Bitcoin price started a decent recovery above the $8,250 and $8,500 resistance levels. BTC/USD could continue to recover towards $9,000 as long as it is trading above the $8,250 pivot level.
Similarly, there were bullish moves in most major altcoins, including Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX. Overall, the crypto market is showing positive signs and it could recover further in the near term.
Key Takeaways:
- Bitcoin price is showing positive signs above the $8,400 and $8,250 support levels.
- Ethereum price rallied above $190 and it is likely to surpass $200 and $204.
- Ripple price outperformed and gained momentum above the $0.2620 resistance area.
- EOS price is currently trading above $3.000 and it is likely to climb towards $3.500.
- Binance coin (BNB) gained more than 10% and it is now trading above the $17.00 resistance.
- Litecoin price is likely to climb above the $60.00 and $62.00 resistance levels.
- Swarm City (SWT) rallied more than 350% and JWL gained nearly 200% in the past 7 days.
Bitcoin Price Analysis
Bitcoin price formed a strong support near the $7,800 level and recently a steady recovery. BTC/USD traded above the $8,000 and $8,250 resistance levels to move into a positive zone and start a decent recovery.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even settled above the $8,250 pivot level and the 21 simple moving average (4-hours). The upward move was steady above the $8,300 and $8,500 levels.
- During the rise, the pair climbed above a key bearish trend line with resistance near $8200 on the same chart. Finally, the price broke the $8,650 resistance and traded towards $8,720. A swing high was formed near $8,720 and the price is currently consolidating gains.
- An immediate support is near the $8,500 level. Moreover, the 23.6% Fib retracement level of the recent wave from the $7,806 low to $8,732 high is also near the $8,500 level.
- There is also a connecting bullish trend line forming with support near the $8,500 level. If there is a downside break below the trend line, the price could correct lower towards the $8,250 support area, which is a strong buy zone.
- If there are additional losses below the $8,250 support, the price could move back into the bearish zone. The next key supports are near the $8,000 level. The main breakdown support is near the $7,800 level.
- On the upside, bitcoin price needs to surpass the $8,750 and $8,800 levels to continue higher towards the $9,000 level. Any further upsides may perhaps push the price towards the $9,400 resistance area.
Ethereum Price Analysis
Ethereum price remained in a positive zone above the $165.00 and $168.00 support levels. ETH/USD gained momentum above the $170.00 level to start a strong rise.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even climbed above the $175.00 resistance and the 21 simple moving average (4-hours). More importantly, there was a break above a key bearish trend line with resistance near the $176.00 level.
- It opened the doors for more gains and the price rallied above the $180.00 and $184.00 resistance levels. Finally, the price surpassed the $190.00 level and traded as high as $196.30.
- At the moment, the price is consolidating gains below the $196.00 level. An immediate support is near the $189.00 level. It coincides with the 23.6% Fib retracement level of the recent wave from the $168.33 low to $196.30 high.
- The next key supports are near the $184.00 level and the 21 simple moving average (4-hours). The main support is near the $182.00 level. It represents the 50% Fib retracement level of the recent wave from the $168.33 low to $196.30 high.
- A downside break below the $180.00 level could push the price back into a bearish zone. On the upside, an initial resistance is near the $196.00 and $200.00 levels.
- The main resistance is near the $204.00 area, above which Ethereum price could continue to rise towards the $220.00 level in the near term.
Ripple Price Analysis
Ripple price followed a nice bullish path from the $0.2320 and $0.2350 support levels against the US Dollar. The XRP/USD pair gained strength after it broke the $0.2500 resistance and moved into a bullish zone.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price settled above the key $0.2620 resistance area and the 21 simple moving average (4-hours). There was a push above the $0.2800 level and the price traded to a new monthly high near the $0.2895 level.
- Recently, the price started a downside correction and traded below the $0.2800 and $0.2780 support levels. Additionally, there was a break below the 23.6% Fib retracement level of the last major move from the $0.2455 low to $0.2895 high.
- On the downside, there is a strong support forming near the $0.2670 level. There is also a crucial ascending channel forming with support near $0.2670 on the same chart.
- Moreover, the 50% Fib retracement level of the last major move from the $0.2455 low to $0.2895 high is also near the $0.2675 level. If there is a break below the $0.2670 support, the price could extend its correction towards the $0.2620 support area.
- On the upside, an initial resistance is near the $0.2800 level. If ripple price breaks the $0.2800 resistance area, there are chances of more gains above the $0.2900 and $0.2950 resistance levels.
Binance Coin Price Analysis (BNB/USDT, Binance Exchange)
Binance coin formed a strong support above the $15.00 area. As a result, BNB price started a solid increase above the $15.50 and $16.00 resistance levels.
Binance Coin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even climbed above the $16.50 resistance, with a close above the 21 simple moving average (4-hours). It opened the doors for more gains above the $17.20 resistance.
- The price traded as high as $18.01 and it is currently consolidating gains. There is a short term contracting triangle forming with resistance near the $17.80 level.
- If there is an upside break above the $17.80 and $18.00 resistance levels, the price could continue to rise. On the upside, the next key resistance is near the $19.20 level, followed by $19.70.
- Conversely, if there is a downside break below the $17.00 support, the price could test the $16.80 support or the 21 simple moving average (4-hours).
- The main support is near the $16.40 level, below which the price could decline back towards the $16.00 and $15.50 support levels in the near term.
Top Gainers
During the past 7 days, a few small cap altcoins rallied more than 100%, including SWT, JWL, BTB, CBM, ERC20, NBV, CSM and PLC (trading volume more than $50K). Out of these, SWT rallied around 390% and JWL gained nearly 200%.
Overall, bitcoin price is showing positive signs above the $8,400 and $8,350 support levels. In the short term, there could be a few swing moves, but as long as BTC/USD is above the $8,250 support, there are chances of more gains above $8,800 and $9,000 in the coming days.
Similarly, there are possibilities of more upsides in 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 & BNB Price Analysis 11th Oct appeared first on Blockonomi.
October 11, 2019 at 03:31AM https://blockonomi.com from Blockonomi https://ift.tt/2q4jrys
Comments
Post a Comment