Bitcoin Price Analysis [BTC]
There were a couple of rejections noted near the $3,600 resistance in bitcoin price against the US Dollar. The BTC/USD pair declined recently and broke the $3,570 and $3,550 support levels. The price even broke the 61.8% Fib retracement level of the upward move from the $3,538 low to $3,635 high. However, the decline was protected by the key $3,540 support area. A low was formed near the $3,534 and later the price bounced back above the $3,550 level.
Buyers pushed the price above the 23.6% Fib retracement level of the recent decline from the $3,632 high to $3,534 low. However, there is a strong resistance formed near the $3,585 and $3,600 levels. The 100 hourly simple moving average is also near the $3,585 level. More importantly, there is a crucial declining channel in place with resistance at $3,585 on the hourly chart of the BTC/USD pair. Besides, the 50% Fib retracement level of the recent decline from the $3,632 high to $3,534 low is at $3,583. Therefore, a break above the $3,585 and $3,600 resistance levels is a must for an upside acceleration.
The next key resistance is near the $3,630 level, above which the price could rally towards the $3,700 level. An intermediate resistance is $3,655 and the 1.236 Fib extension level of the recent decline from the $3,632 high to $3,534 low.
Looking at the chart,the bitcoin price seems to be facing strong resistance near $3,600. There are two possible scenarios, first, the price breaks the channel resistance and trades towards the $3,630 and $3,655 levels. Second, it declines once again towards the $3,540 support. If there are more losses below $3,540, the next major support can be seen near the $3,500 level.
Ethereum Price Analysis [ETH]
In the past few days, we saw range moves in ETH price below the $124 and $125 resistances against the US Dollar. The ETH/USD pair failed to break the $125 resistance and it recently declined below the $121 and $119 support levels. The decline was such that there was a spike below the $117 level and the 100 hourly simple moving average. More importantly, this week’s followed major bullish trend line was breached with support at $121 on the hourly chart of ETH/USD. The pair traded close to the $115 support and later bounced back sharply above $117.
Buyers were able to take the price above the 50% Fib retracement level of the recent decline from the $125 high to $115 low. However, the previous support levels near $121 and $122 are acting as hurdles for buyers. Besides, there is a new connecting bearish trend line in place with resistance at $121 on the same chart. The price also struggled to clear the 61.8% Fib retracement level of the recent decline from the $125 high to $115 low.
At the moment, it seems like the price might jump above the $121 level, but upsides are likely to remain capped. If buyers struggle to push the price above the $122-123 zone, there could be a fresh decline.
Looking at the chart, ETH price is somewhat struggling below the $122-123 resistance zone. Having said that, the price needs to clear the last swing high at $125 to continue higher in the near term. If not, there is a risk of more losses below $119 and $117 in the near term. The main supports for a major decline is around the $114 and 115 levels.
Ripple Price Analysis [XRP]
After trading as high as $0.3094, ripple price traded below the $0.3070 support against the US Dollar. The XRP/USD pair declined steadily and traded below the $0.3050 and $0.3040 support levels. There was a break below the 61.8% Fib retracement level of the last wave from the $0.2941 low to $0.3094 high. It opened the doors for more losses below the $0.3000 support. Later, there was a break below a connecting bullish trend line with support at $0.3000 on the hourly chart of the XRP/USD pair. The pair tested the $0.2970 swing low and later started trading in a range.
The price is currently trading well below the $0.3045 resistance and 100 hourly simple moving average. The recent low was $0.2971 and it seems like the price might correct higher in the short term. Initial resistance is near $0.3030 and the 50% Fib retracement level of the last drop from the $0.3094 high to $0.2971 low. However, the main resistance is near the $0.3070-0.3080 area. More importantly, there is a major bearish trend line formed with resistance at $0.3070 on the same chart. The 61.8% Fib retracement level of the last drop from the $0.3094 high to $0.2971 low is also near $0.3047 to act as a resistance. Therefore, if there is an upside correction, the price could face a strong resistance near $0.3045 and $0.3060.
Looking at the chart, the XRP price seems to be trading in a bearish zone below the $0.3060 resistance. If sellers gain control, there is a risk of a downside thrust below the $0.2970 low. The next support is at $0.2945, below which the price could drop towards the $0.2900 area. As long as the price is trading above the $0.2900 support zone, it is likely to bounce back above $0.3060 and $0.3100.
Litecoin Price Analysis [LTC]
After a solid upward move, Litecoin price topped near the $47.00 level against the US dollar. The LTC/USD pair started a downside correction below the $45.00 level and tested the key $40.00 support area, where buyers emerged.
Looking at the 4-hour chart, LTC price formed a strong support base near the $40.00 level and remained well above the 100 simple moving average (4-hour). The last swing low was formed at $39.90 before the price started a fresh upward move. It climbed above the $41.00 resistance and the 23.6% Fib retracement level of the last decline from the $47.06 high to $39.90 low. More importantly, there was a break above a crucial triangle pattern with resistance at $41.50 on the same chart.
The recent triangle break has opened the doors for more gains above the $43.00 and $45.00 levels. Immediate resistance is near the $43.50 level and the 50% Fib retracement level of the last decline from the $47.06 high to $39.90 low. Once buyers gain traction above the $45.00 resistance, it could revisit the $47.00 swing high in the near term. Above $47.00, buyers are likely to aim the all-important $50.00 resistance area. Overall, the litecoin price is back in a bullish zone above $41.50. LTC could continue to move higher and it might accelerate gains above the $43.50 and $45.00 resistance levels.
If there is a fresh downside correction, the broken resistance at $41.50 and $41.00 are likely to protect losses. The main support is near the $40.00 level, below which the price might revisit the $38.00 pivot level.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]