Bitcoin price corrected lower recently below the $4,000 support. However, BTC/USD is holding an important support and currently preparing for the next move. Likewise, altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC) and EOS are trading in a range, with a minor bullish angle.
Key Takeaways:
- Bitcoin price corrected lower below the $4,000 and $3,900 support levels.
- Ethereum price traded below the $150 support and tested the $130 support.
- Ripple price made many swing moves above the $0.3000 support level.
- EOS rallied above $4.20 and later corrected below the $4.00 support.
- ABBC, TIG and LBTC rallied more than 150% during the past 7 days.
Bitcoin Price Analysis
Recently, we saw a strong upward move in bitcoin price above the $3,900 and $4,000 resistance levels. BTC/USD even broke the $4,200 resistance and traded towards the $4,280 level before starting a major downside correction.
Bitcoin Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as high as $4,281 and later declined below the $4,200 and $4,000 support levels. The decline was strong as the price broke the $3,900 support and settled below the 21 simple moving average (4-hours).
It traded towards the $3,750-3,760 support area and later corrected higher. It traded above the $3,800 level and the 23.6% Fib retracement level of the recent decline from the $4,281 high to $3,768 low.
However, there are many hurdles for buyers near the $3,960 and $4,000 resistance levels. The main resistance is at $4,075, above which the price could test the $4,200 resistance. An intermediate resistance is near the 50% Fib retracement level of the recent decline from the $4,281 high to $3,768 low.
On the downside, there is a strong support formed near the $3,800 level and a bullish trend line on the same chart. If there is a bearish break below the trend line and $3,760, the price could move into a bearish zone. The next stop for sellers could be $3,640 or $3,600.
The overall price action is still positive as long as the price is above the $3,800 and $3,760 supports. Having said that, a break above the $3,960 and $4,000 resistances is must for more gains.
Ethereum Price Analysis
Ethereum price remained in a steady uptrend above the $150 and $155 resistance levels. However, ETH/USD faced a strong resistance near the $170 zone, resulting in a sharp decline below the $160 and $150 support levels.
Ethereum Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price even broke the $140 support area and the 21 simple moving average (4-hours). A low was formed near $129 and the price later corrected above the $132 and $136 support levels.
There was a break above the 23.6% Fib retracement level of the last decline from the $170 swing high to $129 swing low. However, the price is facing a strong resistance near the $143-144 zone.
It seems like there is a short term breakout pattern is formed with support at $132 and resistance near the $144 level. If there is an upside break above the $144 resistance, the price could recover towards the $150 resistance level.
The 50% Fib retracement level of the last decline from the $170 swing high to $129 swing low is near the $150 level to act as a hurdle. If there is successful break above the $150 resistance, the price could trade towards the $165 and $170 levels.
On the other hand, if there is a downside break below the $130 support, the price could move into a bearish zone. The next key support below $130 is near the $120 level, where buyers are likely to emerge.
Ripple Price Analysis
Ripple price made a couple of nasty swing moves above the $0.3000 support against the US Dollar. XRP/USD gained traction and surged towards the $0.3500 resistance level after the Coinbase Pro listing announcement. However, buyers failed to clear the $0.3500 resistance and the price declined sharply below $0.3200.
Ripple Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price remained below the $0.3475 and $0.3500 resistance levels. The last swing high was formed at $0.3475 and the price declined below the $0.3320 and $0.3200 support levels.
There was even a close below the $0.3250 level and the 21 simple moving average (4-hours). However, the $0.3000 and $0.3050 support levels acted as barriers for sellers. The last swing low was $0.3054 before the price recovered above the $0.3100 level.
It broke the 23.6% Fib retracement level of the last decline from the $0.3475 high to $0.3054 low. However, the $0.3250 level and the 21 simple moving average (4-hours) are acting as a resistance and preventing further gains.
Moreover, the 50% Fib retracement level of the last decline from the $0.3475 high to $0.3054 low is near the $0.3264 to prevent gains. If there is a break above $0.3250 and $0.3265, the price could recover above the $0.3320 and $0.3350 levels.
On the upside, the main resistance is near the $0.3475 and $0.3500 levels. Similarly, the key supports are $0.3050 and $0.3000, below which the price may drop to $0.2800.
EOS Price Analysis
EOS price extended gains recently above the $4.00 resistance level against the US Dollar. The price broke the $4.20 resistance level and spiked above the $4.50 resistance level before starting a major downside correction.
EOS Price Chart: Click to Enlarge
Looking at the 4-hours chart, the price traded as high as $4.53 and later corrected sharply below the $4.00 and $3.90 support levels. There was even a break below the $3.75 support level and the 21 simple moving average (4-hours).
The price tested the $3.40 level, which acted as a support and prevented further losses. At the moment, it seems like there is a short term breakout pattern formed with support at $3.40 and resistance near the $3.65 level.
Besides, the 23.6% Fib retracement level of the last decline from the $4.53 high to $3.38 swing low is near the $3.63 level. The main resistance is near the $3.75 level, above which buyers are likely to take control and the price could revisit the $4.00 and $4.20 levels.
On the other hand, if there is a downside break below the $3.40 and $3.35 levels, the price may come under a lot of pressure. The next stop for sellers could the $3.05 and $3.00.
Top Gainers
During the past 7 days, a few small cap altcoins rallied and gained more than 100%, including ABBC, TIG, LBTC, CWV, ENJ, PBT and GBT (trading volume more than $50K). Out of these, ABBC rallied around 265% and TIG gained nearly 160%.
Overall, bitcoin price corrected sharply from well above the $4,200 level. However, the $3,800 support is acting as a strong buy zone. If buyers succeed in gaining momentum above $4,000, the price could start a fresh upward move towards $4,200 and $4,400. Similarly, altcoins such as Ethereum, ripple, EOS, XLM, XRP, BNB, ADA, LTC, TRX, XMR and NEO could bounce back if bitcoin rallies above $4,000.
The market data is provided by TradingView, Bitfinex.
The post Price Watch: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and EOS Price Analysis 1st March appeared first on Blockonomi.
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