Bitcoin And Crypto Market Bearish Continuation: LTC, BNB, BCH, TRX Analysis
- The total crypto market cap dived more than $50.0B and tested the $200.0B support.
- Bitcoin price is down more than 10% and it is currently consolidating below the $8,500.
- Binance coin (BNB) price tumbled below the $18.50 and $16.50 support levels.
- Litecoin (LTC) price is now trading well below the key $60.00 support area.
- BCH price tested the $200 level and it is currently consolidating near the $220 level.
- Tron (TRX) price spiked below the $0.0120 support area and it is currently correcting higher.
The crypto market cap and bitcoin (BTC) are signaling bearish continuation. Ethereum (ETH), litecoin, ripple, BCH, TRX, XLM, BNB and EOS are likely to extend their decline.
Bitcoin Cash Price Analysis
BCH price started a nasty decline after it broke the $300 and $285 support levels against the US Dollar. The BCH/USD pair even broke the $250 support area and declined more than $75 in the past two days. It even tested the $200 support area and is currently consolidating near the $220 level.
On the upside, an initial resistance is near the $235 level. However, the main resistance for a strong recovery is near the $250 level. On the downside, the key support is near the $200 level.
Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis
Binance coin (BNB) price declined more than 20% after it broke the $20.00 support area. BNB price traded below the key $18.50 and $16.50 support levels. Finally, it spiked below the $15.00 support and is currently consolidating losses near the $16.00 level. On the upside, there are many resistances near $16.20 and $16.50.
Litecoin price fell significantly after it failed to stay above the $70.00 and $65.00 support levels. LTC price declined below the $60.00 support and traded close to the $50.00 support area. A low was formed near $52.20 and the price is currently correcting towards the $58.00 and $60.00 resistance levels.
Tron price is down more than 25% and it recently broke many supports such as $0.0150 and $0.0140. TRX price even spiked below the $0.0120 level and traded towards $0.0112. It is currently correcting above $0.0125, but it is likely to face resistance near $0.0135 and $0.0140.
Looking at the total cryptocurrency market cap 4-hours chart, there was a nasty decline below the key $250.0B support area. The market cap declined around $50.0B and tested the $200.0B support area. It is currently consolidating losses above $210.0B. However, it seems like there is a bearish continuation pattern forming with resistance near $220.0B. If there is a downside break below $208.0B and $205.0B, there are chances of more losses in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.
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Aayush Jindal, Khareem Sudlow
