Weekly Wrap: Bitcoin, Ethereum, BNB & Monero Price Analysis 6th Sep
Bitcoin price started a strong recovery above the $10,000 resistance area. BTC/USD is now facing hurdles near $10,850, above which it could climb towards $11,500 in the coming days.
Conversely, upsides were mostly limited in most major altcoins, including Ethereum (ETH), ripple (XRP), binance coin (BNB), bitcoin cash (BCH), litecoin (LTC), stellar (XLM), ADA, EOS, and TRX. However, Monero (XMR) is showing positive signs and it could even break the $80.00 resistance.
Key Takeaways:
- Bitcoin price started a decent upward move above the key $10,000 resistance area.
- Ethereum price is facing a lot of hurdles near the $178 and $180 levels.
- Ripple price is struggling to climb above the $0.2650 and $0.2700 resistance levels.
- EOS price is facing an uphill task, but it is still holding the $3.000 support area.
- Monero price broke a major resistance near $74.00 and it could continue to rise.
- Binance coin price seems to be forming a decent support base near the $20.80 level.
- MOF rallied more than 340% and OLMP climbed around 220% in the past 7 days.
Bitcoin Price Analysis
Bitcoin price remained well supported above the main $9,400 level. As a result, BTC/USD started a strong recovery and broke the $9,600 and $9,800 resistance levels to move into a positive zone.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even settled above the $10,000 resistance and 21 simple moving average (4-hours). Moreover, there was a break above a crucial bearish trend line with resistance at $9,780 on the same chart.
The upward move was such that the price rallied above the 23.6% Fib retracement level of the last major decline from the $12,317 high to $9,369 low.
It opened the doors for more gains above the $10,200 and $10,320 resistance levels. Finally, the price climbed above the $10,500 resistance and tested the next key resistance area near $10,800.
It seems like the 50% Fib retracement level of the last major decline from the $12,317 high to $9,369 low is acting as a major resistance and preventing gains. If there are more upsides above $10,850, the price could continue to rise towards the $11,200 level.
The 61.8% Fib retracement level of the last major decline from the $12,317 high to $9,369 low is also near the $11,200. Any further gains may call for a bullish breakout towards the $11,800 and $12,000 resistance levels.
On the downside, an initial support is near the $10,560 level and the 21 simple moving average (4-hours). However, the main support is near the $10,400 level, below which bitcoin price might correct lower towards the $10,000 support level in the near term.
Ethereum Price Analysis
Ethereum price extended its decline below the $175.00 support level. ETH/USD even traded below the $170.00 level and tested the $165.00 support level. A swing low was formed near $164.16 and the price is currently correcting higher.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price recovered above the $170.00 resistance level and the 21 simple moving average (4-hours) to start a short term upside correction.
Moreover, there was a break above the 23.6% Fib retracement level of the last major decline from the $203.84 high to $164.16 low. The price even climbed above the $180.00 level, but it faced a strong selling interest.
It seems like the 50% Fib retracement level of the last major decline from the $203.84 high to $164.16 low acted as a major hurdle and prevented upsides. There is also a crucial bearish trend line forming with resistance near $178.00 on the same chart.
At the moment, the price is trading below the $178.00 level and the 21 simple moving average (4-hours). To start a decent upward move, the price must break the trend line, the 21 simple moving average (4-hours), and the $185.00 resistance area.
The next immediate resistance is near $188.00 and $190.00, above which the price could recover towards the $200.00 and $204.00 levels.
Conversely, if the price fails to climb above the $180.00 or $185.00 resistance, it could continue to slide. An initial support is near the $170.00 level, below which Ethereum might revisit the $164.16 swing low.
Binance Coin Price Analysis (BNB/USDT, Binance Exchange)
Binance coin mostly struggled to correct higher and extended its decline below the $21.50 support level. BNB price traded to a new multi-week low at $20.89 and later started consolidating losses.
Binance Coin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price corrected a few points above the $21.50 level and the 21 simple moving average (4-hours), but gains were contained.
The price even climbed above the 23.6% Fib retracement level of the last key decline from the $27.21 high to $20.89 low. However, there are many hurdles on the upside near the $22.50 and $23.00 levels.
Moreover, there is a significant bearish trend line forming with resistance near $24.00 on the same chart. The 50% Fib retracement level of the last key decline from the $27.21 high to $20.89 low is also near the trend line.
Therefore, an upside correction towards the $23.50 and $24.00 levels could face a strong selling interest. If there is an upside break above $24.00, the price might test the next set of important hurdles near the $25.80 area.
On the downside, an initial support is near the $22.20 level plus the 21 simple moving average (4-hours). If the price fails to stay above the $22.00 support, there is a risk of a downside extension towards the $20.00 support area in the coming days.
Monero Price Analysis
Moneor price formed a strong support base near the $66.00 level against the US Dollar. As a result, the XMR/USD pair started an upward move and broke many resistances, including $70.00 and $72.00.
Monero Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even settled above the $70.00 level and the 21 simple moving average (4-hours). It opened the doors for more gains towards the $75.00 level.
During the rise, the price surpassed the 23.6% Fib retracement level of the decline from the $91.34 high to $66.01 low. Moreover, the price broke a crucial bearish trend line with resistance near the $74.00 level on the same chart.
The price is now trading nicely above the $76.00 level and it could continue to rise. An immediate resistance is near the $78.70 level since it coincides with the 50% Fib retracement level of the decline from the $91.34 high to $66.01 low.
If there are more upsides, the price will most likely climb above the $80.00 resistance and test the $83.75 pivot level.
On the downside, an immediate support is near the $75.00 level and 21 simple moving average (4-hours). If the price fails to hold the 21 SMA, there is a risk of a downside correction towards the $72.00 or $70.00 support level in the near term.
Top Gainers
During the past 7 days, a few small cap altcoins gained traction and climbed more than 100%, including MOF, OLMP, TBX, XCD, EQUAD and SRX (trading volume more than $50K). Out of these, MOF rallied around 340% and OLMP is up nearly 220%.
To sum up, bitcoin price is gaining bullish momentum and it could rally once the bulls succeed in surpassing the $10,850 and $11,200 resistance. If there is a downside correction, the $10,200 and $10,000 levels might protect declines in BTC/USD. However, most altcoins, including Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, NEO, WTC, and BSV are likely to struggle in the coming sessions.
The market data is provided by TradingView, Bitfinex.
The post Weekly Wrap: Bitcoin, Ethereum, BNB & Monero Price Analysis 6th Sep appeared first on Blockonomi.
OhNoCryptocurrency via https://ift.tt/2PblI7a @Dr. Latika Mehrotra, @Khareem Sudlow
