Bitcoin price followed a bearish path below the $7,600 and $7,500 support levels. BTC/USD tested the $7,120 support area and it seems like there is a risk of more losses in the near term.
Similarly, most major altcoins such as Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX extended decline below key supports. However, a few altcoins such as XTZ and MATIC saw a lot of volatility. Tezos (XTZ) seems to be gaining momentum and it is likely to continue higher above $1.8000.
Read: Guide to the Best Exchanges
Key Takeaways:
- Bitcoin price is declining and remains at a risk of a downside break below $7,120.
- Ethereum price is following a bearish channel below the $150.00 level.
- Ripple price is under pressure and trading well below $0.2210 level.
- EOS price is holding a major support area near the $2.520 level.
- Tezos (XTZ) price is climbing and it could continue higher above $1.8000.
- Vectorspace AI (VXV) and RBTC are up more than 200% in the past 7 days.
Bitcoin Price Analysis
This month, bitcoin price made a few attempts to clear the $7,680 and $7,700 resistance levels. However, BTC/USD failed to break the key $7,700 resistance area and started a fresh decline in the past few days.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded below a few important supports near the $7,600 and $7,700 levels. Moreover, there was a close below the $7,440 support area and the 21 simple moving average (4-hours).
It opened the doors for more losses below the $7,300 level. Finally, the price approached the $7,120 support area and a low was formed near the $7,127 level.
At the moment, bitcoin price is consolidating losses above $7,150. It is testing the 23.6% Fib retracement level of the recent decline from the $7,748 high to $7,127 low.
It seems like the price is facing resistance near $7,270 and 21 simple moving average (4-hours). If there is an upside break above the 21 simple moving average (4-hours), the price could recover towards the $7,400 and $7,440 resistance levels.
On the upside, there is a major bearish trend line forming with resistance near the $7,440 level. Besides, the 50% Fib retracement level of the recent decline from the $7,748 high to $7,127 low is near the $7,437 level.
Therefore, an upside break above the $7,440 resistance could open the doors for a move towards the $7,680 and $7,700 resistance levels.
An intermediate resistance is near $7,600 or the 76.4% Fib retracement level of the recent decline from the $7,748 high to $7,127 low.
Conversely, bitcoin price might fail to surpass the $7,440 resistance. In the mentioned case, there is a risk of a downside break below the $7,120 support area. The next major support is near the $6,880 level.
Ethereum Price Analysis
Ethereum price also followed a similar pattern and declined from the $152.60 resistance area. ETH/USD remained in a bearish zone and traded below the $149.50 and $146.40 support levels.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even settled below the $146.40 level and the 21 simple moving average (4-hours). It opened the doors for more losses and the price tested the $140.00 support.
A low is formed near $140.01 and the price is currently correcting higher. It surpassed the 23.6% Fib retracement level of the recent decline from the $152.60 high to $140.01 low.
However, the price is facing a strong resistance near the $146.30 level and the 21 simple moving average (4-hours). The 50% Fib retracement level of the recent decline from the $152.60 high to $140.01 low is also near $146.30.
If there is an upside break above the 21 simple moving average (4-hours), the price could test the $147.50 zone. There is a declining channel forming with resistance near the $147.50 level.
A clear break above the channel resistance could lead the price towards the $152.60 resistance area. To move into a positive zone, Ethereum price must settle above the $152.60 and $156.00 resistance levels.
On the downside, there is a crucial support forming near the $140.00 area. Therefore, a bearish break below $140.00 might start another strong decline towards $135.00 and $130.00 in the near term.
EOS Price Analysis
EOS price made a couple of attempts to climb above the $3.850 and $3.800 resistance levels against the US Dollar. However, the bulls failed and the price started a downward move from the $2.809 high.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price broke a couple of important supports near the $2.700 level. Moreover, there was a break below a connecting bullish trend line at $2.680 on the same chart.
Finally, the price traded below the $2.600 support and the 21 simple moving average (4-hours). It tested the $2.520 support area and the recent low was near $2.520.
The price is currently correcting above the $2.550 level. However, the $2.600 level and the 21 simple moving average (4-hours) are acting as hurdles.
Besides, the 23.6% Fib retracement level of the recent decline from the $2.809 high to $2.520 low is near the $2.588 level. On the upside, the first major resistance is near the $2.660 level.
The 50% Fib retracement level of the recent decline from the $2.809 high to $2.520 low is positioned near the $2.660 area. The main resistance is still near the $2.800 area, above which the price could start a strong upward move.
Conversely, if there is no upside break above $2.660 and $2.800, the price will most likely resume its decline. The main supports on the downside are near $2.520 and $2.500.
Tezos Price Analysis (XTZ/USD)
Tezos price outperformed many major altcoins this week and started a strong rise from the $1.3000 support area against the US Dollar. The XTZ/USD pair jumped more than 30% and broke many resistances near $1.4000 and $1.5000.
Tron Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even broke the $1.6500 resistance area and settled above the 21 simple moving average (4-hours). Finally, a new monthly high was formed near the $1.8396 before the price started a downside correction.
It broke the $1.8000 level and declined below the 23.6% Fib retracement level of the recent rally from the $1.4019 low to $1.8396 high.
However, the price seems to be holding the $1.7000 support nicely. The next major support is near the $1.6500 level (the recent upside break pivot level).
More importantly, the 50% Fib retracement level of the recent rally from the $1.4019 low to $1.8396 high is near the $1.6200 support area to act as a strong buy zone.
Therefore, dips remain well supported in XTZ and it seems like the price could continue to rise above 1.8000. The main resistances on the upside are seen near the $1.8500 and $1.9200 levels, followed by the $2.0000 handle.
Top Gainers
During the past 7 days, a few small cap altcoins climbed higher and jumped more than 100%, including VXV, RBTC, 999, TRB, TMTG, FTO, ROM, and SPIN (trading volume more than $50K). Out of these, VXV rallied around 240% and RBTC gained nearly 200%.
Overall, bitcoin price is struggling to recover above $7,270 and $7,440. As long as BTC/USD is trading below the $7,440 level, there is a risk of more losses below $7,120 and $7,000. Similarly, there could be bearish moves in major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, EOS, BNB, XMR, NEO, IOTA, and WTC in the coming days.
The market data is provided by TradingView, Bitfinex.
The post Crypto Market Update: Bitcoin, Ethereum, EOS & Tezos (XTZ) Price Analysis 13th Dec appeared first on Blockonomi.
December 13, 2019 at 06:21AM https://blockonomi.com from Blockonomi https://ift.tt/2PKzk6t
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