $100-101 support and later started an upside correction.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price recovered above the $105 and $107 resistance levels. There was a break above the 23.6% Fib retracement level of the last slide from the $122 high to $103 swing low. The price also traded above the $110 level and the 21 simple moving average (4-hours).

However, the price failed to break the $114-115 resistance zone, which was a crucial support earlier this week. Sellers also defended the 50% Fib retracement level of the last slide from the $122 high to $103 swing low.

As a result, the price declined once again and traded below the $18 level plus the 21 simple moving average (4-hours). The current price action is bearish and it seems like the price may soon revisit the $103 swing low.

If sellers remain in action, there is even a chance of ETH testing the main $100 support. If there is a downside break below the $100 support, there could be a sharp decline in Ethereum towards the $90 and $85 support levels.

On the upside, there is a strong resistance formed near $112, $113, and a declining channel on the same chart. A successful close above the $114 level is needed for buyers to gain traction in the coming days.

Ripple Price Analysis

Ripple price declined further earlier this week and traded below the $0.3000 support against the US Dollar. However, XRP/USD found a strong support near the $0.2850 level and later started a sharp upward move.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price climbed above the $0.3000 and $0.3150 resistance levels. There was a break above the 23.6% Fib retracement level of the last drop from the $0.4045 high to $0.2850 low.

The price also traded above the $0.3200 level and the 21 simple moving average (4-hours). However, there was no clear break above the $0.3400 resistance and the price failed to test the 50% Fib retracement level of the last drop from the $0.4045 high to $0.2850 low.

More importantly, there was a rejection near a crucial bearish trend line with resistance at $0.3320 on the same chart. As a result, there was a fresh drop below $0.3200 and the price trimmed most of its recent gains.

It seems like the price is back in a bearish zone and it could revisit the $0.2850 support level. Conversely, to start a solid upward move, ripple price must surpass the bearish trend line and break the $0.3400 resistance.

EOS Price Analysis

EOS price failed to break the $2.50 resistance and declined heavily against the US Dollar. The price broke the $2.35 support and even spiked below the $2.25 pivot before buyers appeared.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price tested the $2.20 level and later recovered above the $2.25 and $2.30 levels. Moreover, there was a close above the $2.30 level and the 21 simple moving average (4-hours).

However, the price is still well below the $2.45 and $2.50 resistance levels. Besides, there is a major bearish trend line in place with resistance at $2.50 on the same chart.

Therefore, there are many hurdles on the upside near the $2.50 and $2.55 levels. Besides, the 50% Fib retracement level of the last slide from the $3.06 swing high to $2.24 swing low is also near the $2.55 level to act as a solid resistance.

If the price continues to struggle near the $2.50 and $2.55 resistance levels, there is a risk of a downside break below the $2.25 and $2.20 support levels in the near term. The next main support for EOS buyers is near the $2.00 handle.

Top Gainers

During the past 7 days, a few small cap altcoins traded higher and gained significantly, including B2G, BBC, DXR, ORME, VME and SENC (trading volume more than $50K). Out of these, B2G rallied around 800% and BBC gained nearly 700%.

Overall, the crypto market and bitcoin price made a decent attempt to start a fresh upward move, but buyers failed near key resistance levels. As long as BTC/USD is trading below the $3,550 and $3,600 resistance levels, there is a risk of more losses towards $3,200. Similarly, Ethereum, ripple, EOS, stellar, XRP, BCH, ADA, LTC, TRX, BNB and XMR could decline further in the coming days.

The market data is provided by TradingView, Bitfinex.

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