Bitcoin price struggled to gain momentum above $8,500 and started a fresh decline. BTC/USD is currently under pressure and facing many hurdles near $8,200 and $8,380.
Besides, there were bearish moves in most major altcoins, including Ethereum (ETH), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX. However, ripple (XRP) and monero (XMR) outperformed and remained in a positive zone.
Key Takeaways:
- Bitcoin price declined recently and even broke the $8,000 support area.
- Ethereum price seems to be struggling to gain momentum above $185.00.
- Ripple price is following a nice bullish path and it recently climbed above $0.3000.
- EOS price is back below the main $3.000 support area, but holding $2.850.
- Litecoin price is struggling to hold a crucial support area near $52.00.
- Monero (XMR) jumped recently and tested the $60.00 resistance area.
- Emirex Token (EMRX) is up around 300% and BST gained nearly 100% in the past 7 days.
Bitcoin Price Analysis
This week, bitcoin price struggled to break the $8,750 and $8,800 resistance levels. Moreover, it seems like BTC/USD failed to gain strength above the $8,500 level. As a result, there was a fresh decline below the $8,500 and $8,400 support levels.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price broke many key supports near the $8,400 level to move into a bearish zone. Moreover, there was a close below the $8,200 support and the 21 simple moving average (4-hours).
It opened the doors for more losses and the price spiked below the $8,000 support. A low was formed near $7,952 and the price is currently consolidating losses.
An immediate resistance is near the $8,150 level and the 21 simple moving average (4-hours). Moreover, the 23.6% Fib retracement level of the recent decline from the $8,809 high to $7,952 low is also near the $8,150 level.
More importantly, there is a major bearish trend line forming with resistance near the $8,200 level on the same chart. If there is an upside break above the trend line, the price could recover towards the $8,400 resistance area.
Besides, the 50% Fib retracement level of the recent decline from the $8,809 high to $7,952 low is near $8,380 to act as a resistance. If there is a successful break above $8,400 and a follow through above $8,500, bitcoin price could recover in the near term.
The next key resistances are near $8,700 and $8,800, above which it could test $9,000. Conversely, if the price fails to climb above $8,200 or $8,400, it could extend its decline.
The main support on the downside is near the $7,800 area, below which there is a risk of a drop towards the $7,500 level in the coming days.
Ethereum Price Analysis
Ethereum price climbed towards the $200.00 level, but it failed to continue higher. ETH price formed a swing high near the $197.90 level and later started following bitcoin.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price declined below the $190.00 and $188.00 support levels. Moreover, there was a close below the $185.00 support and the 21 simple moving average (4-hours).
As a result, the price declined further and moved below the $180.00 support. Finally, it tested a crucial support area near the $172.00 area. A low was formed near $172.65 and the price is currently correcting higher.
An immediate resistance is near the $178.50 level and the 21 simple moving average (4-hours). Moreover, the 23.6% Fib retracement level of the recent decline from the $197.89 high to $172.65 low is also near the $178.60 level.
More importantly, there is a key bearish trend line forming with resistance near the $183.50 level on the same chart. If there is an upside break above the trend line, the price could recover towards the $185.20 resistance area.
Besides, the 50% Fib retracement level of the recent decline from the $197.89 high to $172.65 low is near $185.20 to act as a resistance. If there is a successful break above $185.20 and a follow through above $188.50, Ethereum price could rebound in the near term.
On the downside, the main support is near the $172.00 and $170.50 levels. If there is a downside break below $170.00, Ethereum price is likely to extend its decline towards $162.00 or $154.00.
Ripple Price Analysis
Ripple price outperformed both Ethereum and bitcoin this week against the US Dollar. The XRP/USD pair remained in a positive zone and climbed above the key $0.2850 and $0.2900 resistance levels.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even settled above the key $0.2850 resistance area and the 21 simple moving average (4-hours). Finally, there was a break above the $0.3000 resistance area.
A new monthly high was formed near the $0.3052 level and the price is currently correcting lower. It is trading below the $0.3000 level, plus the 23.6% Fib retracement level of the recent wave from the $0.2794 low to $0.3052 high.
An immediate support on the downside is near the $0.2925 level since it coincides with the 50% Fib retracement level of the recent wave from the $0.2794 low to $0.3052 high.
More importantly, there is a crucial ascending channel forming with support near $0.2880 on the same chart. Therefore, the price is likely to face a strong buying interest near the $0.2880 level.
If there is a downside break below $0.2880 and $0.2800, the price could start a major downside correction.
On the upside, an initial resistance is near the $0.3035 and $0.3050 levels. If ripple climbs above $0.3050, it could continue to rise towards the $0.3120 and $0.3150 resistance levels.
Litecoin Price Analysis
Litecoin price struggled in the past few days and mostly traded with bearish moves below the $60.00 pivot level against the US Dollar. The LTC/USD pair even settled below the $58.20 support level.
Litecoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price extended its decline below the $55.00 support level and the 21 simple moving average (4-hours). The decline was such that the price even traded below the $53.20 level and moved close to $51.50.
A new monthly low was formed near $51.39 and the price is currently correcting higher. It recovered above the 23.6% Fib retracement level of the recent decline from the $60.29 high to $51.39 low.
However, there is a strong resistance near the $55.50 and $56.00 levels. There is also a bearish trend line forming with resistance near $56.00 on the same chart. Besides, the 50% Fib retracement level of the recent decline from the $60.29 high to $51.39 low is near the $55.85 level.
Above the trend line and $56.00, the price might recover towards the $58.20 resistance area. To start a strong upward move, the price must clear the $58.20 and $60.00 resistance levels.
On the other hand, if litecoin price breaks the main $51.50 and $50.00 support levels, there could be another decline. The next key supports are near the $45.50 and $44.20 levels.
Top Gainers
During the past 7 days, a few small cap altcoins surged and gained more than 80%, including EMRX, BST, CWV, CRON, TDX and MB8 (trading volume more than $50K). Out of these, EMRX rallied around 300% and BST gained nearly 100%.
Overall, bitcoin price is struggling to recover and it is facing many hurdles on the upside near $8,200 and $8,400. Having said that, a close above $8,500 is must for a decent upward move 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 Crypto Market Update: Bitcoin, Ethereum, XRP & Litecoin Price Analysis 18th Oct appeared first on Blockonomi.
October 18, 2019 at 05:36AM https://blockonomi.com from Blockonomi https://ift.tt/2BoWjNm
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