Bitcoin price failed to climb above the $11,000 resistance and recently corrected lower. BTC/USD declined below the $10,500 support, but it seems like the price is holding the $9,800 support area. As long as the price is above $9,800, there could be a fresh increase.
However, most major altcoins consolidated and traded in a range, including Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX. The market is currently climbing, but it must gain pace for upside continuation.
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Key Takeaways:
- Bitcoin price is currently holding the main $10,000 and $9,850 support levels.
- Ethereum price is preparing for the next break either above $185 or below $178.
- Ripple price is trading nicely above the main $0.2500 support area.
- EOS price climbed higher nicely and broke the $3.500 and $3.650 resistance levels.
- MOF and UDOO rallied more than 500% in the past 7 days.
Bitcoin Price Analysis
This week, bitcoin price recovered towards the $11,000 resistance area. However, the bulls failed to gain pace above $10,900 and the price struggled to continue higher. BTC/USD traded as high as $10,921 and recently corrected lower.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price declined below the $10,800 and $10,650 support levels to enter a short term bearish zone. Moreover, there was a close below the $10,500 support and the 21 simple moving average (4-hours).
During the decline, the price spiked below the 50% Fib retracement level of the last upward move from the $9,346 low to $10,921 high. Moreover, the price even spiked below the $10,000 support area.
However, the bears struggled to gain pace below the $10,000 level. It seems like the $9,900 and $9,850 levels are acting as decent supports. Additionally, the 61.8% Fib retracement level of the last upward move from the $9,346 low to $10,921 high is acting as a strong support.
There is also a connecting bullish trend line forming with current support near the $9,950 level. If there is a downside break below the $10,000 and $9,900 support levels, the price could decline heavily in the near term.
The next key support is near the $9,700 level or the 76.4% Fib retracement level of the last upward move from the $9,346 low to $10,921 high.
Conversely, if the price stays above the $10,000 support, it could bounce back. An immediate resistance is near the $10,450 and $10,500 levels. A successful close above $10,500 might start a strong rise towards the $11,000 resistance.
Moreover, a break above the last swing high near $10,921 might set the pace for more upsides towards the $11,500 and $11,800 levels in the coming days.
Ethereum Price Analysis
Ethereum price remained well bid above the main $165 support area. ETH/USD stayed above the $165 and $170 levels and it managed to climb higher in the past few days.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price broke the $175 resistance area to move into a positive zone. However, the bulls struggled to push the price above the $185 resistance area. A swing high was formed near the $187 level and recently corrected lower.
There was a break below the $182 level and the 21 simple moving average (4-hours). Moreover, the price declined below the 23.6% Fib retracement level of the last upward move from the $165 swing low to $187 swing high.
However, the $175 level acted as a support. It seems like the 50% Fib retracement level of the last upward move from the $165 swing low to $187 swing high is acting as a support.
More importantly, the price is trading inside a breakout pattern with resistance near $183 on the same chart. If there is an upside break above the $183 level, the bulls could attempt to surpass the $185 and $187 resistance levels.
A convincing close above $187 might set the pace for a push towards the $195 and $200 levels. Conversely, if there is a downside break below the $178 support, there are chances of a fresh decline.
The next key support is near the $170 level or the 76.4% Fib retracement level of the last upward move from the $165 swing low to $187 swing high. The main support is still near the $165 level, below which Ethereum price could decline towards $155.
Ripple Price Analysis
Ripple price struggled to recover in the past few days and remained well below the $0.2800 level against the US Dollar. The XRP/USD pair declined and revisited the main $0.2500 support area on a few occasions.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price remained well bid near the $0.2500 level, but it also remained well below the 21 simple moving average (4-hours).
The last swing low was formed near $0.2451 and the price is currently consolidating losses. It broke the 23.6% Fib retracement level of the last decline from the $0.2809 high to $0.2451 low.
However, the upward move is facing hurdles near the $0.2620, $0.2640 and $0.2650 levels. There is also a crucial bearish trend line forming with resistance near the $0.2650 level. Additionally, the 50% Fib retracement level of the last decline from the $0.2809 high to $0.2451 low is acting as a hurdle.
Therefore, an upside break above the $0.2640 and $0.2650 levels is needed for more gains in the coming sessions. The next key resistance above $0.2650 is near the $0.2800 zone.
On the downside, an immediate support is near the $0.2550 level. The main support for ripple is near the $0.2500 area, below which there are chances of a strong decline towards $0.2200.
EOS Price Analysis
EOS price tested the $3.000 and $3.100 levels on a few occasions against the US Dollar. However, the bears failed to gain traction and the price stayed above the $3.000 support area.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as low as $3.116 recently and started a strong upward move. It broke many important resistances on the way up, including $3.250 and $3.500.
Moreover, there was a close above the $3.500 level and the 21 simple moving average (4-hours). Finally, the price broke the $3.650 and $3.800 resistance levels. A new weekly high was formed near $3.971 and the price is currently consolidating gains.
There is a breakout pattern forming with support near the $3.700 level plus the 23.6% Fib retracement level of the recent wave from the $3.116 low to $3.971 high.
If there is a downside break, the next major support is near the $3.650 level, below which the price could test the 50% Fib retracement level of the recent wave from the $3.116 low to $3.971 high at $3.540 level.
Conversely, if there is an upside break above $3.800, the price could accelerate above the $3.900 and $4.000 levels. Overall, EOS price is trading with a positive bias and it could accelerate gains in the coming sessions above $3.800.
Top Gainers
During the past 7 days, a few small cap altcoins gained traction and climbed more than 100%, including MOF, UDOO, RTH, ZNT, ZRC, JAR and MT (trading volume more than $50K). Out of these, MOF rallied around 600% and UDOO gained close to 560%.
Overall, bitcoin price is currently trading above a couple of important support levels such as $10,000 and $9,900. If there is a close below $9,800, the price could accelerate decline. If not, there are chances of a fresh increase in BTC and 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, Ripple & EOS Price Analysis 13th Sep appeared first on Blockonomi.
September 13, 2019 at 01:04AM https://blockonomi.com from Blockonomi https://ift.tt/34J5u8K
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