Bitcoin price is struggling to break the $8,500 and $8,600 resistances. BTC/USD remains at a risk of more downsides unless it breaks the $9,000 resistance to start a strong recovery.
Similarly, most major altcoins, including Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX are facing many hurdles. It seems like the market is preparing for the next major move and bitcoin could either surge above $8,500 or it might extend its decline in the near term.
Key Takeaways:
- Bitcoin price is facing a strong resistance near the $8,500 and $8,600 levels.
- Ethereum price is currently consolidating below the key $184.00 resistance area.
- Ripple price could correct higher towards the $0.2650 and $0.2720 resistances.
- EOS price may perhaps rise towards the $3.200 resistance area before a fresh decrease.
- Litecoin price is currently trading well below the main $60.00 resistance area.
- CENNZ, E2C and DCN rallied more than 150% in the past 7 days.
Bitcoin Price Analysis
In the past few days, there were mostly bearish moves in bitcoin price below the $9,500 support. The BTC/USD pair settled below the $9,000 and $8,600 support levels to move into a bearish zone.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even settled below the $8,500 level and the 21 simple moving average (4-hours). The price traded to a new monthly low at $7,739 and it recently started a short term upside correction.
- There was a break above the $8,000 resistance and the 21 simple moving average (4-hours). The price even moved a few points above the 23.6% Fib retracement level of the last major decline from the $10,479 high to $7,739 low.
- However, the upward move was capped by the $8,500 resistance and the price even failed to test the $8,600 pivot area. Moreover, there is a crucial bearish trend line forming with resistance near $8,500 on the same chart.
- There is also a declining channel forming with resistance near $8,450. Therefore, the price is clearly facing a strong resistance near the $8,450 and $8,500 levels.
- If there is an upside break above the $8,500 resistance, the price could even surpass the $8,600 level. The next key resistance is near the $9,000 handle. Moreover, the 50% Fib retracement level of the last major decline from the $10,479 high to $7,739 low is near the $9,100 level to act as a resistance.
- Conversely, if the price fails to break the $8,500 and $8,600 resistances, it could continue to move down. An immediate support is near the $8,000 level. The main support area is near the $7,800 level, below which there is a risk of another slide towards the $7,500 and $7,200 support levels in the near term.
Ethereum Price Analysis
Ethereum price declined heavily after it broke the $184.00 and $175.00 support levels. ETH/USD even broke the $160.00 support area and traded to a new monthly low at $153.99.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price started an upside correction after testing the $155.00 support area. It recovered above the $165.00 and $170.00 resistance levels.
- The bulls pushed the price above the 23.6% Fib retracement level of the last key decline from the $225.22 high to $153.99 low. Moreover, there was a break above the $175.00 level and the 21 simple moving average (4-hours).
- However, the upward move faced a strong resistance near the $184.00 level (the previous support area). Besides, there was no test of the 50% Fib retracement level of the last key decline from the $225.22 high to $153.99 low.
- The price is now trading below the $180.00 level and there is a crucial breakout pattern forming on the same chart. On the upside, the main resistances are near $182.00 and $184.00.
- If there is a clear break above the $184.00 resistance, the price could continue to recover towards the $195.00 and $200.00 resistance levels. The next major resistance is near the $204.00 level.
- Conversely, if there is a downside break below the $170.00 support area, the price may resume its decline. An immediate support is near the $164.00 level, below which Ethereum price might revisit the $155.00 support area. Any further losses might lead the price towards the $150.00 support area.
Ripple Price Analysis
Ripple price declined heavily after it broke the $0.2660 support area against the US Dollar. The XRP/USD pair declined below the $0.2500 and $0.2320 support levels to register a significant decline.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even broke the $0.2200 level and traded to a new monthly low at $0.2130. Later, it started a strong recovery above the $0.2200 and $0.2320 resistance levels.
- The price climbed above the 23.6% Fib retracement level of the last major decline from the $0.3266 high to $0.2130 swing low. Moreover, there was a break above $0.2400 and the 21 simple moving average (4-hours).
- However, the price struggled near the $0.2600 resistance area. It even failed to test the 50% Fib retracement level of the last major decline from the $0.3266 high to $0.2130 swing low.
- The price is slowly declining and is trading below the $0.2500 level plus the 21 simple moving average (4-hours). It seems like there is a short term breakout pattern forming with support near the $0.2425 level.
- If there is a downside break, the price could test the $0.2320 support area. Any further losses might lead the price towards the $0.2200 or $0.2120 support.
- Conversely, the price could rise towards the $0.2600 and $0.2660 resistance levels. If there is a clear break above the $0.2660 resistance, ripple price might recover towards the $0.3000 resistance.
EOS Price Analysis
EOS price declined significantly after it traded below the $3.650 and $3.500 support levels against the US Dollar. The bears took control and pushed the price below the $3.000 support area. The price even broke the $2.500 support and traded to a new monthly low at $2.398.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price is currently correcting higher and it recently broke the $2.800 resistance area. There was a break above the 23.6% Fib retracement level of the last key decline from the $4.083 high to $2.398 low.
- However, the price struggled to stay above the $3.000 resistance area and 21 simple moving average (4-hours). It formed a short term top near the $3.100 level.
- It seems like the price is following an ascending channel or a bearish flag pattern with support near the $2.800 level. If there is a downside break below the $2.800 support, the price could continue to slide and it might revisit the $2.500 support area.
- On the upside, there is a crucial resistance forming near the $3.000 and $3.100 levels. Moreover, the 50% Fib retracement level of the last key decline from the $4.083 high to $2.398 low is also near the $3.240 level to prevent gains.
- Finally, there is a connecting bearish trend line forming with resistance near $3.400 on the same chart. Therefore, there are many hurdles for the bulls on the upside, starting with $3.000 and up to $3.4000.
Top Gainers
During the past 7 days, a few small cap altcoins climbed higher and gained more than 80%, including CENNZ, E2C, DCN, NSD, ZEON, TSHP, BPT, PXL and ATN (trading volume more than $50K). Out of these, CENNZ rallied around 230% and E2C gained close to 175%.
Overall, bitcoin price is clearly facing a strong resistance near the $8,500 and $8,600 levels. Having said that, BTC/USD must settle above $9,000 to move into a positive zone and start a solid upward move. If not, there are chances of another drop in bitcoin 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 Crypto Market Update: Bitcoin, Ethereum, XRP & EOS Price Analysis 4th Oct appeared first on Blockonomi.
October 04, 2019 at 03:59AM https://blockonomi.com from Blockonomi https://ift.tt/2MdBREo
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