Price Watch: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and EOS Price Analysis 30th November

Bitcoin price extended losses below the $4,500 support zone and traded towards $3,650. BTC/USD is currently correcting higher, but upsides are likely to be capped near $4,700 or $4,950. Similarly, major altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS are under a lot of pressure and they could decline further after a short term bounce.

Key Takeaways:

  • Bitcoin price declined heavily and traded close to the $3,650 level.
  • Ethereum traded close to the key $100 support area.
  • Ripple price revisited the $0.3200 support area and later corrected higher.
  • EOS crashed below $3.50 and $3.00 support levels.
  • MPX and OCC gained more than 250% during the past 7 days.

Cryptocurrency Price Watch

Bitcoin Price Analysis

Bitcoin price remained in a significant downtrend after it broke the $6,000 support area. BTC/USD extended losses recently and broke the $4,500, $4,000 and $3,700 support levels to move further into a bearish zone.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded close to the $3,650 level and formed a new yearly low at $3,662. Later, the price formed a support base near $3,660 and started an upside correction.

It traded above the $4,000 resistance and settled above the 21 simple moving average (4-hours). There was also a break above the 23.6% Fib retracement level of the recent decline from the $5,750 swing high to $3,662 low.

More importantly, there was a break above a key bearish trend line with resistance at $4,155 on the same chart. It opened the doors for more gains and the price traded towards the $4,450-4,500 resistance, which acted as a barrier.

The price is currently consolidating below $4,450 and it is preparing for the next wave. It could spike above the $4,500 resistance and test the $4,700 resistance. It represents the 50% Fib retracement level of the recent decline from the $5,750 swing high to $3,662 low.

Any further gains could be limited by sellers near the $4,950 and $5,000 levels. On the downside, an initial support is at $4,100 and the 21 SMA, below which the price may decline back towards the $3,650 support zone.

Overall, bitcoin price is placed nicely for a recovery, but gains are likely to be capped near the $4,700 or $4,950 levels.

Ethereum Price Analysis

Ethereum price also followed bitcoin and declined heavily below the $130 and $120 support levels. ETH/USD even broke the $110 level and traded close to the $100 handle.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price found a strong support above the $100 level and a new yearly low was formed at $103.27. Later, the price formed a solid support and started a recovery above the $110 level.

There was a break above a major bearish trend line with resistance at $112 on the same chart. Moreover, the price broke the $120 level and the 21 simple moving average (4-hours).

There was also a spike above the 23.6% Fib retracement level of the last decline from the $180 swing high to $103 low. However, buyers failed to clear the $126-127 resistance area. At the moment, the price is consolidating above the $115 level and the 21 simple moving average (4-hours).

On the upside, a break above the $127 level is needed for more gains. The next hurdle is near the $142-143 zone and the 50% Fib retracement level of the last decline from the $180 swing high to $103 low.

On the downside, an initial support is at $115 and the 21 simple moving average (4-hours), below which the price is likely to revisit the $103 low. If sellers remain in action, there is a chance of more losses below the $100 level.

Ripple Price Analysis

Ripple price also failed to recover and declined below the $0.4500 support level. More importantly, there was a close below the crucial $0.4200 support area, which is likely to act as a resistance if the price corrects higher.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price remained in a steady decline and traded below the $0.4330, $0.4160 and $0.4040 support levels. It opened the doors for more losses and the price broke the $0.3500 support and the 21 simple moving average (4-hours).

The price traded as low as $0.3286 and later started an upside correction. It climbed back above the $0.3600 level and the 21 simple moving average (4-hours).

Buyers pushed the price above the 23.6% Fib retracement level of the recent decline from the $0.5313 high to $0.3286 low. However, the previous supports at $0.4330, $0.4160 and $0.4040 are now likely to act as strong barriers for buyers.

The $0.4300 level also coincides with the 50% Fib retracement level of the recent decline from the $0.5313 high to $0.3286 low.

Overall, if ripple price is likely to struggle to gain pace above the $0.4200-0.4300 zone and it could decline once again below the $0.3600 level.

EOS Price Analysis

EOS price failed to recover and remained in a solid downtrend from the $5.80 swing high against the US Dollar. The price traded lower and broke many supports recently, including $5.20, $5.00, $4.50, $4.25 and $4.00.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price declined heavily and even broke the $3.00 support level. A new multi month low was formed at $2.86 and later the price is still showing a lot of bearish signs.

At the moment, there is a major declining channel in place with resistance at $3.25 on the same chart. Above the channel, the 23.6% Fib retracement level of the recent decline from the $4.70 swing high to $2.86 low is at $3.30.

If there is a break above $3.25 and $3.30, the price could trade towards the $3.80 level. It represents the 50% Fib retracement level of the recent decline from the $4.70 swing high to $2.86 low.

If the price fails to correct higher, it could decline back below $3.00. The next support is at $2.85, below which the price could tumble towards the $2.50 or $2.20 level.

Top Gainers

During the last 7 days, a few small cap altcoins gained more than 100%, including NPX, OCC, BSV, CST, BDT and UPP (trading volume more than $50K). Out of these, NPX rallied around 370% and OCC gained nearly 260%.

Overall, bitcoin price is currently recovering nicely above $4,000. BTC/USD could continue to recover, but sellers are likely to defend the $4,700 or $4,950-5,000 resistance zones. Once the current correction is complete, the price is likely to resume its decline below $4,000. Similarly, major altcoins like Ethereum, EOS, litecoin, ripple, NEO, QTUM, bitcoin cash, ADA, XLM, ZRX and XMR are slide further after a short term upside correction.

The market data is provided by TradingView, Bitfinex.

The post Price Watch: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and EOS Price Analysis 30th November appeared first on Blockonomi.

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