Crypto Market And Bitcoin Could Correct Further: BCH, BSV, BNB, ADA Analysis
- The total crypto market cap started a downside correction from the $315.0B swing high.
- Bitcoin price declined below $11,500 and tested the $11,200 support area.
- BCH price is gaining momentum and it is currently trading above the $330 resistance.
- BSV price is showing positive signs and it is trading above the $140 support area.
- Binance Coin (BNB) is currently consolidating gains above the $30.00 support area.
- Cardano (ADA) price is facing a lot of hurdles on the upside near the $0.0600 resistance.
The crypto market cap and bitcoin are currently correcting gains, while BNB and BCH are climbing. Ethereum, cardano (ADA), BSV, EOS, and ripple could correct further lower.
Bitcoin Cash Price Analysis
After testing the $310 support area, bitcoin cash price started a fresh increase above the $320 level against the US Dollar. The BCH/USD pair broke the $330 resistance area and it is currently up around 6%. An immediate resistance is near the $340 level, above which there are chances of a sharp rise towards the $350 level.
On the downside, the $330 level may now act as a support. However, the main support is near the $320 level, below which the price could decline back towards the $300 handle.
Bitcoin SV, Binance Coin (BNB) and ADA Price Analysis
In the past few days, there were limited losses in bitcoin SV below the $140 level. The stated $140 level is acting as a strong support and it seems like the price is preparing for an upside break. If there is a clear break above the $150 resistance, the price could rise towards the $165 level.
Binance coin (BNB) remained in a nice uptrend after it broke the key $28.50 resistance area. BNB price settled above the $30.00 level and it is currently consolidating gains. On the upside, the $31.00 and $31.20 levels are important resistance levels. On the downside, a break below $30.00 might spark a bearish wave.
Cardano price is trading in a bearish zone below the key $0.0600 pivot level. ADA price is currently trading near the $0.0540 level, with an immediate support at $0.0520. On the upside, the main resistances are near $0.0580 and $0.0600.
Looking at the total cryptocurrency market cap 4-hours chart, there was a downside correction initiated from the $315.0B swing high. The market cap declined below the $300.0B support and the $295.0B pivot level. It tested the $280.0B support area and it is currently correcting higher. However, there is a major declining channel forming with resistance near the $295.0B level. If there is no upside break above $295.0B and $300.0B, there could be more downsides in bitcoin, Ethereum, ADA, ripple, tron, XLM, ADA, BNB, ICX, BCH, EOS, and other altcoins in the coming sessions.
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Aayush Jindal, Khareem Sudlow