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Bitcoin price extended gains towards the $13,000 level, but failed to continue higher. BTC/USD started a significant decline and broke the key $12,000 support. The price is now approaching the next key support at $10,500, where the bulls might take a stand.

More importantly, there were heavy losses in major altcoins such as Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX. The current price action suggests there could be more losses in the near term.

Key Takeaways:

  • Bitcoin price traded as high as $13,160 before starting a sharp decline.
  • Ethereum price broke the $290 support and tested the main $260 support.
  • Ripple price is currently under a lot of pressure and it may even break the $0.3000 support.
  • EOS price tumbled below the $5.000 support and it might soon test $4.000
  • Bezant (BZNT) rallied more than 800% and TDX gained nearly 220% in the past 7 days.

Bitcoin Price Analysis

This week, bitcoin price extended gains above the $12,000 level and broke the $13,000 resistance. However, BTC/USD struggled to continue higher and a key top was formed near $13,200.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price formed a swing high near $13,160 and recently the price started a significant decline. There was a break below a couple of important supports near the $12,200 and $12,000 levels.

There was a clear break below a major bullish trend line with support near $12,000 on the same chart. Moreover, there was a break below the 50% Fib retracement level of the upward move from the $9,728 low to $13,160 high.

More importantly, the price settled below the $12,000 support and the 21 simple moving average (4-hours). It opened the doors for more losses below the $11,400 support area.

The price tested the $11,000 support and the 61.8% Fib retracement level of the upward move from the $9,728 low to $13,160 high, and it is currently trading with a bearish angle.

If there is a downside break below the $11,000 support, the price could trade towards the $10,850 or $10,550 support levels. The main support is near the $10,500 zone, below which there is a risk of more losses.

In the mentioned bearish case, the price may even revisit the last swing low near the $9,730 level. On the upside, there are many resistances forming near the $11,750 and $12,000 level.

To start a fresh increase, bitcoin price must surpass the $12,000 resistance area and settle above the 21 simple moving average (4-hours). If not, it could soon decline below $10,800 and $10,500.

Ethereum Price Analysis

Ethereum price faced a strong resistance near the $318.00-320.00 zone. ETH price made a few attempts to climb above $320.00, but it failed to gain momentum. As a result, the price started a fresh decline and broke the key $300.00 support area.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price topped near the $318.29 level and declined heavily below the $300.00 and $290.00 support levels.

The recent decline was such that the price settled below the $290 support and the 21 simple moving average (4-hours). Moreover, there was a break below a key bullish trend line with support near $289.50 on the same chart.

It opened the doors for more losses below the $280.00 and $275.00 support levels. Finally, the price tested the main support near the $260.00 level, which is currently preventing additional losses.

On the upside, an initial resistance is near the $274.00 level plus the 23.6% Fib retracement level of the recent decline from the $318.29 high to $260.87 low. However, the main resistance on the upside is near the broken trend line at $288.00 and the 21 simple moving average (4-hours).

Moreover, the 50% Fib retracement level of the recent decline from the $318.29 high to $260.87 low is likely to act as a resistance.

Therefore, to start a decent upward move, the price has to settle above $290.00 and the 21 simple moving average (4-hours). The next major resistance for the bulls could be $300.00 and $305.00.

Conversely, if there is a downside break below the main $260.00 support, Ethereum price might tumble and trade towards the $235.00 support area.

Ripple Price Analysis

Ripple price remained in a bearish zone this week and struggled to break the $0.4100 resistance against the US Dollar. Later, when bitcoin and Ethereum started declining, XRP/USD dropped significantly below the $0.4000 support.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price broke many supports near the $0.4000 level and a bearish continuation pattern on the same chart.

The recent decline gained pace below the $0.3740 support and the 21 simple moving average (4-hours). The price broke the $0.3500 and $0.3320 support levels to register significant losses.

It even traded close to the $0.3100 level and formed a swing low at $0.3170. At the moment, the price is consolidating losses, with an immediate resistance near the $0.3385 level plus the 23.6% Fib retracement level of the recent drop from the $0.4075 high to $0.3170 low.

On the upside, there are many resistances near the $0.3500, $0.3600 and $0.3620 levels. The 50% Fib retracement level of the recent drop from the $0.4075 high to $0.3170 low is also near the $0.3620 level.

The main resistance could be near $0.3740 and the 21 simple moving average (4-hours), which acted as a strong support earlier. Above $0.3740, the price could recover towards the $0.4100 and $0.4200 levels.

On the downside, if there is a break below the $0.3175 swing low, ripple price could accelerate losses. The next key supports are near the $0.3000 and $0.2850 levels.

EOS Price Analysis

EOS price consolidated for a long time above the $5.600 support area against the US Dollar. However, the price struggled to climb above the $6.100 resistance, resulting in a bearish reaction.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price topped near the $6.069 and later started a major drop. There was a break below the $5.800 and $5.600 support levels.

The price gained bearish momentum below the $5.600 support level and the 21 simple moving average (4-hours). As a result, EOS tumbled below the $5.000 support and traded towards the $4.400 level.

A new monthly low was formed near $4.343 and the price is currently consolidating losses inside a contracting triangle on the same chart. An immediate resistance is near $4.750 and the 23.6% Fib retracement level of the recent decline from the $6.069 high to $4.343 low.

If there is an upside correction above $4.750 and $4.800, the price could recover towards the $5.000 or $5.200 resistance levels. The 50% Fib retracement level of the recent decline from the $6.069 high to $4.343 low is near the $5.200 level to prevent gains.

Moreover, there is a key bearish trend line forming with resistance near $5.400 on the same chart. Therefore, if there is an upside correction, EOS is likely to face a lot of hurdles near the $5.000 or $5.2000 levels.

Conversely, if there is a downside break below the $4.400 and $4.350 support levels, the price could even test the $4.000 level in the near term.

Top Gainers

During the past 7 days, a few small cap altcoins climbed higher and gained more than 100%, including BZNT, TDX, TERA, E2C, XMX and SKM (trading volume more than $50K). Out of these, BZNT rallied around 800% and TDX gained nearly 220%.

Overall, bitcoin price is clearly struggling below the $12,000 pivot level. Therefore, there are chances of more losses in BTC/USD in the near term. However, if the bulls defend $10,500 or $10,000, there could be a fresh increase in BTC/USD. In the mentioned bullish case, major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, ICX, BNB, XMR, NEO, and WTC might also stage an upside correction.

The market data is provided by TradingView, Bitfinex.


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(Excerpt) Read more Here | 2019-07-12 05:57:59

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