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Crypto Market And Bitcoin Remain In Downtrend: BNB, BCH, LTC, EOS Analysis

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  • The total crypto market cap declined heavily and settled below the $205.0B support area.
  • Bitcoin price is trading in a bearish zone and facing hurdles near $7,500 and $7,600.
  • Litecoin (LTC) price is correcting higher, but it could face resistance near $50.00 and $51.00.
  • BCH price is slowly moving closer towards the $220 resistance area.
  • EOS price is correcting higher, but the $2.850 area is likely to prevent gains.
  • Binance coin (BNB) is holding the $16.20 support area and it could recover towards $17.20.

Bitcoin (BTC) and the crypto market cap might struggle to correct higher. Many altcoins such as Ethereum (ETH), binance coin (BNB), ripple, litecoin, BCH, EOS, TRX, and ADA are facing hurdles.

Bitcoin Cash Price Analysis

In the past two days, BCH price faced an increase in selling pressure and it declined below the $215 support area against the US Dollar. The price tested the $200 support area and it is currently correcting higher. On the upside, there are many hurdles for buyers near the $220, $225 and $230 levels.

On the downside, the main support is near the $205 and $200 levels. A daily close below the $200 support might start a sharp decline in the coming sessions.

Binance Coin (BNB), Litecoin (LTC) and EOS Price Analysis

Binance coin (BNB) price declined heavily below the $17.50 and $17.00 support levels. BNB price broke the $16.50 support area, but it is still trading above the $16.20 support. Therefore, there are chances of an upside correction towards the $17.20 and $17.50 resistance levels in the near term.

Litecoin price declined below the $51.00 support and settled below $50.00. LTC price tested the $47.00 area and it is currently correcting higher. However, the previous supports near the $50.00 and $51.00 levels are likely to act as strong barriers for the bulls in the coming sessions.

EOS price declined heavily and tested the $2.550 support area. The price is currently correcting higher and is trading above the $2.650 level. However, the previous support near the $2.850 level is likely to act as a strong resistance for the bulls.

Bitcoin Crypto Market Altcoins ETH XRP EOS BNB TRX ADA LTC

Crypto Market Cap

Looking at the total cryptocurrency market cap hourly chart, there was a sharp decline below the $205.0B and $200.0B support levels. It opened the doors for more losses and the market cap declined towards the $190.0B level. It is currently correcting higher, but it seems like the previous support near $200.0B and $205.0B are likely to prevent gains. On the downside, the main supports are near $285.0B and $280.0B. Overall, upsides might be limited in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, XLM, BNB, TRX, XMR, and other altcoins.

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Aayush Jindal, Khareem Sudlow