Bitcoin price extended declines this week and tested the $6,250 support. BTC/USD is currently recovering, but it is facing a lot of hurdles on the upside. Buyers must gain momentum to push bitcoin and major altcoins like Ethereum, ripple, bitcoin cash, EOS and litecoin in the positive zone.
- Bitcoin price extended slides and tested the key $6,250 support.
- Ethereum remained in a downtrend below the $208 and $212 resistance levels.
- Ripple price is positioned for more gains above the $0.4800 resistance.
- EOS is holding the all-important the $5.00 support zone.
- Bitcoin incognito and quantis network gained more than 350% during the past 7 days.
Bitcoin Price Analysis
Bitcoin price remained under bearish pressure this as it declined below the $6,420 support. The BTC/USD pair even failed to stay above the $6,340 support and extended its slide towards the $6,250 support.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as low as $6,251 and later started an upside correction. The recent recovery was nice as the price moved above the $6,350 level and the 21 simple moving average (4-hours).
At the moment, the price is trading near a major resistance at $6,440 and the 23.6% Fib retracement level of the recent decline from the $7,018 swing high to $6,251 low.
Moreover, there is a crucial declining channel formed with current resistance near $6,440 on the same chart. Should buyers gain momentum above the channel resistance and $6,450, there could be more gains in the near term.
The next immediate resistance is at $6,518, above which the price is likely to accelerate gains. The main resistance is near the $6,630 level and the 50% Fib retracement level of the recent decline from the $7,018 swing high to $6,251 low.
On the other hand, if buyers fail to push the price above the $6,440 or $6,518 resistance levels, there could be a fresh decline in the short term. The $6,250 support is an important zone, below which the price may come under a lot of selling pressure. The next key support is at $6,010 where buyers might emerge.
Ethereum Price Analysis
Ethereum price struggled a lot after it settled below the $215 support area. ETH/USD declined further and traded below the key $200 support area.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as low as $193.26 and later found support for a short term correction. It recently moved above the $197 level and the 21 simple moving average (4-hours).
More importantly, there was a break above a major bearish trend line with resistance at $199 on the same chart. At the outset, the price is consolidating near the 23.6% Fib retracement level of the last drop from the $224 high to $193 low.
If buyers gain traction, the price may perhaps rise towards the $208 resistance. Besides, there is another bearish trend line in place with resistance at $208. Finally, the 50% Fib retracement level of the last drop from the $224 high to $193 low is also near $208.
Therefore, the price is likely to struggle a lot of near the $208 zone, above which the price could move into a bullish zone towards $212 and $215.
On the downside, an initial support is near $198 and $197. If buyers fail to gain momentum, the price might retest the $193 swing low. The next key support is at $188, below which the price is likely to visit $180.
Ripple Price Analysis
Ripple price traded nicely comparatively and remained above the $0.4360 support area against the US Dollar. XRP/USD is currently trading with a bullish bias above the $0.4510 and $0.4460 support levels.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price started a downside correction from the $0.5253 swing high. It declined and broke the $0.5000 and $0.4500 supports. However, the $0.4360 level acted as a strong support and the price started consolidating.
It traded in a broad range and recently moved above the 23.6% Fib retracement level of the last decline from the $0.5233 high to $0.4360 low.
Moreover, there was a close above the $0.4500 level and the 21 simple moving average (4-hours). The current price action is positive and it seems like the price could trade towards the $0.4800 resistance and the 50% Fib retracement level of the last decline from the $0.5233 high to $0.4360 low.
On the upside, there is a major connecting bearish trend line in place with resistance at $0.4780. If there is a break above the trend line and the $0.4800 resistance, the price could rally towards the $0.5000 and $0.5230 levels.
On the other hand, if the price fails to clear the $0.4780 and $0.4800 resistances, there could be a fresh decline. In the mentioned case, the $0.4360 and $0.4100 levels are likely to protect declines.
EOS Price Analysis
EOS price extended declines below the $5.50 support area against the US Dollar. The price traded towards the $5.00 support, which acted as a solid barrier for buyers.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as low as $5.05 recently and formed a decent support for an upward move. The price started recovering and traded above the $5.20 level and the 21 simple moving average (4-hours).
It recently broke the 23.6% Fib retracement level of the last drop from the $6.10 high to $5.05 low. However, there is a strong resistance formed near the $5.50 and $5.60 resistance levels.
More importantly, there is a crucial bearish trend line in place with resistance at $5.55 on the same chart. Besides, the 50% Fib retracement level of the last drop from the $6.10 high to $5.05 low is at $5.58 to act as a resistance.
Therefore, if the pair continues to move higher, it could face sellers near the $5.50 and $5.60 resistance levels. Above these, the price may jump towards the $6.00 and $6.20 levels.
On the downside, the $5.00 support area holds a lot of importance. If there is a break and close below $5.00, the price is likely to drop significantly.
During the last 7 days, a few small cap altcoins gained more than 100%, including XBI, QUAN, IG and PGX (trading volume more than $50K). Out of these, bitcoin incognito (XBI) rallied around 410% and quantis network (QUAN) moved up around 390%.
Overall, bitcoin price is currently attempting a decent recovery above $6,400. However, BTC/USD buyers must gain momentum above $6,440 and $6,520 to start a solid uptrend. If not, there could be more declines in bitcoin and altcoins like Ethereum, EOS, litecoin, ripple, NEO, QTUM, bitcoin cash, ADA, XLM, ZRX and XMR in the near term.
The market data is provided by TradingView, Bitfinex.
The post Price Watch: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and EOS Price Analysis 2nd November appeared first on Blockonomi.