Bitcoin, Crypto Market Could Bleed Further: BCH, BNB, LTC, TRX Analysis
The total crypto market cap declined heavily and even broke the $250.0B support area.
Bitcoin price settled below the $10,000 support level and spiked towards $9,200.
Binance coin (BNB) price dived more than 10% and even broke the $25.00 support level.
Litecoin (LTC) price broke the key $90.00 and $85.00 support levels to enter a bearish zone.
BCH price failed to stay above the $300 level and recently declined below $285.
Tron (TRX) price is down more than 15% and it is approaching the key $0.0200 support area.
The crypto market cap and bitcoin (BTC) are declining heavily below key supports. Ethereum (ETH), BNB, litecoin, ripple, BCH, TRX, XLM and EOS are also under a lot of pressure.
Bitcoin Cash Price Analysis
Yesterday, there was an upside correction in BCH price above the $290 and $300 levels against the US Dollar. The BCH/USD pair tested the $320 resistance level, but it struggled to continue higher. Recently, it started a fresh decline and broke the $300 support level.
The price is down around 10% and it is trading near the $285 level. If there are more losses, the price could even test the $270 support level in the near term.
Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis
Binance coin (BNB) price declined sharply after it failed to stay above the $28.00 support area. BNB price broke the $26.00 support level and even declined below $25.00. The next main support is near the $24.10 level, below which the price may even test the $23.80 level.
Litecoin price declined steadily below the $90.00 and $85.00 support levels. LTC price even broke the $80.00 support area and traded close to the $74.00 level. It is currently correcting higher, but upsides are likely to remain capped near the $80.00 and $82.00 levels.
Tron price declined heavily below the $0.0250 and $0.0240 levels. TRX price is down more than 15% and it recently broke the $0.0220 support level. It seems like the price may soon test the main support near the $0.0200 level, where the bulls are likely to take a stand.
Looking at the total cryptocurrency market cap 4-hours chart, there was a strong rejection near the $285.0B level, which was a support earlier. As a result, the market cap declined heavily and broke the $260.0B and $250.0B support levels. It moved towards the $240.0B level and remains at a risk of more downsides. An immediate resistance on the upside is near the $250.0B level, above which the market cap may face a strong resistance near the $262.0B level and a bearish trend line on the same chart. Overall, upsides are likely to remain capped in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.
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