Bitcoin is holding the important $6,400 support. Major Altcoins like Ethereum ripple, Bitcoin cash, EOS and litecoin are currently consolidating and preparing for the next move. The next couple of days could be crucial and there could be swing moves in the cryptocurrency market.
Bitcoin price is slowly moving higher and is currently trading above the $6,400 support.Ethereum is trading inside a symmetric triangle with resistance at $231.Ripple price broke a key support and is currently trading with a tiny bearish angle.EOS is likely to make the next move either above $6.00 or below $5.50.PGT and SWM gained more than 200% during the past 7 days.
Bitcoin Price Analysis
Bitcoin price traded with a slight positive tone from the $6,320 support area. The BTC/USD pair traded above the $6,700 and $6,750 level, but buyers failed to break the $6,830 resistance area.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as high as $6,828 and later started a downside move. It traded below the $6,700 and $6,600 support levels, plus broke the 21 simple moving average (4-hours).
However, the decline was protected by the $6,400-6,425 support area. More importantly, it seems like there is a key ascending channel in place with current support at $6,450 on the same chart. The price recovered recently and traded above the $6,520 level and the 21 SMA.
The current wave is facing resistance near the 50% Fib retracement level of the recent slide from the $6,828 high to $6,425 low. It seems like buyers are struggling to push the price above the $6,620 resistance area.
If they succeed in clearing $6,625, the next major hurdle is near the $6,733 level, which is the 76% Fib retracement level of the recent slide from the $6,828 high to $6,425 low. Above this, the channel resistance is positioned near the $6,950.
An intermediate important resistance is at $6,830, which already prevented gains on two occasions. On the flip side, if the price fails to gain momentum and breaks down, there could be a bearish move below the channel support at $6,450.
In the mentioned bearish case, the price is likely to retest the $6,320 or $6,220 support levels.
Ethereum Price Analysis
Ethereum price made a couple of swing moves, but it stayed above the $200 support level. ETH/USD made an attempt to trade higher, but the $239-240 resistance area acted as a strong hurdle.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as high as $239.91 and later corrected lower. It declined below the $230 level and settled below the 21 simple moving average (4-hours).
During the decline, there was a break below the 50% Fib retracement level of the last wave from the $202 low to $239 high. However, the decline was protected by the $214-215 support zone. More importantly, it seems like there is a major symmetric triangle forming with current resistance at $231 on the same chart.
To gain traction, the price has to break the symmetric triangle resistance at $231 and then clear the $239 hurdle. The next major resistance above the $240 level is at $255, above which the price could accelerate towards the $270 level.
On the other hand, if the price breaks the symmetric triangle support at $215, sellers are likely to take control. In this case, the price will most likely decline sharply towards the $202 and $200 support levels.
Ripple Price Analysis
Ripple price recovered nicely from the $0.4335 swing low against the US Dollar. XRP/USD traded above the $0.5000 resistance level, but it faced a strong hurdle near the $0.6200 level.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as high as $0.6221 and later started a fresh downside move. The price declined below the $0.6000 and $0.5700 support levels to move into a bearish zone.
There was a close below the $0.5500 level and the 21 simple moving average (4-hours). The decline was such that sellers pushed the price below the 50% Fib retracement level of the last wave from the $0.4355 low to $0.6221 high.
Additionally, there was a break below an ascending channel with support at $0.5500 on the same chart. It has cleared the path for more losses towards the $0.5050 and $0.5000 support levels.
An immediate key support is near the 61.8% Fib retracement level of the last wave from the $0.4355 low to $0.6221 high at $0.5066. If sellers clear the $0.5000 support, there could be a sharp drop towards the $0.4400 level.
On the upside, the price may well face sellers near the $0.5500 level and the 21 simple moving average (4-hours). Only a close above $0.5500 and $0.5700 could place ripple price back in a positive zone in the near term.
EOS Price Analysis
EOS price mostly traded in a broad range above the $5.00 support level against the US Dollar. At the same time, buyers failed to break the $6.00 and $6.20 resistance levels.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as high as $6.05 and later corrected lower. It…