Bitcoin is holding gains above the $6,320 support. Ripple and bitcoin cash rallied recently and moved into the bullish zone. Other Altcoins like Ethereum, EOS and litecoin are also showing positive signs. Once BTC/USD settles above $6,800, there could be more upsides in the near term.
Key Takeaways:
- Bitcoin price is climbing higher above the USD 6,700 level with a positive angle.
- Ethereum must settle above $230 and $235 for more upsides.
- Ripple price is forming a major breakout pattern with resistance at $0.5600.
- EOS is placed below key resistances at $6.35 and $6.70.
- XET, NTK, ONG and ETN rallied more than 200% during the past 7 days.
Bitcoin Price Analysis
Bitcoin price remained well supported above the $6,200 and $6,320 levels. The BTC/USD pair corrected lower recently below the $6,400 level, but buyers protected more declines below the $6,320 support.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as low as $6,326 and later started a fresh upward move. It broke the $6,500 resistance area and also breached the 21 simple moving average (4-hours).
Besides, there was a break above the 50% Fib retracement level of the last slide from the $6,841 high to $6,326 low. More importantly, there was a break above a crucial bearish trend line with resistance at $6,585 on the same chart.
The price is currently testing the $6,720 resistance area, which is close to the 76.4% Fib retracement level of the last slide from the $6,841 high to $6,326 low. If bitcoin buyers manage to clear the $6,720 resistance and the $6,750 pivot level, there could be more gains in the near term.
On the upside, the next target for buyers could be $6,960 and the 1.236 Fib extension level of the last slide from the $6,841 high to $6,326 low.
On the other hand, if there is a downside move, the price is likely to find support near $6,440 and $6,320 levels. Below this last, the price may test the most important support at $6,130.
Ethereum Price Analysis
Ethereum price mostly traded in a broad range above the $185 support area. ETH/USD recently dipped towards the $200 level, but buyers appeared and protected losses below $202.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as low as $202.92 and it is currently moving higher. It broke the $216 resistance and settled above the 21 simple moving average (4-hours).
Additionally, there was a break above the 23.6% Fib retracement level of the last decline from the $255 swing high to $202 low. However, the price is currently finding sellers near the $235-237 zone. It seems like buyers are struggling to push the price above the $235 zone.
Moreover, the 61.8% Fib retracement level of the last decline from the $255 swing high to $202 low is acting as a strong hurdle. There is also a key connecting bearish trend line formed with resistance at $233 on the same chart.
Therefore, a proper break above the trend line and $237 is needed for more gains. The next target for buyers could be $252, followed by $260.
On the flip side, if the price moves down once again, the 21 SMA at $217 may act as a support. Below the 21 SMA, the price could retest the $200 support area. The most important support on the downside awaits at $185-186, which is also a pivot level.
Ripple Price Analysis
Ripple price gained a lot of traction during the past few days as it rallied above the $0.6500 resistance against the US Dollar. XRP/USD surged above the $0.7000 level as well before sellers appeared near $0.7900.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as high as $0.7906 and later corrected sharply lower. The price trimmed more than 25% gains and tested the 21 simple moving average (4-hours).
A swing low was formed at $0.4353 and the price started recovering. It traded above the 21 SMA and the 23.6% Fib retracement level of the last decline from the $0.7906 high to $0.4353 low.
At present, it seems like there is a major breakout pattern formed with resistance at $0.5600. If buyers push the price above the $0.5600 resistance, ripple could resume its uptrend. In the mentioned case, the price will most likely break the $0.6000 resistance and trade towards $0.7000.
On the other hand, if the price breaks down and settles below $0.5000, there could be a fresh decline towards the $0.4500 and $0.4200 support levels.
Overall, the next move in ripple depends whether buyers succeed in clearing the $0.5600 resistance in the near term.
EOS Price Analysis
EOS price was nicely supported above the $4.80 and $5.00 support levels against the US Dollar. However, there were no major gains as the price struggled to surpass the $6.20-6.30 resistance area.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as low as $4.98 recently and later started a fresh upward move. It traded above the $5.50 resistance and settled above the 21 simple moving average (4-hours).
The upside move was strong as the price traded above the 50% Fib retracement level of the last decline from the $6.32 high to $4.98 low. Moreover, there was a break above a key bearish trend line with resistance at $5.65.
The next resistance for buyers is near $6.00 and the 76.4% Fib retracement level of the last decline from the $6.32 high to $4.98 low. Above $6.00, there are two important resistances for buyers at $6.30 and $6.70.
On the downside, the broken resistance at $5.50 is a decent support along with the 21 SMA. Below $5.50, the price is likely to retest the $5.00 support region. The most important support and a pivot region is $4.70.
Top Gainers
During the last 7 days, a few small cap altcoins gained more than 100%, including XET, NTK, ONG, ETN, GPKR, OCC, PAT, MLM and CNET (trading volume more than $50K). Out of these, NTK and ONG rallied close to 300%.
To sum up, bitcoin is slowly climbing higher above the $6,700 level. Having said that, BTC/USD must break the $6,800 and $6,960 resistance levels to gain bullish momentum. If not, there could be a fresh bearish reaction, which is likely to weigh on altcoins like Ethereum, EOS, litecoin, ripple, neo, bitcoin cash, binance coin, ICX, WAN and XLM.
The market data is provided by TradingView, Bitfinex.
The post Crypto Price Watch: Bitcoin, Ethereum, Ripple and EOS Price Analysis 28th September appeared first on Blockonomi.
September 28, 2018 at 06:09AM https://blockonomi.com from Blockonomi https://ift.tt/2QhGgXi
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