Bitcoin price started a solid rebound and broke the $3,760 and $4,000 resistances. BTC/USD remains supported on dips and it could move further higher towards the $4,500 resistance. Similarly, all major altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS gained bullish momentum and moved into a positive zone.
- Bitcoin price surged higher and cleared the $4,000 resistance area.
- Ethereum climbed above the $100 and $110 resistance levels.
- Ripple price rallied and tested the $0.4000 resistance area.
- EOS finally recovered and broke the $2.00 and $2.50 resistance levels.
- ARB rallied more than 400% and CRBT gained around 200% during the past 7 days.
Bitcoin Price Analysis
Bitcoin price formed a solid support base near the $3,200 and $3,250 levels, and later started a sharp upward move. BTC/USD broke many hurdles such as $3,500, $3,760 and $4,000 to move into a positive zone.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price climbed sharply after it cleared the $3,760 pivot level and settled above the 21 simple moving average (4-hours). More importantly, there was a break above a major bearish trend line at $3,400 on the same chart.
The recent recovery was solid since the price even broke the $4,200 resistance and traded as high as $4,306. The price is currently consolidating gains, with an initial support near the 23.6% Fib retracement level of the last wave from the $3,213 low to $4,306 high.
If there is a downside correction below the $4,040 and $4,000 supports, the price may correct towards the $3,900 level and the 21 simple moving average (4-hours).
However, the main support is near the $3,760 level, which was a resistance earlier and now coincides with the 50% Fib retracement level of the last wave from the $3,213 low to $4,306 high. Therefore, if the price corrects lower from the current levels, it could find support near $4,000, $3,900 or $3,760.
On the upside, there is a solid resistance near the $4,450 and $4,500 levels. A break above $4,500 may push the price towards the $5,000 handle in the near term.
Ethereum Price Analysis
Ethereum price followed bitcoin’s path and rallied sharply from the $82-83 support area. ETH/USD broke the key $92, $98 and $100 resistance levels to start a solid short term uptrend.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even broke the $105 resistance and the 21 simple moving average (4-hours). Besides, there was a break above a key bearish trend line at $90 on the same chart.
It opened the doors for more gains above $100 and $105. The price traded above the $120 level and a high was formed at $122. Later, the price corrected lower and almost tested the 23.6% Fib retracement level of the last wave from the $83 low to $122 high.
If the price fails to hold the $113 and $110 support levels, it may test the $105 support or the 21 simple moving average (4-hours). However, the key support for buyers is near the $103 level (the pivot area) and the 50% Fib retracement level of the last wave from the $83 low to $122 high.
Therefore, dips remain supported near the $105 and $103 levels. Only a close below $100 may push the price back in a bearish zone.
On the upside, Ethereum price is likely to face a strong barrier near the $125-127 zone, above which it could test the $140 level.
Ripple Price Analysis
Ripple price consolidated above the $0.2800 support for a few sessions and later started a sharp upward move. XRP/USD climbed above the $0.3000 and $0.3200 resistance levels to start a decent recovery.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price started an upward move after it broke a crucial bearish trend line with resistance at $0.2940. Later, it rallied above the $0.3315 resistance and the 21 simple moving average (4-hours).
The price even spiked above the $0.4000 resistance and traded to a new weekly high at $0.4054. Later, there was a downside correction and the price moved below the 23.6% Fib retracement level of the last wave from the $$0.2857 low to $$0.4054 high.
However, there was no close below the $0.3550 level and the 21 simple moving average (4-hours). The price recovered and it is currently trading near the $0.3750 level.
On the downside, there is a solid support formed near the $0.3450 level. If there is a downside extension below $0.3450, the price may test the $0.3315 support. It coincides with the 61.8% Fib retracement level of the last wave from the $$0.2857 low to $$0.4054 high.
On the upside, a convincing break above the $0.4000 and $0.4050 resistance levels is needed for more gains towards the $0.4200 and $0.4400 levels in the near term.
EOS Price Analysis
EOS price struggled a lot earlier this month and traded below $2.00 and $1.75. However, it finally found support near the $1.55 level and later started a decent recovery against the US Dollar.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price climbed above the $1.80 resistance and a significant bearish trend line. Later, buyers gained momentum above the $2.00 resistance and the 21 simple moving average (4-hours).
The price even climbed above the $2.50 resistance and tested the key $2.90-3.00 barrier where sellers emerged. At the moment, the price is consolidating gains and there is a bullish flag pattern formed with support at $2.60 on the same chart.
Besides, the 23.6% Fib retracement level of the last wave from the $1.76 low to $2.89 high is also near the flag support. If there is a downside break below the $2.50-2.60 support, the price may correct towards the $2.30 level.
Overall, EOS price is placed nicely above the $2.30 and $2.50 support levels. However, buyers must clear the $2.90 and $3.00 resistance levels to extend gains. If not, there could be a sharp bearish wave towards $2.30.
During the past 7 days, a few small cap altcoins gained traction and climbed more than 100%, including ARB, CRBT, MCC, STRAT, LINA, R and WTL (trading volume more than $50K). Out of these, ARB rallied around 400% and CRBT gained nearly 210%.
To sum up, bitcoin price clearly recovered sharply from the $3,200 support. However, to recover further and retain gains, BTC/USD must break the $4,500 resistance area. If not, the price may reverse gains and trade back towards $3,500. Similarly, major altcoins like Ethereum, EOS, Stellar, XRP, IOTA, BCH, ADA, NEO, ZRX and XMR are trading with a bullish angle and facing major uptrend hurdles.
The market data is provided by TradingView, Bitfinex.