Bitcoin gained traction and moved above the $6,400 resistance. Ripple outperformed other major Altcoins like Ethereum, EOS, bitcoin cash and litecoin. If BTC/USD trades past $6,770, there could be a solid rise in buying interest in the near term.
Key Takeaways:
- Bitcoin price is slowly moving higher and it is currently above $6,400.
- Ethereum is trading with bullish moves above the $200 support area.
- Ripple price rallied significantly and tested the $0.5000 resistance area.
- EOS could continue to move higher towards the $6.50 level in the near term.
- BOB and VIBE gained more than 150% during the past 7 days.
Bitcoin Price Analysis
Bitcoin price seems to be forming a solid support base above the $6,100 level. The BTC/USD pair made a few attempts to break the $6,130 and $6,120 levels, but buyers defended losses very aggressively.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price was clearly bid very well above the $6,100 level. The recent low was formed near the $6,120 before the price started an upward move.
It traded above the $6,280 and $6,350 resistance levels. There was also a close above the 23.6% Fib retracement level of the last major decline from the $7,420 high to $6,120 swing low. More importantly, there was a close above the $6,400 level and the 21 simple moving average (4-hours).
The price recently spiked above the $6,550-70 zone, but it failed to clear the $6,640 resistance zone. It seems like there is an ascending channel in place with resistance near $6,650 on the same chart.
Should the price break the channel resistance, there could be more gains above the $6,700 level. The next resistance is near the $6,770 level, which is the 50% Fib retracement level of the last major decline from the $7,420 high to $6,120 swing low.
The $6,770 level is a crucial hurdle for buyers and it won’t be easy for bitcoin to surpass $6,770 and $6,800. Above these, the price is likely to revisit the $7,000 zone.
On the other hand, if there is a downside correction, the price may find support near the $6,400 and $6,360 levels. The most important barriers for sellers are near the $6,150 and $6,120 levels.
Ethereum Price Analysis
Ethereum price started a decent recovery from the $166 swing low. ETH/USD slowly and steadily climbed higher and broke a few important resistances like $180, $185 and $200.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price gained traction above the $190 level and later settled above the $200 level and the 21 simple moving average (4-hours). There was also a close above the 23.6% Fib retracement level of the last slide from the $304 swing high to $166 low.
At present, the price is trading near a major bearish trend line with resistance at $230 on the same chart. Above the trend line the 50% Fib retracement level of the last slide from the $304 swing high to $166 low is at $234.
Therefore, it seems like the $230-234 zone is a crucial hurdle for buyers. If they succeed in clearing the $234 resistance, the price could rally sharply above the $240 level. The next major resistance is near the $270 level, which was a support earlier, and now it coincides with the 76.4% Fib retracement level of the last slide.
On the flip side, if the price corrects lower, the 21 SMA and the $210 level are likely to act as supports. As long as the price is trading above the $210 and $200 levels, it could break $234 to remain in a positive zone.
Ripple Price Analysis
Ripple price was one of the best performers as it rallied more than 40% during the past few sessions against the US Dollar. XRP/USD broke a significant resistance zone near the $0.2800 level, opening the doors for more gains.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price formed a support base near the $0.2525 level. Sellers lost control and later the price started a solid upward move. It broke the $0.2800 resistance and the 21 simple moving average (4-hours).
During the rise, there was a break above a major bearish trend line at $0.2810 on the same chart. It cleared the path for buyers to take control and the price rallied above the $0.3000 and $0.3500 resistance levels.
The price even broke the $0.4000 and $0.4500 resistance and formed a high at 0.5026. At the moment, the price is correcting lower and it could test the 23.6% Fib retracement level of the last wave from the $0.2679 low to $0.5026 high.
If there is an extended downside correction, the price may perhaps test the $0.4000 support area. It is also above the 50% Fib retracement level of the last wave from the $0.2679 low to $0.5026 high. The current price action is very bullish above $0.4000.
A push above the $0.5000 level will most likely call for more gains towards the $0.5500 and $0.5800 levels in the near term.
EOS Price Analysis
EOS price remained well bid above the $4.50 support area against the US Dollar. Sellers made a couple of attempts to break the $4.50 and $4.60 support levels, but they failed. As a result, there was a base formed near the $4.60 level and the price started an upward move.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price likely formed a double bottom pattern near the $4.60 level. Buyers were able to break the $5.50 resistance and the 21 simple moving average (4-hours).
Moreover, there was a break above the 23.6% Fib retracement level of the major slide from the $6.80 swing high to $4.60 swing low. More importantly, the price surpassed a bearish trend line with resistance at $5.55 on the same chart.
At present, the price is trading near the 50% Fib retracement level of the major slide from the $6.80 swing high to $4.60 swing low. If there is a downside correction, the price may find support near the $5.50 level, which was a resistance earlier.
On the upside, a break above the $6.00 level is very likely in the near term. Above this, EOS price could test the $6.30 and $6.50 levels.
Top Gainers
During the last 7 days, many small cap altcoins gained traction and rallied more than 100%, including BOB, VIBE, BTT and TPAY (trading volume more than $50K). Moreover, CRW, SXUT, EARTH, XET and GCR rallied more than 80%.
Overall, the current price action is positive for bitcoin above the $6,400 level. If BTC/USD continues to hold the $6,150 pivot level, there could be more gains towards $6,770 and $7,000, which may possibly help altcoins like Ethereum, EOS, litecoin, ripple, neo, bitcoin cash, binance coin and XLM.
The market data is provided by TradingView, Bitfinex.
The post Price Watch: Bitcoin, Ethereum, Ripple and EOS Price Analysis 21st September appeared first on Blockonomi.
September 21, 2018 at 03:04AM https://blockonomi.com from Blockonomi https://ift.tt/2QLgQlT
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