Crypto Market Year End Update: Bitcoin, ETH, XRP and EOS Price Analysis 27th Dec
Bitcoin price struggled to continue above $7,650 and $7,700, and declined recently. BTC is now consolidating above $7,125 and it could start a fresh increase in the near term.
Besides, most major altcoins are trading near key supports, including Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), binance coin (BNB), stellar (XLM), ADA, EOS, and TRX. Therefore, the crypto market cap could either decline heavily towards $170.0B or it is likely to surpass the $200.0B resistance.
Read: Compare Top Brokers Guide
Key Takeaways:
- Bitcoin price is currently trading in a range above the $7,150 and $7,090 support levels.
- Ethereum price is facing a strong resistance near $130.00 and $134.50.
- Ripple price is struggling to recover above the main $0.2000 resistance.
- EOS price is showing positive signs and it is trading nicely above $2.500.
- Litecoin price seems to be preparing for the next move and consolidating near $40.00.
- NPCoin (NPC) rallied more than 250% and BTB is up close to 180% in the past 7 days.
Bitcoin Price Analysis
After finding strong bids near $6,500, bitcoin price started a decent upward move. BTC traded above the $7,000 resistance area and even climbed above the $7,200 pivot level.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price surpassed the $7,500 resistance and the 21 simple moving average (4-hours). However, the price struggled to surpass the $7,650 and $7,700 resistance levels.
A high was formed near $7,715 before the price started a downside correction. There was a break below the $7,400 support area. Besides, there was a break below the 23.6% Fib retracement level of the upward move from the $6,470 low to $7,715 high.
The price is now trading near the $7,300 level and the 21 simple moving average (4-hours). On the downside, an immediate support is near the $7,125 and $7,090 levels.
More importantly, the 50% Fib retracement level of the upward move from the $6,470 low to $7,715 high is also near the $7,090 level.
If there is a downside break below the $7,090 level, the price could continue to decline below $7,000. The next support could be $6,950 since it is the 61.8% Fib retracement level of the upward move from the $6,470 low to $7,715 high.
Conversely, there are many hurdles on the upside near the $7,400 and $7,500 levels. Moreover, there is a crucial bearish trend line forming with resistance near $7,650 on the same chart.
Therefore, bitcoin price must surpass the $7,650 and $7,700 resistance levels to move into a positive zone. In the mentioned case, the price might even surge above the $8,000 resistance area in the near term.
Ethereum Price Analysis
Ethereum price mostly followed a bearish path below $140.00 against the US Dollar. ETH/USD spiked towards the $115.00 support area before recovering, similar to bitcoin.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price popped above the $124.00 resistance area and the 21 simple moving average (4-hours). Besides, the bulls pushed the price above the $130.00 resistance area.
However, the price struggled to gain strength above the $134.00 and $135.00 levels. There were two attempts to surpass the $135.00 resistance area, but the bulls failed to gain momentum.
The last swing high was formed near $135.92 before the price started a downside correction. It traded towards the $122.50 support and a low is formed near $123.81.
The price is currently consolidating and facing hurdles near the 50% Fib retracement level of the recent decline from the $135.92 high to $123.81 low.
More importantly, there is a crucial bearish trend line forming with resistance near $130.00 on the same chart. The 61.8% Fib retracement level of the recent decline from the $135.92 high to $123.81 low is also a major hurdle.
Therefore, a clear break above $130.00, $131.20, $134.50 and $135.00 is needed for the bulls to take full control.
Conversely, Ethereum price could continue to move down below the $123.00 and $122.50 support levels. The next support is near the $120.50 level, below which the price might even decline towards the $115.00 support area.
Ripple Price Analysis
Ripple price declined heavily after it failed to stay above the $0.2150 support area against the US Dollar. The XRP/USD pair broke many supports near $0.2000 to move into a bearish zone.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even settled below the $0.2000 support area and the 21 simple moving average (4-hours). It opened the doors for more losses below the $0.1900 level.
Finally, the price spiked below $0.1800 and a low is formed near the $0.1760 level. Recently, there was an upside correction above the $0.1900 level.
The price surpassed the 21 simple moving average (4-hours), and the 23.6% Fib retracement level of the key decline from the $0.2335 high to $0.1760 low. However, the price is facing a lot of hurdles near the $0.1990 and $0.2000 levels.
There is also a major bearish trend line in place with resistance near $0.1960 on the same chart. Above the trend line, the next resistance is near $0.2050 or the 50% Fib retracement level of the key decline from the $0.2335 high to $0.1760 low.
Therefore, a clear break above the $0.2000 and $0.2050 resistance levels may perhaps open the doors for a decent upward move in the near term. The next key resistances are near the $0.2110 and $0.2150 levels.
Conversely, ripple price might resume its decline below $0.1850, especially if bitcoin slides below $7,000. The next major support for XRP is near the $0.1800 level, below which it will most likely test $0.1620.
EOS Price Analysis
EOS price found a strong support near the $2.150 area against the US Dollar. As a result, the price started a solid upward move and climbed above the $2.250 and $2.400 resistance levels.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even settled above the $2.500 level and the 21 simple moving average (4-hours). Finally, the price traded above the $2.600 level and a high is formed near $2.644.
Recently, there was a downside correction below the $2.600 level. The price traded below the 50% Fib retracement level of the recent wave from the $2.459 low to $2.644 high.
However, the price is trading nicely above the $2.500 support level. Besides, there is a rising channel forming with support near the $2.500 level.
The 76.4% Fib retracement level of the recent wave from the $2.459 low to $2.644 high is also acting as a support. If there is a downside break below the $2.500 support, the price could revisit the $2.400 or $2.350 support.
On the upside, there are many important hurdles near the $2.650 and $2.7000 levels. If there is a clear break above the $2.700 resistance, EOS price is likely to accelerate higher towards the $2.800 and $2.850 levels.
The next major hurdle for the bulls could be near the $3.000 handle, followed by the $3.200 pivot level.
Top Gainers
During the past 7 days, a few small cap altcoins gained more than 80%, including NPC, BTB, KSH, LBC, NBX, EBK, GDC, PLY, RTH, LUNA and XPC (trading volume more than $50K). Out of these, NPC rallied around 270% and BTB gained close to 180%.
Overall, bitcoin price is trading above a couple of important supports near $7,090 and $7,000. Therefore, BTC/USD could either start a decent upward move towards $7,700 before the end of 2019 or it might continue to move down towards $6,800. Likewise, major altcoins are likely to make the next move soon, including Ethereum, ripple, bitcoin cash, litecoin, XLM, ADA, TRX, EOS, ICX, BNB, XMR, NEO, and WTC in the coming days.
The market data is provided by TradingView, Bitfinex.
The post Crypto Market Year End Update: Bitcoin, ETH, XRP and EOS Price Analysis 27th Dec appeared first on Blockonomi.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Dr. Latika Mehrotra, @Khareem Sudlow