Bitcoin, Ethereum, Ripple and EOS Price Analysis 12th October

Bitcoin price declined heavily and tested the all-important $6,200 support. Major Altcoins like Ethereum ripple, bitcoin cash, EOS and litecoin also fell significantly and broke key supports to move into a bearish zone. Going forward, there could be a short-term recovery, but upsides are likely to be capped near the previous supports (now resistances).

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Key Takeaways:

  • Bitcoin price tumbled and broke the $6,500-20 support area.
  • Ethereum declined sharply and settled below the $200-205 support.
  • Ripple price is following a monster declining channel with resistance at $0.4500.
  • EOS made a false upside break and later declined below the $5.50 support.
  • MDA, CLUB, CLO and VITAE gained more than 100% during the past 7 days.

Bitcoin Price Analysis

Bitcoin price was following a solid ascending channel above the $6,500 support. However, the BTC/USD pair failed to break the $6,740 and $6,770 resistance levels, resulting in a sharp bearish move.

Bitcoin Price Analysis BTC Chart

Bitcoin Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price started a major downside move from the $6,731 high and broke many support levels such as $6,650, $6,620, $6,520, $6,500 and $6,350 to move into a bearish zone.

The decline was such that the price even broke the $6,300 support and settled below the 21 simple moving average (4-hours). It traded towards the all-important $6,200 support where buyers emerged. The price is currently correcting higher and is trading above the $6,300 level.

An initial resistance is near the 23.6% Fib retracement level of the recent drop from the $6,731 high to $6,219 low. Above this, there are chances of an upward move towards the $6,420-6,460 resistance zone.

More importantly, the previous channel support at $6,520 and the 21 simple moving average (4-hours) are likely to act as strong hurdles. Additionally, the 50% Fib retracement level of the recent drop from the $6,731 high to $6,219 low is near $6,475 to prevent gains.

Therefore, if the price continues to correct higher, it could face a crucial resistance between the $6,400 and $6,500 levels. On the downside, there are two key supports – $6,200 and $6,130. Below this last, the price could even break the $6,000 support area in the coming days.

Ethereum Price Analysis

Ethereum price traded nicely above the $225 level until it faced a strong hurdle near the $235-240 zone. ETH/USD failed to gain momentum and declined heavily below the $225 support.

Ethereum Price Analysis ETH Chart

Ethereum Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price broke a major support zone near $224 and settled below the 21 simple moving average (4-hours). More importantly, there was a break below a crucial contracting triangle with support at $224.

It cleared the path for sellers to push the price below the $215 and $200 support levels. The price traded below the $190 level and formed a low at $188.

It is currently consolidating losses and is facing resistance near the $200 level and the 23.6% Fib retracement level of the recent decline from the $235 high to $188 low. Above the $200 level, the price may correct towards the $211 level.

There is a key resistance formed near the $211-217 zone and the 50% Fib retracement level of the recent decline from the $235 high to $188 low. As long as the price is below the $217 level, it remains in a downtrend and it could decline further.

On the downside, the $186 level is a strong support, below which the price may perhaps test the $177 support. The final important support is near the last swing low at $168.

Ripple Price Analysis

Ripple price started a major downside move after forming a top near the $0.6240 level against the US Dollar. XRP/USD declined heavily and broke the $0.5500, $0.5200, $0.5000 and $0.4600 support levels.

Ripple Price Analysis XRP Chart

Ripple Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price even broke the $0.4000 support to enter into a bearish zone. Recently, the price broke the last swing low at $0.4349 and tested the 1.236 Fib extension level of the last wave from the $0.4349 low to $0.6242 high.

The price is currently trading well below the $0.4420 support and the 21 simple moving average (4-hours). More importantly, there is a monster declining channel in place with resistance at $0.4500 on the same chart.

Therefore, if the price corrects higher, it is likely to find a lot of selling interest near the $0.4400 level and the 21 simple moving average (4-hours). However, a proper close above the channel and the $0.4500 level may push the price back in a positive zone.

On the downside, a break below the $0.3800 support could push the price towards the 1.618 Fib extension level of the last wave from the $0.4349 low to $0.6242 high at $0.3179.

EOS Price Analysis

EOS price remained in a positive zone above the $5.50 level earlier this week against the US Dollar. The price even broke a crucial triangle pattern at $5.80, but buyers failed to gain momentum.

EOS Price Analysis Chart

EOS Price Chart: Click to Enlarge

Looking at the 4-hours chart, the price traded as high as $6.04 and later turned south to make it a false upside break. It dived below the triangle support at $5.80 and settled below the 21 simple moving average (4-hours).

Buyers clearly struggled to keep the price above the $5.50 support. It declined further and traded close to the $5.00 support. A low was formed at $5.02, which is the 1.618 fib extension level of the last wave from the $5.41 low to $6.04 high.

If the price breaks the $5.04 low and the $5.00 support, there could be more losses. The next key support is near the last swing low at $4.65.

On the upside, the previous support near the $5.50 level is likely to act as a strong resistance followed by the 25 SMA. Above $5.50, the price may well test the $5.75-5.80 area, which is the next key hurdle for EOS buyers.

Top Gainers

During the last 7 days, a few small cap altcoins gained traction and rallied between 100-250%, including MDA, CLUB, CLO and VITAE (trading volume more than $50K). A few other coins like ARN, CYMT, PRJ and QNTU gained between 80-95%.

Overall, bitcoin price made a sharp U-turn below the $6,520 and $6,500 support levels. To recover, BTC/USD must stay above the $6,200 and $6,000 support levels. If not, there is a risk of a sharp decline, which could impact altcoins like Ethereum, EOS, litecoin, ripple, neo, bitcoin cash, binance coin, IOTA, WAN, WTC, ZRX and XLM in the near term.

The market data is provided by TradingView, Bitfinex.

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