Weekly Wrap: Bitcoin, Ethereum, Ripple & EOS Price Analysis 19th July

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Bitcoin price extended losses this week below the $10,000 support area. BTC/USD traded close to $9,000 and recently corrected higher. The bulls need to surpass the $11,000 resistance level to start a fresh increase in the coming sessions.

Similarly, there were sharp downsides in major altcoins such as Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX. The market is currently recovering, but there are many hurdles for the bulls on the way up.

Read: Guide to Bitcoin Debit Cards

Key Takeaways:

  • Bitcoin price traded as low as $9,087 and recently started an upside correction.
  • Ethereum price declined below the $200 support and currently correcting higher.
  • Ripple price is facing many hurdles on the upside near $0.3400 and $0.3500.
  • EOS price declined heavily this week and even tested the $3.300 level.
  • Tarush (TAS) rallied more than 500% and DXR gained nearly 300% in the past 7 days.

Bitcoin Price Analysis

This week, bitcoin price started a fresh decrease below the $11,000 support area. BTC/USD declined more than 20% and even broke the key $10,000 support level to enter a short term bearish zone.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $9,750 support level and traded to a new monthly low close to $9,000 level. A swing low was formed near $9,087 and the price recently started an upside correction.

There was a break above the $9,500 and $9,750 resistance levels. Moreover, the price surpassed the 23.6% Fib retracement level of the recent drop from the $13,204 high to $9,087 swing low.

More importantly, there was a break above a connecting bearish trend line at $10,100 on the same chart. The price settled above the $10,100 level and the 21 simple moving average (4-hours).

The price tested the $10,750 level and it is currently consolidating gains. On the upside, an immediate resistance is near the $10,980 and $11,000 levels. Besides, the 50% Fib retracement level of the recent drop from the $13,204 high to $9,087 swing low is near the $11,145 level to act as a strong resistance.

If there is an upside break above the $11,000 and $11,145 levels, the price could start a solid rise in the near term. The next key resistance could be $12,000 or the 76.4% Fib retracement level of the recent drop from the $13,204 high to $9,087 swing low.

Conversely, if the price fails to climb above the $11,000 and $11,145 resistance levels, there could be a fresh decline. An immediate support is near the $10,000 level and the 21 simple moving average (4-hours). If there is a daily close below $10,000, bitcoin price could drop back towards $9,000.

Ethereum Price Analysis

Ethereum price followed bitcoin and declined heavily below key supports. ETH price traded below the $280.00 and $250.00 support levels to enter a bearish zone. The decline was such that the price even broke the $200.00 support area.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price started a steady decline from the $318.29 swing high. The price weakened more than $100.00 and settled below the key $240.00 support level.

Finally, the price broke the $200.00 support and the 21 simple moving average (4-hours). A new monthly low was formed near $191.38 and the price recently started an upside correction.

There was a break above the $210.00 resistance and the 21 simple moving average (4-hours). Moreover, there was a break above a declining channel with resistance near the $218.00 level on the same chart.

The price climbed above the 23.6% Fib retracement level of the last decline from the $318.29 high to $191.38 low. However, there are many hurdles for the bulls on the upside near the $230.00 and $240.00 levels.

The main resistance could be near $250.00 and the 50% Fib retracement level of the last decline from the $318.29 high to $191.38 low. There is also a connecting bearish trend line forming with resistance near $270.00 on the same chart.

Therefore, upsides are likely to remain capped by $240.00 or $250.00 level in the near term. On the downside, an immediate support is near the $210.00 level, below which the price might revisit the $191.38 swing low.

Ripple Price Analysis

Ripple price struggled to correct higher and extended losses below the $0.3200 support against the US Dollar. The XRP/USD pair even broke the $0.3000 support level this week to trade to a new multi-week low.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price spiked below the $0.3000 level and the 21 simple moving average (4-hours). A new monthly low was formed near $0.2837 and the price recently started an upside correction.

It broke the $0.3000 resistance and the 21 simple moving average (4-hours). Moreover, there was a break the 23.6% Fib retracement level of the last decline from the $0.4075 high to $0.2837 low.

However, ripple price is facing a lot of hurdles on the upside near $0.3400 and $0.3500. Moreover, there is a connecting bearish trend line with resistance at $0.3380 on the same chart. The next key resistance is near the $0.3460 level plus the 50% Fib retracement level of the last decline from the $0.4075 high to $0.2837 low.

Therefore, the bulls may struggle to push the price above the $0.3400 and $0.3500 resistance levels. If there is a convincing break above $0.3500, the price could climb towards the $0.3780 resistance level.

On the downside, an immediate support is near the $0.3120 level. If the price breaks down below $0.3120 and $0.3000, there could be heavy losses below $0.3000.

EOS Price Analysis

EOS price started a significant downward move below the $5.800 and $5.600 support levels against the US Dollar. The bears took control, resulting in heavy downsides below the $5.000 and $4.400 support levels.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $4.000 support level and the 21 simple moving average (4-hours). A new multi-month low was formed near $3.329 and the price recently started an upside correction.

It broke the $3.800 resistance and the 21 simple moving average (4-hours). Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $6.089 high to $3.329 low.

At the outset, the price is trading near a crucial resistance at $4.200. If there is an upside break above the trend line, the price could test the next resistance near $4.400. The next key resistance is near $4.650 and another bearish trend line.

Moreover, the 50% Fib retracement level of the recent decline from the $6.089 high to $3.329 low is also positioned near the $4.650 level to act as a solid barrier for the bulls.

Therefore, if the price fails to break the $4.300 and $4.400 resistance levels, there could be a fresh decline in the near term. The key supports on the downside are near the $3.650 and $3.400 levels.

Conversely, if there is an upside break above $4.650, the price could accelerate above the $5.000 and $5.200 levels.

Top Gainers

During the past 7 days, a few small cap altcoins climbed higher and gained more than 100%, including TAS, DXR, XWP, AXE and UKG (trading volume more than $50K). Out of these, TAS rallied around 540% and DXR gained nearly 290%.

Overall, bitcoin price is currently correcting higher and is showing positive signs above the $10,000 level. Having said that, BTC/USD must surpass the $11,000 and $11,145 resistance levels to continue higher. If not, there are chances of a fresh decrease in BTC and major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, ICX, BNB, XMR, NEO, and WTC in the coming days.

The market data is provided by TradingView, Bitfinex.

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