Bitcoin attempted a decent recovery this week, but the US SEC’s rejection of ETF proposals stalled rally. BTC/USD and major altcoins like Ethereum, ripple, EOS, bitcoin cash and litecoin trimmed their gains and started trading in a range.
- Bitcoin price struggled to move above the $6,800-6,850 resistance area and declined.
- Ethereum remains in a bearish zone below the $300 and $310 resistances.
- Ripple price could move higher as long as it is above the $0.3000 support.
- EOS is following a bearish pattern below the $5.50 and $5.70 resistances.
- Super Bitcoin and PKG Token posted more than 200% gains during the past 7 days.
Bitcoin Price Analysis
Bitcoin price spiked higher recently above the $6,820 $6,850 resistance levels. BTC/USD even traded above the $6,900 level, but there was no bullish momentum. Later, the SEC’s rejection news about bitcoin’s ETF ignited a sharp downside move.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price declined heavily and reversed most of its gains above the $6,800 level. It declined and broke the $6,540 support area and the 21 simple moving average (4-hours).
There was also a break below the 50% Fib retracement level of the last wave from the $5,867 low to $6,905 high. However, the price found support near the $6,250-60 zone. There seems to be a strong support zone formed near the $6,220-6,250 area.
Moreover, the 61.8% Fib retracement level of the last wave from the $5,867 low to $6,905 high also acted as a strong support. At the outset, there is a crucial ascending channel forming on the same chart with support near the $6,310 level.
As long as the price is above the channel support and the $6,260 swing low, it is likely to move higher in the near term. On the upside, the $6,660 level is an initial resistance, above which, the price is likely to trade above the $6,900 level once again.
Ethereum Price Analysis
Ethereum price followed a declining pattern and broke the $300 and $274 support levels against the US Dollar. ETH/USD attempted a recovery on a few occasions, but the broken supports near $300 and $297 acted as solid barriers for buyers.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price recovered above the $275 level once after testing the $250 support area. It moved above the 38.2% Fib retracement level of the last decline from the $357 high to $250 low.
However, the upside move was capped by the $310-312 zone. Moreover, there is a key connecting bearish trend line in place with current resistance at $283. Additionally, the last rejection was near the 50% Fib retracement level of the last decline from the $357 high to $250 low.
Therefore, as long as the price is below the trend line and the $310 resistance zone, it remains at a risk of more losses in the near term. On the downside, if the $250 support succeeds in defending losses, Ethereum could bounce back above $300.
Ripple Price Analysis
Ripple price made a few bullish moves this week after forming a low near the $0.2479 against the US Dollar. XRP/USD formed a strong support near the $0.2479-0.2480 area, resulting in an upward move.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price gained traction and moved above the $0.3100 and $0.3500 resistance levels. However, the upside move was capped and the price formed a top near the $0.3725 level.
Later, the price corrected lower and moved below the 38.2% Fib retracement level of the last upside move from the $0.2479 low to $0.3725 high. More importantly, the price settled below the $0.3300 level and the 21 SMA.
However, the decline found support near the $0.3112 level, which is the 50% Fib retracement level of the last upside move from the $0.2479 low to $0.3725 high. It seems like there is a tiny declining channel in place with current resistance at $0.3440, which could act as catalyst for the next move.
Should there be an upside break above $0.3440, the price may perhaps climb back above $0.3700 and $0.3800. On the other hand, a break below the recent support at $0.3112 could ignite a bearish reaction back towards the $0.2800 level.
EOS Price Analysis
EOS was under a lot of selling pressure during the past few days as it settled below the $8.00 and $6.00 support levels. The price even broke the $5.00 support area and traded to a new monthly low at $4.14.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price later started an upside correction and moved above the $4.80 level and the 21 SMA. The price also cleared the $5.00 hurdle and the 38.2% Fib retracement level of the last slide from the $7.25 high to $4.14 low.
The stated recovery faced a strong resistance near the $5.70-5.80 zone. Moreover, the 50% Fib retracement level of the last slide from the $7.25 high to $4.14 low also stalled gains. The price formed a short-term top and started declining below $5.50.
It is following a declining channel with current resistance at $5.20 on the same chart. If the price surpasses the channel resistance and then $5.70, there could be a decent recovery towards the $6.00 and $6.50 levels.
On the flip side, the $4.20 support is a crucial buy zone, below which, the price may well test $4.00 and $3.80.
During the last 7 days, two altcoins, Super Bitcoin and PKG Token climbed higher sharply and registered gains more than 200% (trading volume more than $50K). Moreover, a few other altcoins like Happycoin, DGTX and GENE also gained traction and posted gains more than 100%.
To sum up, bitcoin, Ethereum, ripple and EOS failed to gain bullish momentum and broke key supports. However, BTC/USD is still trading above the $6,260 pivot level, which might encourage buyers to stage a fresh bullish wave in the coming days.
The market data is provided by TradingView, Bitfinex.
The post Price Watch: Bitcoin, Ethereum, Ripple and EOS Price Analysis 24th August appeared first on Blockonomi.