Bitcoin Price Weekly Analysis – Can BTC/USD Hold $9,000?

Key Points

  • Bitcoin price declined this past week and moved below the $10,000 level against the US Dollar.
  • There was a break below a major bullish trend line with support at $10,350 on the 4-hours chart of the BTC/USD pair (data feed from SimpleFX).
  • The pair must stay above the $9,300 and $9,000 support levels to avoid further declines in the near term.

Bitcoin price is under pressure below the $10,000 level against the US Dollar. BTC/USD remains at a risk of more declines if the pair fails to hold the $9,000 support.

Bitcoin Price Resistance

This past week, there was an increase in bearish pressure on bitcoin price from the $10,800 swing high against the US Dollar. The price started a downside move and traded below the $10,500 support level. There was also a break below the 23.6% Fib retracement level of the last wave from the $8,250 low to $11,650 high. Moreover, there was a break below a major bullish trend line with support at $10,350 on the 4-hours chart of the BTC/USD pair.

The pair traded towards the $9,400 support and declined below the 100 simple moving average (4-hours). More importantly, there was a break below the 50% Fib retracement level of the last wave from the $8,250 low to $11,650 high. It has opened the doors for more losses below $10,000. On the downside, the $9,350 support is holding losses and is preventing declines. Should there be a break below $9,350, the price may even decline below the $9,000 level. An intermediate support is near the 76.4% Fib retracement level of the last wave from the $8,250 low to $11,650 high.

Bitcoin Price Weekly Analysis BTC USD

On the upside, a break above the $10,000 resistance is needed for the price to move back in the bullish zone.

Looking at the technical indicators:              

4-hours MACD – The MACD for BTC/USD is currently in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently well below the 50 level.

Major Support Level – $9,350

Major Resistance Level – $10,000

 

Charts courtesy – SimpleFX


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Key Highlights

  • ETH price declined recently and moved below the $860 support level against the US Dollar.
  • There is an expanding triangle forming with resistance at $870 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair may continue to decline as long as it is below the $870 resistance level.

Ethereum price is struggling to move higher against the US Dollar and Bitcoin. ETH/USD could extend the current decline and it could even break $800.

Ethereum Price Decline

There was a major downside move in ETH price from well above $1,000 against the US Dollar. The price declined and moved below the $950 and $900 levels. It traded below the 23.6% Fib retracement level of the last wave from the $553 low to $970 high. Moreover, there was also a break below the $860 support and the 100 simple moving average (4-hours). It tested the $770 support level and is currently correcting higher.

There was a test of the 50% Fib retracement level of the last wave from the $553 low to $970 high. However, the price is struggling to recover above the $870 level and the 100 SMA. There is also an expanding triangle forming with resistance at $870 on the 4-hours chart of ETH/USD. The pair may continue to decline in the short term as long as it is below the $870 level. On the downside, once there is a break below the $760 support, there can be more declines in the near term.

Ethereum Price Weekly Analysis ETH USD

It looks like the price may consolidate in the short term around the $800 level before making the next move. The risk is towards the downside unless the pair succeeds in breaking the $870 resistance. A break above $870 could push the price above the $920 level.

4-hours MACD – The MACD is slowly reducing its bearish slope.

4-hours RSI – The RSI is moving higher towards the 50 level.

Major Support Level – $760

Major Resistance Level – $870

 

Charts courtesy – SimpleFX

Key Points

  • Bitcoin cash price started a fresh decline this past week and moved below $1,250 against the US Dollar.
  • There is a major bearish trend line forming with resistance at $1,310 on the 4-hours chart of the BCH/USD pair (data feed from SimpleFX).
  • The pair may continue to decline and it could even break the $1,100 support in the near term.

Bitcoin cash price is struggling to recover against the US Dollar. BCH/USD remains at a risk of more declines below the $1,100 level during the next few days.

Bitcoin Cash Price Resistance

There was a fresh downside wave initiated in bitcoin cash price from the $1,610 swing high against the US Dollar. The price declined and moved below the $1,500 and $1,300 support level. The decline was such that the price even broke the $1,250 support level. It is currently trading below the $1,200 level and the 100 simple moving average (4-hours), which is a bearish sign.

The recent low was $1,118 with resistance on the upside around the 23.6% Fib retracement level of the last decline from the $1,617 high to $1,118 low. There is also a major bearish trend line forming with resistance at $1,310 on the 4-hours chart of the BCH/USD pair. The trend line resistance is important since it is near the 38.2% Fib retracement level of the last decline from the $1,617 high to $1,118 low. Moreover, the 100 simple moving average (4-hours) is positioned near the $1,320 level. Therefore, the $1,310-1,320 area is a major hurdle for a recovery in the near term.

Bitcoin Cash Price Weekly Analysis BCH USD

On the downside, the pair remains at a risk of more declines once there is a close below the $1,100 level.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is placed nicely in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.

Major Support Level – $1,100

Major Resistance Level – $1,310

 

Charts courtesy – SimpleFX

Key Highlights

  • ADA price is struggling to recover and it recently declined below the $0.3200 level against the US Dollar (tethered).
  • There is a major declining channel forming with resistance at $0.3205 on the hourly chart of the ADA/USD pair (data feed via Bittrex).
  • The pair is currently correcting higher, but it may face a lot of resistance near $0.3250 and $0.3500 in the near term.

Cardano price declined further against the US Dollar and Bitcoin. ADA/USD is currently trading well below the $0.3500 level and in a bearish zone.

Cardano Price Decline

There was no major recovery in ADA price above the $0.3600 level against the US Dollar. The price did not move above the $0.4000 resistance and declined once again. During the recent slide, it broke the $0.3500 and $0.3300 support levels. It even traded below $0.3200 to test the $0.3000 area. A low was formed at $0.2995, and the price is currently consolidating losses around the $0.3000 level.

It is testing the 23.6% Fib retracement level of the last drop from the $0.3866 high to $0.2995 low. It seems like the price may find it hard to break the $0.3200 and $0.3300 resistance levels in the short term. There is also a major declining channel forming with resistance at $0.3205 on the hourly chart of the ADA/USD pair. The channel resistance at $0.3205 is near the 23.6% Fib level. If there is a break above $0.3205, the price may correct further higher. The next major resistance is near $0.3430 and the 50% Fib retracement level of the last drop from the $0.3866 high to $0.2995 low.

Cardano Price Technical Analysis ADA USD

On the downside, the $0.3000 level is a major support. If the price fails to stay above $0.3000, it could even trade back towards the $0.2500 level in the near term.

Hourly MACD – The MACD for ADA/USD is slowly recovering and is showing positive signs.

Hourly RSI – The RSI for ADA/USD is moving higher towards the 45-50 levels.

Major Support Level – $0.3000

Major Resistance Level – $0.3500

 

Charts courtesy – Cryptowat, Bittrex

Key Highlights

  • Ripple price could not hold the $0.9000 support and moved below the $0.8400 level against the US dollar.
  • There is a key bearish trend line forming with resistance at $0.8700 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
  • The pair is trading around the $0.8400 level and is currently trading with a bearish bias.

Ripple price failed to move higher and declined against the US Dollar and Bitcoin. XRP/USD may correct a few points higher, but it could face resistance near $0.9000.

Ripple Price Upside Hurdle

There was an extension to yesterday’s decline in Ripple price from the $0.8800 swing high against the US Dollar. The price failed to hold the $0.9000 and $0.8400 support levels and declined further. An intraday low was formed at $0.8015 before price started a minor upside correction. It is currently trading above the 23.6% Fib retracement level of the last decline from the $0.9483 high to $0.8015 low.

However, there are many hurdles on the upside below the $0.9000 level. There is also a key bearish trend line forming with resistance at $0.8700 on the hourly chart of the XRP/USD pair. At the moment, the price is testing the 38.2% Fib retracement level of the last decline from the $0.9483 high to $0.8015 low. There is a chance of it moving further higher towards the $0.8700 or $0.8800 levels, but an upside break won’t be easy. Moreover, the 50% Fib retracement level of the last decline from the $0.9483 high to $0.8015 low is at $0.8749 to act as a resistance.

Ripple Price Technical Analysis XRP USD

On the downside, the $0.8100 and $0.8000 levels are decent supports. As long as the price is above the $0.8000 handle, it could make an attempt to recover above $0.9000.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is slowly reducing its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently moving higher towards the 50 level.

Major Support Level – $0.8000

Major Resistance Level – $0.9000

 

Charts courtesy – SimpleFX

Key Highlights

  • ETH price faced a lot of selling pressure recently and declined below $810 against the US Dollar.
  • Yesterday’s highlighted major bearish trend line with current resistance at $820 is intact on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair may correct a few points in the short term, but it remains in a downtrend below $840.

Ethereum price extended losses against the US Dollar and Bitcoin. ETH/USD declined as low as $776 and it is currently correcting higher toward barriers.

Ethereum Price Resistance

There was no major upside move in ETH price above the $860 level against the US Dollar. The price struggled to correct higher and it started a downside move below the $840 level. It declined and broke a couple of support levels such as $810 and $800. It traded as low as $776 from where a minor upside correction was initiated. However, the price may face many barriers on the upside on the way to $810.

It has moved above the 23.6% Fib retracement level of the last decline from the $858 high to $776 low. However, there is a major resistance near $810-820. More importantly, yesterday’s highlighted major bearish trend line with current resistance at $820 is intact on the hourly chart of ETH/USD. The trend line resistance is close to the 50% Fib retracement level of the last decline from the $858 high to $776 low. Therefore, if the price corrects further from the current levels, it could face sellers near the $820 and $825 levels. Above $825, the next major barrier for buyers is at $840.

Ethereum Price Technical Analysis ETH USD

On the downside, the recent low at $776 is a key intraday support. If the price fails to stay above $776, then it could accelerate declines towards the $750 level.

Hourly MACD – The MACD is gaining pace in the bearish zone.

Hourly RSI – The RSI is correcting higher, but with no major bullish sign.

Major Support Level – $776

Major Resistance Level – $825

 

Charts courtesy – SimpleFX

Key Points

  • Bitcoin cash price did not correct higher and declined below the $1,200 support against the US Dollar.
  • There are two bearish trend lines forming with resistance at $1,250 and $1,280 on the hourly chart of BCH/USD (data feed from SimpleFX).
  • The pair may decline more in the near term and it could even break the $1,100 support level.

Bitcoin cash price declined further below $1,200 against the US Dollar. BCH/USD looks set to extend the current decline towards or below $1,100.

Bitcoin Cash Price Resistance

There was no stopping sellers as bitcoin cash price failed to correction above the $1,300 level against the US Dollar. The price declined and broke yesterday’s low to trade below the $1,200 level. It opened the doors for more losses and the price traded towards $1,150. A low was formed at $1,134 and it seems like the price is struggling to correct higher in the short term.

On the upside, the price is facing resistance near the 23.6% Fib retracement level of the last drop from the $1,325 high to $1,134 low. There are many resistances on the upside below the $1,300 level. More importantly, there are two bearish trend lines forming with resistance at $1,250 and $1,280 on the hourly chart of BCH/USD. The first bearish trend line is close to the 50% Fib retracement level of the last drop from the $1,325 high to $1,134 low. Therefore, a break above the $1,250 and $1,260 levels won’t be easy. Above $1,260, the second trend line at $1,280 is the next hurdle.

Bitcoin Cash Price Technical Analysis BCH USD

On the downside, the recent low of $1,134 is a short-term support. If the price breaks the stated level, it could test the $1,100 level.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is placed nicely in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the oversold levels.

Major Support Level – $1,100

Major Resistance Level – $1,250

 

Charts courtesy – SimpleFX

Key Highlights

  • Ethereum classic price declined sharply after trading above the $42.00 level against the US dollar.
  • There is a major bearish trend line forming with resistance at $35.20 on the hourly chart of the ETC/USD pair (Data feed via SimpleFX).
  • The pair is currently correcting higher, but it has to move above $36.00 to gain upside momentum.

Ethereum classic price declined this week from highs against the US Dollar and Bitcoin. ETC/USD could correct higher, but it must break the $36.00 resistance.

Ethereum Classic Price Resistance

In the last analysis, we saw a nice upside move in ETC price above the $40.00 level against the US dollar. The price even traded above the $42.00 level before it faced sellers. A high was formed near $42.36 before the price started a downside correction. It declined sharply and moved below the $38.00 and $35.00 support levels. A low was formed at $32.40 from where the price started an upside correction.

At the moment, the price is trading near the 23.6% Fib retracement level of the last decline from the $52.36 high to $32.40 low. There is also a major bearish trend line forming with resistance at $35.20 on the hourly chart of the ETC/USD pair. Above the trend line resistance, the 100 hourly simple moving average is positioned at $36.00. Moreover, the 38.2% Fib retracement level of the last decline from the $52.36 high to $32.40 low is near $36.00. Therefore, it seems like the $36.00 level and the 100 hourly SMA are important barriers for more recoveries in ETC.

Ethereum Classic Price Technical Analysis ETC USD

Buyers must push the price above the $36.00 level. If they fail, there are chances that the pair may decline once again back towards the $32.00 level in the near term.

Hourly MACD – The MACD for ETC/USD is currently reducing its bearish slope.

Hourly RSI – The RSI for ETC/USD is currently moving higher towards the 50 level.

Major Support Level – $32.00

Major Resistance Level – $36.00

 

Charts courtesy – SimpleFX

Key Highlights

  • Ripple price declined below the $0.9500 support area yesterday against the US dollar.
  • There are two important bearish trend lines forming with resistance at $0.9400 and $1.00 on the hourly chart of the XRP/USD pair (data source from SimpleFx).
  • The pair is currently correcting higher, but it is likely to face a lot of sellers on the upside near 0.9500.

Ripple price declined further during the past few hours against the US Dollar and Bitcoin. XRP/USD is currently recovering, but upsides are likely to be capped.

Ripple Price Resistance

There was no respite for buyers as Ripple price declined further below $0.9800 against the US Dollar. The price traded lower and even broke the $0.9500 support level. It was under a lot of pressure, which resulted in a push below $0.9000. A low was formed near $0.8817 from where the price started an upside correction above the $0.9000 level.

It is currently testing the 23.6% Fib retracement level of the last drop from the $1.0811 high to $0.8817 low. There are many hurdles on the upside for buyers starting with $0.9500. Moreover, there are two important bearish trend lines forming with resistance at $0.9400 and $1.00 on the hourly chart of the XRP/USD pair. The second trend line resistance is very important since is it close to $1.00 and the 100 hourly simple moving average. Furthermore, the 50% Fib retracement level of the last drop from the $1.0811 high to $0.8817 low is at $0.9815 to prevent upsides.

Ripple Price Technical Analysis XRP USD

Therefore, if the price corrects higher from the current levels, then it could face sellers near $0.9600 and $0.9800. On the downside, the $0.9000 level is a major support followed by $0.8800.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently reducing its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.

Major Support Level – $0.9000

Major Resistance Level – $0.9800

 

Charts courtesy – SimpleFX

Key Highlights

  • ETH price declined further and traded as low as $806 against the US Dollar before starting a recovery.
  • There is a major bearish trend line forming with resistance at $850 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair is currently correcting higher, but it is facing many resistances such as $850 and $875.

Ethereum price fell sharply against the US Dollar and Bitcoin. ETH/USD is currently recovering, but it won’t be easy for the pair to gain upside momentum.

Ethereum Price Recovery

There was a minor recovery initiated yesterday from the $850 swing low in ETH price against the US Dollar. The price traded higher, but it could recover above the $880-900 resistance zone. It resulted in a downside move and the price traded below $850. It declined by more than $40 and traded close to $800. A low was formed at $806 from where the price started an upside correction.

It has moved above the 38.2% Fib retracement level of the last drop from the $895 high to $806 low. However, there are many resistances on the upside near $850. The stated $850 level was a support earlier and now it could prevent further gains. Moreover, there is a major bearish trend line forming with resistance at $850 on the hourly chart of ETH/USD. The 50% Fib retracement level of the last drop from the $895 high to $806 low is also around the same $850 level. Therefore, a break above the $850 level may ignite further recoveries in the near term.

Ethereum Price Technical Analysis ETH USD

The next major resistance on the upside is at $875 followed by $880. On the downside, an initial support is at $828. Below the mentioned $828, the price may retest the $806 swing low.

Hourly MACD – The MACD is slowly reducing its bearish slope.

Hourly RSI – The RSI has recovered nicely recently, but it is still well below the 50 level.

Major Support Level – $806

Major Resistance Level – $850

 

Charts courtesy – SimpleFX