Bitcoin price started a major downside correction after it failed to clear the $9,100 resistance. BTC declined sharply, tested the $7,500 support area, and it is currently correcting higher.
Similarly, there were heavy downsides in major altcoins such as binance coin (BNB), Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), stellar (XLM), ADA, EOS, and TRX. The market is currently recovering and it could correct higher in the near term.
Read: Guide to Investing in Bitcoin
Key Takeaways:
- Bitcoin price topped near $9,118 and declined heavily below $8,500 and $8,000.
- Ethereum price also declined and found support near the $235 level.
- Ripple price is currently trading above $0.4000 and it could correct higher in the near term.
- EOS price is currently consolidating above the key $6.000 support area.
- BTC2, CYL, MRS and MIC are up more than 500% in the past 7 days.
Bitcoin Price Analysis
This week, there was a major downside correction in bitcoin price below the $8,800 and $8,500 support area. BTC/USD even broke the key $8,000 support area and tested the next major support area near $7,500.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price topped just above $9,100 and recently declined steadily below the $8,250 and $8,000 support levels. There was even a close below $8,000 and the 21 simple moving average (4-hours).
Moreover, there was a break below a major bullish trend line with support near $8,250. The price tested the next key support near $7,500 and it is currently correcting higher.
There was a break above the $7,800 resistance and the 23.6% Fib retracement level of the last major decline from the $9,118 high to $7,478 low.
On the upside, there are many hurdles near the $8,200 and $8,250 levels. There is also a connecting bearish trend line forming with resistance at $8,200. If there is an upside break above the trend line, the price could test the $8,300 resistance.
The $8,300 area is near the 50% Fib retracement level of the last major decline from the $9,118 high to $7,478 low. A successful close above the $8,300 level might start a fresh increase in the near term.
The next major resistance is at $8,500, above which the price could revisit $8,800. An intermediate resistance is near $8,730 and the 76.4% Fib retracement level of the last major decline from the $9,118 high to $7,478 low.
If there is no upside break above $8,300, the price could continue to decline. The main support is near $7,500, below which the gates are likely to open for a push towards $7,000.
Ethereum Price Analysis
Ethereum price also followed bitcoin and declined heavily below $260.00 and $250.00 support levels. ETH price even cleared the $240.00 level and the 21 simple moving average (4-hours). The price tested the $235.00 support area and it is currently correcting higher.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price declined heavily below the $250.00 support and recently traded as low as $235.85.
The current price action is showing positive signs above $240, with an immediate resistance near $248.00 and the 23.6% Fib retracement level of the last decline from the $288.91 high to $235.85 low.
Moreover, there is a key bearish trend line in place with resistance near $250.00. A successful close above $250.00 is likely to open the doors for more gains above the $255.00 level.
The next key resistance is near $262.00 since it represents the 50% Fib retracement level of the last decline from the $288.91 high to $235.85 low.
If the bulls gain control above $262.00, the price could accelerate above $265.00 and $270.00. On the downside, the main support is near the $235.00 level.
If there is a downside break below $235.00, the price might accelerate towards the $210.00 level.
Ripple Price Analysis
Ripple price topped near the $0.4750 level and recently declined heavily below $0.4400 and $0.4250 against the US Dollar. XRP/USD even traded below the $0.4000 support area and recently tested the $0.3840 support zone.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price failed to stay above the main $0.4250 support area and declined below the 21 simple moving average (4-hours).
The price traded as low as $0.3844 and it is currently correcting higher. It recovered above the 23.6% Fib retracement level of the last drop from the $0.4664 high to $0.3844 low.
The current price action is positive since there was a break above the $0.4200 level and the 21 simple moving average (4-hours). At the moment, the price is testing the 50% Fib retracement level of the last drop from the $0.4664 high to $0.3844 low.
If there is a break above the $0.4300 level, the price could test the next resistance near $0.4460. There is also a connecting bearish trend line forming with resistance near $0.4450.
If there are further gains, the price could revisit the $0.4700 level. Conversely, if there is a downside break below $0.4100 and $0.4000, the price could even decline below the $0.3840 support area in the coming sessions.
EOS Price Analysis
After a major upward move, EOS price declined below the $8.200 and $8.000 support levels against the US Dollar. The price even broke the $7.000 support area to enter a bearish zone.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price declined below a major bullish trend line with support at $7.400. It opened the doors for more losses below $7.000 and 21 simple moving average (4-hours).
Finally, there was a break below the $6.500 support area and the price spiked below $6.000. A new swing low was formed at $5.927 and the price is currently correcting higher.
It is testing the $6.500 resistance and the 23.6% Fib retracement level of the last decline from the $8,671 high to $5.927 low.
The current price action is positive and it seems like there could be more gains above $6.600 and $6.800. The next key resistance is near the $7.000 and $7.200 levels.
The 50% Fib retracement level of the last decline from the $8,671 high to $5.927 low is also near the $7.300 level to act as a solid barrier for the bulls.
Conversely, if there is a downside break below $6.200 and $6.000, there could be a sharp decline. The next main support is at $5.500, where the bulls are likely to appear.
Top Gainers
During the past 7 days, a few small cap altcoins climbed higher and gained more than 150%, including BTC2, CYL, MRS, MIC, JWL, GET, UUU, WTN, SPEC, IDT and IGNIS (trading volume more than $50K). Out of these, BTC2 rallied around 880% and CYL gained nearly 700%.
Overall, bitcoin price started a major downside correction and tested the key $7,500 support area. As long as BTC is above $7,500, there could be a strong recovery and major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, DASH, BNB, XMR, NEO, and IOTA are likely to recover higher.
The market data is provided by TradingView, Bitfinex.
The post Price Watch: Bitcoin, Ethereum, Ripple & EOS Price Analysis 7th June appeared first on Blockonomi.
June 07, 2019 at 07:54AM https://blockonomi.com from Blockonomi http://bit.ly/2ZdORyK
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