Weekly Wrap: Bitcoin, Ethereum, Litecoin & BNB Price Analysis 30th August

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Bitcoin price declined in the past few days and is currently testing an important support at $9,400. BTC/USD could either accelerate losses below $9,400 or start a decent recovery.

Moreover, there were heavy downsides in most major altcoins, including Ethereum (ETH), ripple (XRP), binance coin (BNB), bitcoin cash (BCH), litecoin (LTC), stellar (XLM), ADA, EOS, and TRX. The current price action is bearish and a short term correction might face hurdles on the upside.

Read: Our Updated Bitstamp Review

Key Takeaways:

  • Bitcoin price broke the key $10,000 support and tested the main $9,400 support area.
  • Ethereum price is trading in a downtrend and it could continue to slide towards $150.
  • Ripple price settled below the key $0.3000 and $0.2800 support levels.
  • EOS price is trading towards the main $3.000 support area.
  • Litecoin price declined heavily and broke the key $70.00 support area to enter a downtrend.
  • Binance coin price started a significant decline and traded close to the $20.00 support.
  • CREDIT rallied more than 320% and NOAH climbed around 180% in the past 7 days.

Bitcoin Price Analysis

Bitcoin price failed to climb above the $10,400 and $10,500 resistance levels. As a result, BTC/USD started another decline and broke a few important supports near the $10,200 and $10,000 levels.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even closed below the $10,000 support and 21 simple moving average (4-hours). Finally, there was a break below the $9,800 support and the price traded towards the main $9,400 support area.

A swing low was formed near $9,369 and the price is currently consolidating near the $9,400 support level. An immediate resistance is near the $9,600 level plus the 23.6% Fib retracement level of the recent decline from the $10,361 high to $9,369 low.

On the upside, there are many important hurdles forming near the $9,800 and $10,000 levels. The 21 simple moving average (4-hours) is also positioned near the $9,880 level to stop the upward move if any.

Additionally, the 50% Fib retracement level of the recent decline from the $10,361 high to $9,369 low is near the $9,865 level. More importantly, there is a major bearish trend line forming with resistance near the $10,000 level on the same chart.

Finally, the 61.8% Fib retracement level of the recent decline from the $10,361 high to $9,369 low is near the $9,982 level. Therefore, an upside break above the trend line, the 21 SMA, and the $10,000 level is needed for a strong recovery in the near term.

On the downside, the main support is near the $9,400 level. If there is a daily close below $9,400, bitcoin price is likely to extend its decline below the $9,200 and $9,000 support levels in the coming days.

Ethereum Price Analysis

Ethereum price remained in a bearish zone below the $200.00 resistance area. Moreover, ETH/USD struggled to gain bullish momentum above the $195.00 resistance level. As a result, there was a downside reaction below the $192.00 and $190.00 support levels.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price declined heavily after it broke a crucial contracting triangle with support near the $185.00 level. As a result, the price tumbled below the $180.00 support.

Moreover, there was a close below $180.00 and the 21 simple moving average (4-hours). The price traded to a new monthly low at $164.16 and it is currently consolidating losses.

An immediate resistance is near the $170.50 level plus the 23.6% Fib retracement level of the recent decline from the $194.53 high to $164.16 low. There is also a declining channel forming with resistance near the $170.20 level.

Above the channel resistance, the price could correct higher towards the $180.00 resistance level. The 21 simple moving average (4-hours) is waiting near the $180.00 level to act as a resistance.

Additionally, the 50% Fib retracement level of the recent decline from the $194.53 high to $164.16 low is close to $180.00. Therefore, an upside correction towards the $180.00 level is likely to face a strong resistance in the near term.

On the downside, an initial support is near the $164.00 level. If there is a downside break below the $164.00 and $160.00 support levels, Ethereum price is likely to continue lower towards the next key support at $150.00.

Binance Coin Price Analysis (BNB/USDT, Binance Exchange)

Binance coin started a strong decline after it failed to surpass the $32.00 resistance level. BNB price declined more than 20% in the past few days and broke many supports near the $26.00, $25.00 and $24.00 levels.

Binance Coin Price Analysis (BNB/USDT, Binance Exchange)

Binance Coin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even settled below $25.00 and the 21 simple moving average (4-hours). Finally, there was a break below the $22.00 support and the price traded close to the $21.00 level.

A swing low was formed near $21.20 and the price is currently consolidating losses. An immediate resistance is near the $22.40 and $22.60 levels.

Moreover, the 23.6% Fib retracement level of the recent decline from the $27.21 high to $21.20 low is also near the $22.62 to act as a resistance. If there is a strong upside correction, the price could recover towards the $24.00 resistance area.

The 21 simple moving average (4-hours) is near the $24.00 level to stop the upside. Moreover, the 50% Fib retracement level of the recent decline from the $27.21 high to $21.20 low is also near the $24.20 level.

Finally, the main resistance is near the $25.00 level and a crucial bearish trend line on the same chart. Therefore, an upside correction towards the $24.00 and $25.00 levels may face many hurdles.

On the downside, an initial support is near the $21.00 level, below which the price could test the $20.00 support area in the coming sessions.

Litecoin Price Analysis

Litecoin price also followed a downtrend from well above the $75.00 level against the US Dollar. The LTC/USD pair broke a few important supports near the $72.00 and $70.00 levels to move further into a bearish zone.

Litecoin Price Analysis LTC Chart

Litecoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even settled below the key $70.00 support and the 21 simple moving average (4-hours). Finally, the price traded below the $65.00 level and trade to a new monthly low at $62.26.

At the moment, the price is trading with a bearish bias below the $64.00 support and it might continue to move down. If there is a break below the $62.00 level, the price may soon test the $60.00 support area.

On the upside, an immediate resistance is near $65.00 plus the 23.6% Fib retracement level of the decline from the $75.03 high to $62.26 low.

However, the main resistance is near the $68.00 level since it coincides with the 21 simple moving average (4-hours) and the 50% Fib retracement level of the decline from the $75.03 high to $62.26 low.

If there are more upsides, the price will most likely struggle to climb above the previous support area near the $70.00 level and a connecting bearish trend line on the same chart.

Top Gainers

During the past 7 days, a few small cap altcoins traded higher and gained more than 100%, including CREDIT, NOAH, STC, MGC, SCT, THX, OLT, SIX and ALP (trading volume more than $50K). Out of these, CREDIT rallied around 320% and NOAH is up nearly 180%.

To sum up, bitcoin price is trading near a crucial support area at $9,400. If it fails to stay above $9,400, there are chances of a strong decline in BTC/USD below the $9,200 and $9,000 support levels in the near term. Similarly, there could be more downsides in major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, XMR, NEO, and BSV in the coming sessions.

The market data is provided by TradingView, Bitfinex.

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Original Article – Blockonomi.com