Bitcoin Price Analysis [BTC]
Yesterday, we discussed a possible sell scenario below $6,350 in bitcoin price against the US Dollar. The BTC/USD pair broke down and nosedived below a few important supports such as $6,150, $6,000 and $5,650. The decline was such that the price traded below $5,400 and formed a new yearly low at $5,206.
Later, there was a minor upside correction and the price moved above the $5,500 level. However, the price seems to be struggling near the $5,600-5,615 zone.
Moreover, the 23.6% Fib retracement level of the recent decline from the $6,338 high to $5,206 low is preventing gains. More importantly, there is a short term contracting triangle formed with resistance at $5,600 on the hourly chart of the BTC/USD pair. If there is an upside break above $5,615, the price could test the next major resistance at $5,750-5,600. Besides, the 50% Fib retracement level of the recent decline from the $6,383 high to $5,206 low is near $5,815.
Therefore, if there is a recovery, the price is likely to face sellers near $5,615 or $5,815.
Major Support Level – $5,200
Major Resistance Level – $5,815 / $5,638
Ethereum Price Analysis [ETH]
Yesterday, we saw a major downside move below the $170 level in ETH price against the US Dollar. The ETH/USD pair traded as low as $165 and later started a short term recovery. It moved above the $170 and $175 levels and later started consolidating in a tight range.
The price also moved above the 23.6% Fib retracement level of the last decline from the $208 swing high to $165 low. More importantly, there was a break above a short term bearish trend line with resistance at $173 on the hourly chart of ETH/USD. The pair is currently struggling to clear the $180 resistance area. Above $180, the next resistance is near the $186 level. It represents the 50% Fib retracement level of the last decline from the $208 swing high to $165 low.
Therefore, if the price continues to move higher, it is likely to face a strong selling interest near $180 or $186. A close above $186 may open the doors for a push towards $200.
At this chart ETH price is showing positive signs above the 170 level, but it won’t be easy for buyers. On the downside, an initial support is at $172 followed by $170.
If there is a break below the recent low of $165, the price could drop to $160. Hourly MACD – The MACD is currently placed in the bullish zone. Hourly RSI – The RSI managed to move above the 50 level.
Major Support Level – $164
Major Resistance Level – $186
Ripple Price Analysis [XRP]
Yesterday, we saw a nasty decline in ripple price below the $0.5000 support against the US Dollar. The XRP/USD pair broke the $0.4600, $0.4500 and even $0.4200 support. It traded towards the $0.4000 level and formed a low at $0.4020. Later, the price started a decent upside recovery and moved above $0.4500.
Buyers managed to push the price above the 23.6% Fib retracement level of the last slide from the $0.5208 high to $0.4020 low. More importantly, yesterday’s highlighted key bearish trend line with resistance at $0.4660 was breached on the hourly chart of the XRP/USD pair.
The pair is currently trading near the $0.4800 resistance. Besides, the 61.8% Fib retracement level of the last slide from the $0.5208 high to $0.4020 low is acting as a resistance. Above $0.4800, the main resistance is near the $0.4860 and $0.4900 levels.
This chart, ripple price may perhaps consolidate in the short term above $0.4700. Finally, there could be an attempt to clear the $0.4900 resistance. On the downside, the key support is at $0.4500 followed by $0.4200.
Looking at the technical indicators: Hourly MACD – The MACD for XRP/USD is back in the bullish zone.
Major Support Level – $0.4500
Major Resistance Level – $0.4900
Litecoin Price Analysis [LTC]
Looking at this chart you can see that the price of Litecoin has fallen below the significant horizontal level at $44.621 which is the second support line from the support zone which is now broken out off.
For this reason, I believe the price is heading down further to the descending channels support line and potentially further down below the next horizontal support level at $38.21.