Bitcoin price extended gains above $4,100 before starting a downside correction. BTC corrected and tested the key support area near $4,000.
Similarly, there were bullish moves in altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM) and EOS before they declined sharply and tested key supports.
The overall price action is slightly negative, but there could be a decent comeback as long as BTC is trading above $3,980 (Bitfinex price feed).
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- Bitcoin price surged towards the $4,150 level before it corrected lower.
- Ethereum price failed once again to settle above the $145 resistance level.
- Ripple price is struggling to hold a crucial triangle support at $0.3130.
- EOS could correct lower and test the $3.48 or $3.40 support level.
- MTC, CONI and BCX gained more than 200% during the past 7 days.
Bitcoin Price Analysis
After a proper close above the $3,900 resistance level, there was a solid upward move in bitcoin price above the $4,000 resistance. BTC/USD gained bullish momentum and broke the $4,075 and $4,100 resistance levels.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even broke the $4,150 resistance and traded to a new monthly high at $4,166. Later, the price started a downside correction and traded below the $4,100 support level.
There was a sharp decline below the 23.6% Fib retracement level of the last wave from the $3,869 low to $4,166 high. Moreover, there was a break below a connecting bullish trend line with support at $4,096 on the same chart.
The decline was strong as the price settled below $4,080 and the 21 simple moving average (4-hours). However, the 50% Fib retracement level of the last wave from the $3,869 low to $4,166 high acted as a strong support along with $4,000.
There is also a crucial bullish trend line in place with current support at $4,040. As long as the price is above the trend line and $4,000, it could bounce back. On the upside, there are many resistances near the $4,080 and $4,100 levels.
A proper break and follow through above the 21 simple moving average (4-hours) is needed for buyers to gain traction in the near term. The next resistances are $4,160 and $4,200.
On the flip side, if the price fails to hold the trend line support, there are chances of more losses below $4,000. The main support is at $3,980 and the 61.8% Fib retracement level of the last wave from the $3,869 low to $4,166 high. A daily close below $3,980 might push the price into a short term bearish zone.
Ethereum Price Analysis
Ethereum price formed a strong support above $131 and later rallied sharply above the $137 and $140 resistance levels. ETH/USD even broke the $142 resistance level and spiked above the $145 barrier.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as towards the $148 level and failed to hold gains above the $145 pivot level. Later, it declined below the $144 and $142 support levels to start a downside correction.
During the decline, the price settled below the $140 support and the 21 simple moving average (4-hours). There was a break below the 50% Fib retracement level of the last wave from the $131 swing low to $147 swing high.
The decline was strong as the price traded close to the $135 support level and tested the 76.4% Fib retracement level of the last wave from the $131 swing low to $147 swing high.
However, a crucial bullish trend line with current support at $136 acted as a strong buy zone. The price is currently consolidating losses and trading nicely above the trend line. On the upside, there is a solid resistance formed near $140 and the 21 simple moving average (4-hours).
There is also a connecting bearish trend line near $140 on the same chart. Therefore, a break above the $140 level is must for a fresh upward move.
If the price fails to hold the $136 and $135 support levels, there could be a downside extension towards the main support area near $131.
Ripple Price Analysis
In the last few analysis, we saw a massive breakout pattern above $0.3000 for ripple price against the US Dollar. XRP/USD made a few attempts to break the breakout resistance near $0.3290, but it failed to gain bullish momentum.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price seems to be trading inside a significant breakout pattern with support near $0.3130 and resistance at $0.3240. There were many attempts to settle above the triangle resistance, but the price failed to gain traction above $0.3280 and $0.3300.
As a result, the price declined heavily below $0.3200 and the 21 simple moving average (4-hours). At the moment, it seems like the price is struggling to hold the $0.3130 and $0.3120 support levels.
If there is a downside break and close below $0.3100, there could be a sharp bearish reaction. The next main support is at $0.3000, below which the price might test $0.2850.
On the upside, an initial resistance is near $0.3190 and the 50% Fib retracement level of the recent decline from the $0.3294 high to $0.3082 low. However, a successful close above the $0.3250 and $0.3300 resistance levels is must for buyers to gain momentum in the coming days.
EOS Price Analysis
There was a steady rise above the $3.80 and $3.90 resistance levels in EOS price against the US Dollar. The price traded close to the $4.00 resistance and formed a high at $3.92.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price failed to test the $4.00 resistance and later started a downside correction. It traded below the $3.85 support level and settled below the 21 simple moving average (4-hours).
There was a break below a crucial bullish trend line with support at $3.75 on the same chart. Moreover, the price broke the 50% Fib retracement level of the last wave from the $3.48 low to $3.92 high.
Sellers pushed the price towards the $3.60 support level and the 76.4% Fib retracement level of the last wave from the $3.48 low to $3.92 high. At the moment, the price is consolidating above the $3.60 level, with a bearish angle.
Therefore, there is a risk of a downside extension below the $3.60 and $3.55 support levels. The next key support is near the $3.50 pivot level.
Overall, the recent decline below $3.70 and close below the 21 simple moving average (4-hours) could push the price towards the $3.50 support level before buyers take a stand.
During the past 7 days, a few small cap altcoins rallied and gained more than 100% gains, including MTC, CONI, BCX, LBTC, KAN, ADM and UBTC (trading volume more than $50K). Out of these, MTC rallied around 280% and CONI gained nearly 240%.
Overall, bitcoin price corrected lower and it is currently trading above a crucial support at $4,000. BTC is likely to bounce back above $4,100 and $4,150. Having said that, if buyers fail to defend the $4,000 and 3,980 supports, there is a risk of further declines in BTC and altcoins such as Ethereum, ripple, bitcoin cash, XLM, TRX, EOS, ADA, LTC, BNB, ONT and ICX in the coming sessions.
The market data is provided by TradingView, Bitfinex.
The post Price Watch: Bitcoin, Ethereum, Ripple and EOS Price Analysis 22nd March appeared first on Blockonomi.