Bitcoin & Crypto Market Following Downtrend: BNB, BCH, LTC, EOS Analysis
The total crypto market cap is under pressure below the main $200.0B resistance.
Bitcoin price is struggling to stay above the $7,000 support area.
Litecoin (LTC) price is down more than 3% and it traded below the $44.50 support.
BCH price is down 4% and it is approaching the main $200 support area.
EOS price is declining and it seems like it could even trade below the $2.500 support.
Binance coin (BNB) is testing the $15.00 support and remains at a risk of more losses.
Bitcoin (BTC) and the crypto market cap are gaining bearish momentum. Many altcoins such as Ethereum (ETH), binance coin (BNB), ripple, litecoin, BCH, EOS, TRX, and ADA are under pressure.
Bitcoin Cash Price Analysis
After a decent upward move, bitcoin cash price struggled to surpass the $220 and $225 resistance levels against the US Dollar. As a result, BCH price reacted to the downside and traded below the $210 support. The price is now trading near $205 and it could continue to decline towards the $200 support.
If there are more downsides, the next stop for the bears could be $185. On the upside, there are many hurdles near $215, $220 and $225.
Binance Coin (BNB), Litecoin (LTC) and EOS Price Analysis
Binance coin (BNB) price failed to recover above the $16.00 and $16.20 resistance levels. BNB price declined and it is now trading near the $15.00 support area. If there is a downside break, the price could continue to move down towards the $14.40 and $14.15 support levels. On the upside, the $16.00 resistance zone is a major hurdle.
Litecoin price is declining and it recently traded below the $45.00 and $44.50 support levels. LTC price is approaching the $43.20 support, below which it could head towards the $41.00 area. The next major support area is near the $40.00 handle.
EOS price is sliding below $2.650 and $2.600. It seems like the price is heading towards the $2.500 support area. If there are more losses, the price may perhaps revisit the $2.350 support area. On the upside, the $2.650 and $2.7000 levels are key resistances.
Crypto Market Cap
Looking at the total cryptocurrency market cap hourly chart, there was a steady decline from well above the $205.0B level. The crypto market cap settled below the $200.0B support and it is currently following a declining channel. The next major support is near the $182.0B level, below which the cap could slide towards $173.0B.
Overall, there are chances of more downsides in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, XLM, BNB, TRX, XMR, and other altcoins in the near term.
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