Bitcoin And Crypto Market Signaling Bearish Continuation – BCH EOS TRX ADA Analysis

Bitcoin And Crypto Market Signaling Bearish Continuation – BCH, EOS, TRX, ADA Analysis

  • The total crypto market cap struggled to surpass $220.0B and declined recently below $215.0B.

  • Bitcoin price is also under pressure and it recently traded below the $8,200 support area.

  • EOS price is down around 5% and it broke the key $3.000 support area.

  • BCH price retested the key $215 support area and it is currently correcting higher towards $225.

  • Tron (TRX) price is down more than 5% and it broke the main $0.0160 support zone.

  • Cardano (ADA) price declined nearly 5% and it is now trading below the $0.0400 support.

Bitcoin and the crypto market cap are showing bearish signs. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are likely to extend decline.

Bitcoin Cash Price Analysis

After multiple failures to clear the $230 resistance, BCH price reacted to the downside against the US Dollar. The price traded below the $220 level and tested the key $215 support area. However, the decline was contained and the price is currently recovering above $220.

On the upside, there are many resistances near the $225 and $230 levels. A convincing close above $230 might push the price towards $240 or even $250.

 

EOS, Tron (TRX) and ADA Price Analysis

EOS price failed to stay above the key $3.050 support area. As a result, there was a downside break below the $3.000 support and the price is down more than 5% today. The next major support is near the $2.850 level, where the bulls are likely to take a stand.

Tron price failed to gain strength above the $0.0165 resistance area and recently started a fresh decline. TRX price broke the key $0.0162 and $0.0160 support levels. It is down close to 5% and it is approaching the $0.0155 support area. On the upside, the $0.0160 level is now a strong resistance, followed by $0.0162.

Cardano price struggled to clear the $0.0420 resistance area and recently declined sharply. ADA price broke the $0.0400 support area to move into a bearish zone. If there are more downsides, the price could test the $0.0380 support level in the near term.

Looking at the total cryptocurrency market cap 4-hours chart, the $220.0B and $225.0B levels prevented an upside break. As a result, there was a bearish reaction and the market cap moved below the $215.0B level and a bullish trend line on the same chart. On the downside, an immediate support is near the $210.0B level, below which there could be more losses in in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the near term. Conversely, a break above $220.0B is needed for a fresh increase.
 

Aayush Jindal

David Ogden – Http://markethive.com/david-ogden

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