Crypto Market Update: Bitcoin, Ethereum, XRP & Litecoin Price Analysis 6th Dec
Bitcoin price is consolidating above a couple of important supports near $7,100. BTC/USD could start a strong upward move as long as there is no weekly close below $7,100.
Similarly, it seems like most major altcoins, including Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX are preparing for the next move. If bitcoin starts a decent recovery, altcoins are likely to follow BTC towards the upside.
Read: Guide to Brokers for Trading
Key Takeaways:
- Bitcoin price is holding the $7,140 support area and it could start a decent recovery.
- Ethereum price is likely to rise if it clears the $150.00 and $156.00 resistance levels.
- Ripple price broke a crucial trend line and it could continue higher towards $0.2400.
- EOS price is likely to test the main $3.000 resistance area in the coming days.
- Litecoin price is preparing for the next key break and it could recover above $46.00 and $50.00.
- ETM is up around 200% and GPYX gained nearly 140% in the past 7 days.
Bitcoin Price Analysis
After a strong decline, bitcoin price found support near the $6,600 area. As a result, BTC/USD started an upside correction and traded above the $7,000 and $7,500 resistance levels.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded towards the $8,000 resistance and settled above the 21 simple moving average (4-hours).
However, the price failed to gain momentum above the $7,940 and $7,950 levels. Therefore, there was a fresh bearish wave below the $7,700 level. The price traded below the 23.6% Fib retracement level of the upward wave from the $6,619 low to $7,933 high.
The recent decline was such that the price even spiked below the $7,300 level and 21 simple moving average (4-hours). Besides, the price traded below the 50% Fib retracement level of the upward wave from the $6,619 low to $7,933 high.
However, the price remained well bid above the $7,100 and $7,150 levels. More importantly, there was no break below the 61.8% Fib retracement level of the upward wave from the $6,619 low to $7,933 high.
At the moment, it seems like the price is trading inside a crucial contracting triangle with resistance near the $7,700 level. If bitcoin price continues to rise and breaks the $7,700 resistance, it could even surpass the $7,900 and $8,000 resistance levels.
Conversely, the price could break the triangle support at $7,260 and the 21 SMA. The main supports are near $7,140 and $7,100, below which there is a risk of more downsides.
Overall, bitcoin price seems to be holding a couple of important supports near $7,100 and it could attempt an upside break above $7,500 and $7,700.
Ethereum Price Analysis
Ethereum price did not move much in the past few days and remained well below the $160.00 and $163.25 resistance levels. The last swing low was near $133.70 before the price recovered towards the $160.00 resistance.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as high as $159.02 and it is currently declining. There was a break below the $152.50 level and the 21 simple moving average (4-hours).
Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $133.70 low to $159.02 high. The price spiked below the $146.00 support.
The price even traded below the 50% Fib retracement level of the upward move from the $133.70 low to $159.02 high. At the moment, it seems like the price is following a declining channel with resistance near the $150.00 level on the same chart.
If there is an upside break above the $150.00 level, there are chances of a strong rise in the coming sessions. The next resistance is near the $155.90 level, above which Ethereum could surge towards $160.00 and $163.25.
Conversely, the price could continue to move down below $146.00. The main support is near the $143.50 area since it is near the 61.8% Fib retracement level of the upward move from the $133.70 low to $159.02 high.
If Ethereum dives below the $143.50 support, there is a risk of another bearish wave towards the $133.70 swing low. An intermediate support is near the $135.80 level.
Ripple Price Analysis
Ripple price remained in a strong downtrend in the past few days from well above $0.2500 against the US Dollar. The XRP/USD pair even broke the key $0.2200 support area and spiked below $0.2150.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price settled below the $0.2200 area and the 21 simple moving average (4-hours). Finally, the price tested the main $0.2000 support area, where the bulls took a stand.
The multi-month low was near $0.2002 before the price recovered above the $0.2100 level. The recent low was formed near the $0.2115 and the price is currently correcting higher.
It broke a couple of important resistances near the $0.2165 level and 21 simple moving average (4-hours). Moreover, there was a break above a crucial bearish trend line with resistance near $0.2190 on the same chart.
The price is now trading above the 50% Fib retracement level of the recent decline from the $0.2339 high to $0.2112 low. An immediate resistance on the upside is near the $0.2250 level.
The 61.8% Fib retracement level of the recent decline from the $0.2339 high to $0.2112 low is also near the $0.2250 level to act as a hurdle. If ripple price climbs above $0.2250 and $0.2275, there could be a decent upward move.
The next major resistance is near the $0.2350 and $0.2360 levels, above which the price could rise towards the $0.2400 level. An intermediate resistance is near the 1.236 Fib extension level of the recent decline from the $0.2339 high to $0.2112 low.
Conversely, ripple price may perhaps resume its decline below the $0.2115 support area. In the mentioned bearish case, it could even trade below the $0.2000 support area in the near term.
Litecoin Price Analysis
Litecoin price is following a major downtrend from well above the $55.00 level against the US Dollar. The LTC/USD pair broke many key supports near $50.00 to move further into a bearish zone.
Litecoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price settled below the $50.00 pivot level and the 21 simple moving average (4-hours). The decline was such that the price traded close to the $42.00 support area.
The new multi-month low was formed near $42.66 before the price corrected higher. It traded above $45.00, but the bulls struggled to gain pace above the $50.00 resistance. A high was formed near $49.67 before the price dipped to $43.90 (this week’s low).
At the moment, the price is consolidating losses above the $43.90 low. An initial resistance is near the $45.25 level and the 21 simple moving average (4-hours).
Besides, the 23.6% Fib retracement level of the downward move from the $49.67 high to $43.90 low is near the $45.25 level. On the upside, there are many resistances near the $46.70 and $47.00 levels.
Moreover, there is a key bearish trend line forming with resistance near the $46.50 level. Having said that, litecoin price must break the $48.00 and $50.00 resistance levels to start a decent recovery.
If not, there is a risk of a sharp decline below the $42.00 and $40.00 levels, especially if bitcoin fails to stay above $7,140.
Top Gainers
During the past 7 days, a few small cap altcoins gained more than 100%, including ETM, GPYX, B2G and VITE (trading volume more than $50K). Out of these, ETM rallied around 200% and GPYX gained nearly 140%.
Overall, bitcoin price is holding the main $7,140 and $7,100 support levels. Therefore, BTC might stage a fresh increase above $7,700 as long as there is no weekly close below the $7,100 support area. In the mentioned bullish scenario, major altcoins such as Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, ICX, BNB, XMR, NEO, and WTC could also start a decent recovery in the coming days.
The market data is provided by TradingView, Bitfinex.
The post Crypto Market Update: Bitcoin, Ethereum, XRP & Litecoin Price Analysis 6th Dec appeared first on Blockonomi.
OhNoCryptocurrency via https://ift.tt/2PblI7a @Dr. Latika Mehrotra, @Khareem Sudlow
