bitcoin price climbed higher and rebounded towards the $4,000 resistance area. BTC is facing a strong resistance near $4,000, above which it could accelerate higher. Likewise, altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS are facing significant resistances.
Key Takeaways:
- bitcoin price found support above $3,760 and rebounded above $3,800 and $3,850.
- Ethereum price bounced back from the $125-126 support area, but faced sellers near $144.
- Ripple price is still forming an important breakout pattern above the $0.3050 support.
- EOS surged higher before it faced sellers near the $4.00 resistance.
- SNPC, BTMX, GOT and RVN gained more than 150% during the past 7 days.
bitcoin Price Analysis
After a downside correction, found support above the $3,750 and $3,760 support levels. BTC/USD traded as low as $3,762 and later started a fresh upward move above the $3,800 and $3,850 resistance levels.
bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours , the price likely formed a double bottom pattern near the $3,762 level. It traded higher above the $3,850 resistance level to move into a positive zone.
During the climb, the price broke the 23.6% Fib retracement level of the last decline from the $4,281 high to $3,762 low. There was even a close above the $3,900 resistance level and the 21 simple moving average (4-hours).
However, the price ran into a significant resistance near the $4,000 level, which was a support earlier and it is now acting as a crucial hurdle for buyers. At the moment, there is a short-term ascending channel in place with support at $3,940.
If the price breaks the channel support, it could test the $3,900 support or the 21 simple moving average (4-hours). The next key support is at $3,850, below which the price could slide towards $3,800.
On the other hand, an upside break above the $4,000 barrier may perhaps clear the path for more gains. The next resistance is near $4,025 and the 50% Fib retracement level of the last decline from the $4,281 high to $3,762 low.
However, the main hurdle above $4,000 is near the $4,075 level, where sellers are likely to emerge. Overall, bitcoin price is testing a and it could either surge towards $4,250 or decline back to $3,800.
Ethereum Price Analysis
extended losses below the $135 support level and traded below $130. ETH/USD tested the $125-126 support area, where buyers took a stand and later the price started a fresh rebound above the $130 level.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours , the price traded as low as $126 and later bounced back above the $130 and $135 resistance levels. There was a break above the 23.6% Fib retracement level of the last decline from the $170 high to $126 low.
There was a close above the $135 resistance and the 21 simple moving average (4-hours). Besides, the price cleared a connecting bearish trend lien with resistance at $126 on the same chart.
However, the price faced a significant resistance near the $143-144 zone, which was a support earlier. The price is currently consolidating gains and correcting lower towards the $138 level. An immediate support is near the 21 simple moving average (4-hours).
If there is a break below the 21 simple moving average (4-hours), the price could test the $135 support level. Below $135, sellers are likely to take control and the price could decline towards the $130 level.
On the other hand, a successful break above $144 may push the price towards the $148 level. It represents the 50% Fib retracement level of the last decline from the $170 high to $126 low. If the , it could trade above $152 and $155.
Ripple Price Analysis
formed many lower highs recently and traded with a bearish bias below the $0.3400 and $0.3500 resistance levels against the US Dollar. XRP/USD traded as high as $0.3316 recently before it declined towards the $0.3050 support level.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours , the price traded as low as $0.3050 recently before correcting higher above $0.3145. The price recovered above the $0.3180 resistance and the 21 simple moving average (4-hours).
There was a break above the 50% Fib retracement level of the last decline from the $0.3316 high to $0.3050 low. However, the $0.3330 level acted as a strong resistance. The price failed to test the $0.3317 swing high and it is currently consolidating in a range.
More importantly, it seems like there is a crucial contracting triangle pattern is formed with resistance near the $0.3350 level and support at $0.3060. On the upside, the triangle resistance coincides with the 1.236 Fib extension level of the last decline from the $0.3316 high to $0.3050 low.
If there is a break above the $0.3300 and $0.3350 resistance levels, the price could rally above the $0.3400 level. On the other hand, the $0.3060 and $0.3050 support are likely to play an important role in the near term.
EOS Price Analysis
made a couple of swing moves above the $3.20 and $3.40 support levels against the US Dollar. The price declined sharply below $3.50 before buyers appeared near the $3.20 support area.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours , the price traded as low at $3.15 and later bounced back sharply. There were strong bullish moves and the price traded above the $3.40 and $3.50 resistance levels.
There was even a close above the $3.70 resistance and the 21 simple moving average (4-hours). Buyers pushed the price towards the $4.00 resistance, where sellers took a stand. A high was formed near $4.00 and the price later corrected lower.
It broke a short term ascending channel with support at $3.80 and the 23.6% Fib retracement level of the last wave from the $3.15 low to $4.00 high.
An immediate support is near the $3.70 level and the 21 simple moving average (4-hours). If there is a break below $3.70, the price could test the $3.58 level and the 50% Fib retracement level of the last wave from the $3.15 low to $4.00 high.
To climb further higher, the price must break the $4.00 resistance level. The next key hurdles for buyers are near the $4.20 and $4.28 levels, followed by $4.35.
Top Gainers
During the past 7 days, a few small cap altcoins surged higher by more than 100%, including SNPC, BTMX, GOT, RVN, TX, PEPECASH, HPC, QUAN, ADB and CONI (trading volume more than $50K). Out of these, SNPC rallied around 300% and BTMX gained nearly 275%.
Overall, bitcoin price moved nicely above the $3,800 and $3,900 resistance levels. However, BTC is clearly struggling near the $4,000 resistance level. Therefore, it could either break $4,000 and climb further higher or start a fresh decline. If there is a bearish reaction, altcoins such as Ethereum, ripple, bitcoin cash, EOS, , XLM, ADA, LTC, and XMR could slide in the near term.
The market data is provided by TradingView, Bitfinex.
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Published at Fri, 08 Mar 2019 07:09:39 +0000
