Crypto Market And Bitcoin at Major Crossroads: BCH, BNB, EOS, TRX Analysis
- The total crypto market cap is struggling to hold the key $250.0B support area.
- Bitcoin price spiked below the $9,300 level and recently corrected above $9,500.
- EOS price is facing a lot of hurdles near the $4.400 and $4.500 levels.
- Binance Coin (BNB) is trading with a bearish angle below the key $28.50 support level.
- BCH price is slowly moving higher towards the main $320 resistance level.
- Tron (TRX) price is currently holding the key $0.0220 support level.
Bitcoin and the crypto market cap are facing many important hurdles on the upside. Ethereum (ETH), binance coin (BNB), BCH, tron (TRX), ripple, litecoin and EOS might struggle to correct higher.
Bitcoin Cash Price Analysis
Recently, there was a slow and steady recovery in BCH price above the $300 level against the US Dollar. The BCH/USD pair even managed to surpass the $310 resistance level. It seems like the price is now slowly climbing towards the next key resistance at $320.
If there is an upside break above $320, the price could continue to rise towards the $350 level. If the price fails to continue higher, it could decline once again below the $300 support level in the near term.
Binance Coin (BNB), EOS, Tron (TRX) Price Analysis
EOS price failed to hold gains and declined sharply towards the $4.00 support level. The price is currently correcting above the $4.200 level, but there are many important hurdles on the upside. The main resistance is near the $4.500 level, above which the price could climb towards the $4.800 resistance.
Tron price struggled a lot in the past few days and settled below the key $0.0232 support level. TRX price even revisited the $0.0220 support level and it is currently correcting higher. However, the bulls are likely to face a lot of selling interest near the $0.0232 and $0.0235 levels.
Binance coin (BNB) declined sharply and broke the $29.20 and $28.50 support levels. BNB price is now trading well below $28.00 and it recently tested the $26.50 support. To start a strong recovery, the price must climb back above $28.50 and $29.20 in the coming sessions.
Looking at the total cryptocurrency market cap 4-hours chart, there were further losses below the $260.0B support level. The market cap even spiked below the $250.0B support and it is currently consolidating losses. On the upside, there is a strong resistance forming near the $265.0B level and a connecting bearish trend line on the same chart. A successful close above $265.0B and $270.0B is needed for more gains. Conversely, a close below the $250.0B support might spark bearish moves in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX.
The post Crypto Market And Bitcoin at Major Crossroads: BCH, BNB, EOS, TRX Analysis appeared first on NewsBTC.
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Aayush Jindal, Khareem Sudlow