Weekly Wrap: Bitcoin, Ethereum, EOS and TRX Price Analysis 23rd August
Bitcoin price is facing a strong resistance on the upside near $10,500 and $11,000. BTC/USD could weaken further unless the bulls gain momentum above $10,500 and $10,600.
Moreover, most major altcoins such as Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX extended decline and moved into a bearish zone. However, a few altcoins, including Ethereum Classic, ICX and IOTA are signaling a decent upward move.
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Key Takeaways:
- Bitcoin price remained well bid above the $9,400 and $9,500 support levels.
- Ethereum price could gain traction if its breaks the $195 and $200 resistance levels.
- Ripple price is trading in a bearish zone below the $0.2900 and $0.3000 resistances.
- EOS price is likely to start a strong rise if it breaks the $3.700 and $3.800 resistances.
- Tron (TRX) is showing positive signs and recently broke an important resistance.
- StarChain (STC), DAT, RHOC and SWACE rallied more than 150% in the past 7 days.
Bitcoin Price Analysis
This week, bitcoin price made an attempt to start a fresh uptrend above the $11,000 and $11,200 resistance levels. However, BTC/USD failed to break the key $11,000 resistance area and trimmed most its gains below $10,500.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as low as $9,535 and started a solid upside correction. The price jumped above the $10,000 and $10,500 resistance levels. Moreover, there was a close above the $10,500 level and the 21 simple moving average (4-hours).
The bulls even pushed the price above the 23.6% Fib retracement level of the major decline from the $13,323 high to $9,535 swing low.
However, the price faced a strong resistance near the $10,900 and $11,000 levels. It seems like the 50% Fib retracement level of the major decline from the $13,323 high to $9,535 swing low acted as a significant resistance.
Additionally, there is a key bearish trend line forming with current resistance near $10,600 on the same chart. The price was clearly rejected near $10,950, resulting in a fresh decline below $10,500.
The price traded below the $10,000 support and 21 simple moving average (4-hours). A swing low was formed near $9,800 and the price is currently correcting higher. An immediate resistance is near the $10,350 level and the 21 simple moving average (4-hours).
However, the main resistance is near the bearish trend line and $10,500. If there is an upside break above the trend line, the price could retest the $11,000 resistance area. A successful close above the $11,000 resistance might start a strong rise towards the $12,000 resistance.
Conversely, if the price fails to climb above the $10,500 and $10,600 resistance levels, there could be another bearish wave. The main supports on the downside are near $9,800 and $9,500, below which the price might decline to $9,000.
Ethereum Price Analysis
Ethereum price also followed a similar pattern and recovered higher from the $180.00 support area. However, similar to bitcoin, ETH price struggled to settle above the key $200.00 and $204.00 resistance levels.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price formed a swing high near the $203.94 and recently declined below the $190.00 support level. The decline was such that the price even broke $186.00 and the 21 simple moving average (4-hours).
It retested the $180.00 support area and is currently correcting higher. It surpassed the 23.6% Fib retracement level of the recent decline from the $203.94 high to $180.22 low.
However, there are many resistances on the upside near the $194.00 and $195.00 levels. At the moment, the 50% Fib retracement level of the recent decline from the $203.94 high to $180.22 low is acting as a resistance.
Moreover, there is a key connecting bearish trend line forming with resistance near $194.50 on the same chart. A successful close above the trend line could push the price towards the main $202.00 and $204.00 resistance levels.
If the bulls succeed in pushing the price above the $204.00 resistance, the price could start a strong rise towards the $220.00 and $225.00 levels. An intermediate resistance is near $210.00 plus the 1.1236 Fib extension level of the recent decline from the $203.94 high to $180.22 low.
On the downside, there is a crucial support forming near the $182.00 and $180.00 levels. Therefore, a bearish break below $180.00 might start another strong decline towards $160.00 in the near term.
EOS Price Analysis
EOS price declined sharply after it broke the key $4.000 and $3.800 support levels against the US Dollar. The price even broke the $3.600 support level and traded close to the $3.300 level.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price seems to be forming a crucial support near the $3.350 and $3.400 levels. Recently, there were two attempts to push the price below $3.300, but the bears failed to gain momentum.
As a result, there was an upside correction above the $3.500 resistance. Moreover, the price traded above the 23.6% Fib retracement level of the last decline from the $4.276 high to $3.321 low.
The price is now trading above the $3.600 level and the 21 simple moving average (4-hours). An immediate resistance is near the $3.700 level and a bearish trend line on the same chart.
If there is a successful break above the trend line, the price could test the $3.800 resistance. It represents the previous key support and coincides with the 50% Fib retracement level of the last decline from the $4.276 high to $3.321 low.
Therefore, if the price climbs above $3.700 and $3.800, the bulls might take control. The next stop could be near the $4.000 level, above which there are chances of an acceleration towards the $4.500 level.
Conversely, if there is no upside break above $3.700 or $3.800, the price will most likely resume its decline. The main supports on the downside are near $3.400 and $3.350.
Tron Price Analysis (TRX/USD)
Tron price declined heavily in the past few days after it was rejected near the $0.0235 level against the US Dollar. The TRX/USD pair declined steadily and traded below the key $0.0210 and $0.0200 support levels.
Tron Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even broke the $0.01850 support level and the 21 simple moving average (4-hours). Finally, a new monthly low was formed near $0.0159 and the price recently started an upside correction.
It broke the $0.0170 resistance and the 21 simple moving average (4-hours). Moreover, there was a break the 23.6% Fib retracement level of the recent slide from the $0.0212 high to $0.0159 low.
More importantly, there was a break above a crucial bearish trend line with resistance at $0.0176 on the same chart. It has opened the doors for more gains above the $0.0180 level. An immediate resistance is near the $0.0185 level.
The 50% Fib retracement level of the recent slide from the $0.0212 high to $0.0159 low is also near the $0.0185 level. If there is an upside break above $0.0185, the price could continue higher towards the $0.0194 and $0.0200 resistance levels.
On the downside, an immediate support is near the $0.0175 level. If the price breaks down below $0.0170 and the 21 SMA, it could resume its downtrend.
Top Gainers
During the past 7 days, a few small cap altcoins climbed higher and jumped more than 80%, including STC, DAT, RHOC, SWACE, ZLA, PASS, ATP and VITAE (trading volume more than $50K). Out of these, STC rallied around 220% and DAT gained nearly 200%.
Overall, bitcoin price is clearing facing a couple of important resistances near $10,500. As long as BTC/USD is below $10,500 and $10,600, there is a risk of more downsides in the near term. Similarly, there could be bearish moves in major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, EOS, BNB, XMR, NEO, IOTA, and WTC in the coming days.
The market data is provided by TradingView, Bitfinex.
The post Weekly Wrap: Bitcoin, Ethereum, EOS and TRX Price Analysis 23rd August appeared first on Blockonomi.
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Dr. Latika Mehrotra, Khareem Sudlow