Bitcoin price rally above the $7,000 level quickly faded. BTC/USD is currently declining towards the key supports at $6,520 and $6,400. Ripple outperformed recently, but other like Ethereum, bitcoin cash, EOS and litecoin trimmed most gains and are currently approaching important support levels.
- Bitcoin price failed to stay above the $6,800-6,820 resistance zone.
- Ethereum is under pressure below the $220 and $225 resistance levels.
- Ripple price remains well supported above the $0.4400 level.
- EOS remained in a tight range above the $5.00 support level.
- SIM, UBEX, YLC, SCC and CBC gained more than 200% during the past 7 days.
Bitcoin Price Analysis
Bitcoin price rallied above the $7,000 and 7,200 levels due to a sharp decline in tether. However, the BTC/USD pair failed to hold gains above the $7,000 and declined heavily to move back below the $6,800 level.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price climbed above the $6,800, $7,000 and $7,200 levels. However, it turned out to be a false break since the price moved back below $6,800-6,820.
During the decline, the price traded below the $6,700 support and the 21 simple moving average (4-hours). At the moment, the price is struggling to hold the 50% Fib retracement level of the last wave from the $6,212 low to $7,019 swing high.
It seems like the price may continue to move down towards the next major support at $6,520. It represents the previous resistance and the 61.8% Fib retracement level of the last wave from the $6,212 low to $7,019 swing high.
Below $6,520, the next major support is near the $6,440 level. There is also a connecting bullish trend line in place with support at $6,480 on the same chart.
Therefore, if the price continues to move lower, it could find a strong buying interest near the $6,520 and $6,440 levels. Below these, the next key support is near the $6,210 level.
On the upside, the price must break the 21 SMA and the $6,700 resistance. However, a proper close above the most important resistance near $6,800 is needed for an upside acceleration.
Ethereum Price Analysis
Ethereum price also followed bitcoin and spiked above the $225 and $230 levels. ETH/USD traded close to the $245 level before sellers appeared.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as high as $242 and later corrected sharply lower. The decline was such that the price moved below the $220 level and the 21 simple moving average (4-hours).
More importantly, there was a break below 61.8% Fib retracement level of the last wave from the $188 low to $242 high. It opened the doors for more losses and it seems like the price may continue to move down below the $210 level.
An immediate support is near the 76.4% Fib retracement level of the last wave from the $188 low to $242 high at $201. Below this, the price may well break the $200 handle to extend declines.
On the upside, there are two important bearish trend lines in place with resistance at $212 and $222. Buyers need to clear these trend lines, $220, and the 21 SMA to push the price back in a positive zone.
Overall, the current price action is bearish unless buyers manage to gain strength above the $220 resistance level. Above $220, the price is likely to test the $230-234 resistance area.
Ripple Price Analysis
Ripple price performed relatively well and moved up slowly and steadily above the $0.4400 level against the US Dollar. XRP/USD traded above the $0.5000 resistance before sellers took a stand.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price started a decent upward move from the $0.3780 low. The price moved higher and traded above the $0.4200 and $0.4400 resistance levels.
The upside move was such that the price climbed above the 21 simple moving average (4-hours) and the 23.6% Fib retracement level of the last decline from the $0.6238 high to $0.3780 low. However, the price failed to hold gains above the $0.5000 resistance and later declined below 0.4800.
There was also a rejection noted near the 50% Fib retracement level of the last decline from the $0.6238 high to $0.3780 low. The price is currently trading below the 21 SMA and the $0.4700 level.
More importantly, there is an ascending channel in place with support at $0.4400 on the same chart. As long as the price is following the channel, it remains supported for more gains above the $0.4700 level.
An initial resistance is at $0.4800, above which the price may possibly climb above the key $0.5000 resistance in the near term.
EOS Price Analysis
EOS price did not climb above the $6.20 and $6.50 resistance levels against the US Dollar. The price mostly traded in a broad range above the $5.00 support area.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price recently formed a high near the $6.10. It failed to stay above the $6.00 resistance and started a downside move. It moved below the $5.80 level and settled below the 21 simple moving average (4-hours).
More importantly, the price struggled to stay above the $5.50 pivot level and also moved below the 50% Fib retracement level of the last wave from the $4.99 low to $6.10 high.
On the downside, an immediate support is near the $5.40 level and the 61.8% Fib retracement level of the last wave from the $4.99 low to $6.10 high. There is also a bullish trend line on the same chart with support at $5.35.
As long as the price is above $5.35, it could move higher towards the $5.80 resistance and a connecting bearish trend line. Above the trend line, the next hurdle is near $6.00, above which the price will most likely test the $6.10 high.
On the other hand, if there is a bearish break below $5.40 and $5.35, the price could revisit the all-important $5.00 support area.
During the last 7 days, a few small cap altcoins rallied and posted gained more than 200%, including SIM, UBEX, YLC, SCC and CBC (trading volume more than $50K). Out of these, Simmitri (SIM) gained around 500% and UBEX rallied close to 450%.
Overall, bitcoin price failed to hold gains above the $7,000 and returned to the $6,600 support zone. It seems like BTC/USD may continue to trade in a range above the $6,400 support before the next major break. Similarly, there could be range moves, with a bearish angle in altcoins like Ethereum, EOS, litecoin, ripple, neo, bitcoin cash, ICX, WAN, XLM, ZRX and WTC in the near term.
The market data is provided by TradingView, Bitfinex.
The post Price Watch: Bitcoin (BTC) Ethereum (ETH) Ripple (XRP) and EOS Price Analysis 19th October appeared first on Blockonomi.