Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and EOS Price Analysis 22nd February

Bitcoin price extended gains and rallied above $3,800 and $3,920. BTC/USD is currently consolidating near $4,000 and it seems to be preparing for the next crucial break. Similarly, there were decent gains in altcoins like Ethereum (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), BNB and EOS.


Bitcoin Price Analysis


This past week, we saw a solid bullish break above the $3,500 resistance in bitcoin price. BTC/USD traded close to the $3,800 resistance and later started corrected lower. However, dips were supported above $3,650 and later the price bounced back above $3,700 and $3,800.

Looking at the 4-hours chart, the price gained traction above the $3,800 resistance and the 21 simple moving average (4-hours). It even broke a declining channel or bullish flag with resistance near $3,720 to set the pace for more gains.

There were back-to-back bullish candles and the price rallied above the $3,900 and $3,950 resistance levels. There was even a break above the $4,000 level on the bitfinex exchange and the price formed a new monthly high at $4,144.

Later, the price corrected lower and traded below the $4,000 support. There was a break below the 23.6% Fib retracement level of the recent wave from the $3,655 low to $4,144 high.

More importantly, it seems like there is a bullish continuation pattern formed with resistance at $4,040 on the same chart. Should bitcoin break the triangle resistance, it could surpass the $4,150 resistance in the near term.

The next stop for buyers could be near the $4,250 and $4,300 levels. On the other hand, if there is a downside correction, the price could trade towards the $3,900 support area. The 50% Fib retracement level of the recent wave from the $3,655 low to $4,144 high is also placed near the $3,900 level.

The current price action is positive and indicates more gains above the $4,050, $4,150 and $4,200 resistance levels in the coming days.

Ethereum Price Analysis


Ethereum price followed a strong uptrend above the $125 support. ETH/USD broke the key $130 resistance and gained bullish momentum above the $136 and $140 resistance levels.

Looking at the 4-hours chart, the price broke the $145 resistance and settled above the 21 simple moving average (4-hours). Buyers even pushed the price above the $150 resistance and a new monthly high was formed near the $156 level.

Later, the price corrected lower and traded below the $150 support. There was a break below the 23.6% Fib retracement level of the last wave from the $124 low to $156 high.

At the moment, the price is trading inside a contracting triangle pattern with resistance near the $152 level. A successful break above the $152 and $155 resistance could open the doors for more gains above the $160 level in the near term.

On the other hand, if there is a downside break, the price could decline towards the $140 support area. Moreover, the 50% Fib retracement level of the last wave from the $124 low to $156 high is also near the $140 level.

The main uptrend support is near the $130 level, which could act as a strong buy zone if the price continues to move down.

Ripple Price Analysis


Ripple price rallied sharply above the $0.3100 and $0.3200 resistance levels against the US Dollar. XRP/USD even broke the $0.3400 and $0.3500 resistance levels, but it faced a strong resistance near the $0.3550 level.

Looking at the 4-hours chart, the price traded as high as $0.3547 recently and later declined sharply. It trimmed most its recent gains and declined below the $0.3400 and $0.3350 support levels.

There was even a break below the 50% Fib retracement level of the last wave from the $0.3017 low to $0.3547 high. Moreover, there was a close below the $0.3350 support and the 21 simple moving average (4-hours).

However, the price is currently finding support near the $0.3220 level and the 61.8% Fib retracement level of the last wave from the $0.3017 low to $0.3547 high.

The current price action is slightly bearish and if ripple declines below the $0.3220 support, there could be more losses in the near term. On the downside, the next key support is at 0.3145, below which the price could test $0.3120.

Conversely, if the price starts a fresh upward move, it could face sellers near the $0.3350 resistance and the 21 simple moving average (4-hours).

Source: https://blockonomi.com