Crypto Market & Bitcoin Bloodbath Not Over Yet: LTC, BNB, BCH, TRX Analysis
- The total crypto market cap declined heavily and tested the $200.0B support (yesterday’s target).
- Bitcoin price is down more than 6% and it is approaching the long awaited $7,400 bearish target.
- Binance coin (BNB) price is down around 5% and it is now trading well below $17.50.
- Litecoin (LTC) price is under a lot of pressure and struggling to hold the $50.00 support area.
- BCH price is extending losses and it is trading near the $220 support area.
- Tron (TRX) price is down and out, with a major support near the $0.0150 level.
Bitcoin (BTC) and the crypto market cap tumbling with a strong bearish angle. BNB, TRX are recovering, while Ethereum (ETH), litecoin, ripple, BCH, XLM, and EOS down more than 5%.
Bitcoin Cash Price Analysis
In the past few days, BCH price followed a bearish path below the $265 support against the US Dollar. BCH even failed to hold the $235 support and recently declined more than 8%. It is now trading near the $220 support, below which there is a risk of more losses towards the $205 level.
On the upside, an initial resistance is near the $235 level. However, the main hurdle is now near the $250 level for the bulls.
Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis
Binance coin (BNB) started a nasty decline after it settled below the $20.00 support area. BNB price broke many supports such as $18.50 and $17.80. BNB price is now trading near the $17.00 level and it seems like it could test the $16.20 support in the near term.
Litecoin price is down more than 8% and it traded below the $52.50 and $51.20 support levels. LTC price even spiked below $50.00 and it is now consolidating above the $50.00 level. On the upside, the previous support near $51.20 may perhaps act as a resistance.
Tron price is also under a lot of selling pressure and it broke the key $0.0165 support area. TRX price is now trading near the $0.0152 support and it might soon test the $0.0150 support area. On the upside, the $0.0162 and $0.0165 levels are now important resistances.
Crypto Market Cap
Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp decline below the $210.0B support area. The market cap even broke the $200.0B support area (yesterday’s bearish target). It seems like there are chances of more downsides towards the $185.0B and $180.0B support levels in the near term.
Therefore, upsides are likely to be capped in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.
The post Crypto Market & Bitcoin Bloodbath Not Over Yet: LTC, BNB, BCH, TRX Analysis appeared first on NewsBTC.
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Aayush Jindal, Khareem Sudlow