Bitcoin price started a strong decline below the $11,000 and $10,800 support levels. BTC/USD traded as low as $9,513 and is currently correcting higher, but it faces many hurdles on the upside.
Similarly, there were heavy losses noted in most major altcoins, including Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX. The current price action indicates a short term recovery before the crypto market resumes its slide.
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Key Takeaways:
- Bitcoin price is likely to struggle near the $10,500, $10,800 and $11,000 resistance levels.
- Ethereum price might struggle to climb above the $196 and $202 resistance levels.
- Ripple price remains at a risk of more losses below the $0.2500 support area.
- EOS price settled below the main $4.000 support level.
- Litecoin price tumbled below $85.00 and $80.00 to move into a bearish zone.
- BitBall (BTB) rallied more than 750% and MINX gained nearly 120% in the past 7 days.
Bitcoin Price Analysis
Bitcoin price traded in a range above the $11,200 support for a few sessions before it started a strong downward move. BTC/USD broke many important supports such as $11,200, $11,000 and $10,500 to move into a bearish zone.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even broke the $10,250 support level and settled below the 21 simple moving average (4-hours). It traded close to the $9,500 support area and a swing low was formed near $9,513.
Recently, the price corrected higher above the $9,800 resistance plus the 23.6% Fib retracement level of the last major decline from the $12,323 high to $9,513 swing low.
However, the price is still trading well below the $10,500 resistance and the 21 simple moving average (4-hours). It seems like the price is trading inside a breakout pattern with resistance near the $10,400 level.
If there is an upside break above $10,400, $10,500, and the 21 simple moving average (4-hours), then there could be a recovery towards the $11,000 resistance area.
Having said that, the price is likely to face a strong resistance near the $11,000 and $11,100 levels. Moreover, the 50% Fib retracement level of the last major decline from the $12,323 high to $9,513 swing low is near the $10,918 level.
More importantly, there is also a major bearish trend line forming with resistance near $11,250 on the same chart. Therefore, an upward move towards $11,000 is likely to face a strong selling interest.
Conversely, if the price fails to climb above the $10,500 resistance level, there could be a fresh decline. An immediate support is near the $10,000 level, below which the price may perhaps revisit the $9,500 support area. The next key support is near the $9,100 level.
Ethereum Price Analysis
Ethereum price followed a bearish path after it failed to clear the $235.00 resistance area. ETH price declined below the key $225.00 and $220.00 support levels to move into a downtrend.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even settled below the main $200.00 support level and the 21 simple moving average (4-hours). The recent decline was such that the price broke the $185.00 support.
A new monthly low was formed near $174.24 and the price is currently correcting higher. It recovered above the $185.00 level plus the 23.6% Fib retracement level of the recent drop from the $217.65 high to $174.24 low.
On the upside, there are many major hurdles near the $195.00, $196.00 and $200.00 levels. Moreover, the 50% Fib retracement level of the recent drop from the $217.65 high to $174.24 low is also near the $195.95 level.
More importantly, there is also a key bearish trend line forming with resistance near $198.00 on the same chart. The main resistance is near the $200.00-$202.00 area, where sellers are likely to take a stand.
Therefore, an upward move towards the $200.00 resistance area and the 21 simple moving average (4-hours) is likely to fail in the near term.
On the downside, an immediate support is near the $180.00 level. If there is a downside break below $180.00, Ethereum price is likely to slide towards the $165.00 and $160.00 support levels.
Ripple Price Analysis
Ripple price declined heavily in the past few days after it failed to hold the main $0.3000 and $0.2900 support levels against the US Dollar. The XRP/USD pair is down more than 20% and traded below the $0.2800 and $0.2600 support levels.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even broke the $0.2500 support level and settled well below the 21 simple moving average (4-hours). A new monthly low was formed near $0.2365 and the price recently recovered positively.
It broke the $0.2500 resistance plus the 23.6% Fib retracement level of the last decline from the $0.3069 high to $0.2365 low.
At the moment, the price is trading inside a breakout pattern with resistance near the $0.2650 level. If there is an upside break above $0.2650 and $0.2720, the price could recover towards the $0.2800 resistance.
The 61.8% Fib retracement level of the last decline from the $0.3069 high to $0.2365 low is near the $0.2800 level to act as a resistance. Besides, there is a major bearish trend line forming with resistance near $0.2810 on the same chart.
Finally, the 21 simple moving average (4-hours) is also near the $0.2800 level to stop an upward move. Therefore, an upward move towards the $0.2700 and $0.2800 levels could face a strong resistance.
On the downside, an immediate support is near the $0.2500 level. If ripple price breaks down below $0.2500, there could be another significant drop towards the $0.2350 and $0.2220 levels in the coming days.
Litecoin Price Analysis
Litecoin price struggled to stay above the key $88.00 and $85.00 support levels against the US Dollar. As a result, the LTC/USD pair started a strong decline below the $82.00 and $80.00 supports.
Litecoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even broke the $75.00 support and settled well below the 21 simple moving average (4-hours). A new monthly low was formed near $71.34 and the price is currently correcting higher.
It tested the $76.00 level and 23.6% Fib retracement level of the recent decline from the $91.68 high to $71.34 low. On the upside, the previous supports near the $80.00 and $82.00 levels are likely to act as key resistances.
Moreover, the 21 SMA and the 50% Fib retracement level of the recent decline from the $91.68 high to $71.34 low is also near the $81.50 level. Finally, there is a connecting bearish trend line forming with resistance near the $81.20 level.
Therefore, an upside correction towards the $80.00 and $82.00 resistance levels could face a strong selling interest in the near term. If the bulls succeed in pushing the price above $82.00, the price may perhaps recover above $85.00.
Conversely, if litecoin price resumes its decline, it could trade below the $72.00 and $70.00 support levels. The next key supports for the bulls might be near the $64.00 level.
Top Gainers
During the past 7 days, a few small cap altcoins climbed higher by more than 80%, including BTB, MINX, NSD, EXT, BCX and IDT (trading volume more than $50K). Out of these, BTB rallied around 750% and MINX gained nearly 120%.
Overall, bitcoin price is currently recovering from the $9,500 support level. It seems like there could be a decent recovery in the short term, but the BTC/USD is likely to face many hurdles near the $10,800 and $11,000 levels. Similarly, upsides are likely to remain capped in major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, ICX, BNB, XMR, NEO, and WTC in the coming days.
The market data is provided by TradingView, Bitfinex.
The post Weekly Wrap: Bitcoin, Ethereum, XRP & Litecoin Price Analysis 16th August appeared first on Blockonomi.
August 16, 2019 at 02:41AM https://blockonomi.com from Blockonomi https://ift.tt/2N8akq6
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