Bitcoin (BTC) price is trading below the pivotal $9,000 level on Tuesday representing a 3.79% drop in price in the last 24 hours. Bitcoin recently traded above $9,600 but the bulls could not support the price leading to lower corrections. The support level at $9,200 could not hold the price during the declines that happened in the Asian trading hours earlier today.
The Japan’s Financial Services Agency (FSA) has been said to be silently cracking down on cryptocurrencies that are private and more or less hard to track. It is clear that Bitcoin is not a privacy focused coin but investors buy Bitcoin first before exchanging it for other coins including the privacy focused digital assets. Some of these coins include Monero, Dash and Zcash. Bitcoin (BTC) sharp descend from $9,240 to below $9,000 was most probably due to the reaction to FSA news.
The 50% Fib retracement level with the previous swing high of $11,644 and a low of $6,450 also failed to stop the declines, however, it is offering immediate resistance to BTC/USD as it attempts to retrace the steps above $9,000. The bulls are currently forcing an upside movement on the 4-hour time frame chart. On the downside, the immediate support level for BTC/USD is at $8,800, but the moving averages will prevent further declines below this level. Moreover, the major support zone rests at $8,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) price has begun correcting higher after the bears pushed the price below $650. ETH/USD is currently dancing with $654 on the 4-hour chart, however, it is still trading below the bullish trend line as observed on the charts. Ethereum price has maintained trading within an ascending channel from the beginning of April. The bullish trend began after what was known as the worst sell-off in the history of cryptocurrencies. The first quarter witnessed cryptocurrencies shedding of more than 60% of their value. The good news is that a bullish trend has been sweeping across the industry with coins exploring new April highs.
For instance Ethereum (ETH) price traded at $712 in April before starting to correct lower. The crypto has formed a support level at $600, besides the moving averages are signaling that the bulls are gaining momentum in the near-term. On the contrary, the MACD momentum indicator is pulling into the negative levels to show that the bears are still holding tight to the price. Further down, the 61.8% Fib retracement level with the previous swing high of $889 and a low of $360 will stop the declines towards $550.
EOS Price Analysis
EOS price is also in the red, the charts show that it is down $4.76% in last 24 hours. The hype seems to be over as the price descends from the new all-time high. The bears are biting back at the bulls who have been dominating the market for some time now. EOS/USD traded above $22.00 before the sellers put their foot forward saying no more to the buyers. The price has since been correcting higher and appears to be finding consolidation below $20.00.
A support has been highlighted at the 38.2% Fib retracement level with the previous swing high of $22.46 and a low of $5.83 close to $16.00. At the same time, EOS/USD has moved to trade below the bullish trend line on the 4-hour chart. On the upside, the 23.6% Fibo around $18.5 will offer resistance to the price as it recoils upwards towards the major resistance at $20.00. Declines below the immediate support will be stopped by the major support that is highlighted at $14.00.