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Bitcoin And Crypto Market Crashing: BCH, LTC, EOS, ADA Analysis

  • The total crypto market cap is down more than $25.0B and it tested the $175.0B support.
  • Bitcoin price is now trading well below the $7,000 level, with a bearish angle.
  • Litecoin (LTC) price is down more than 8% and it even traded below the $45.00 support.
  • BCH price is now trading below the main $200 support area.
  • EOS price is down 10% and it is now approaching the $2.250 support zone.
  • Cardano (ADA) price is under a lot of pressure and it is trading below the $0.0350 support.

The crypto market cap and bitcoin are down significantly. Ethereum (ETH), ripple, litecoin, BCH, EOS, tron (TRX), and ADA are declining heavily.

Bitcoin Cash Price Analysis

In the past few days, bitcoin cash price started a sharp decline below the $265 support against the US Dollar. BCH tumbled below many supports near $250 and $235 to move into a bearish zone. Moreover, there was a break below the $210 support and the price is now trading below the $200 support level.

The next immediate support is near the $185 level, where the bulls may emerge. On the upside, the previous supports near $210 and $215 are likely to act as hurdles in the near term.

Litecoin (LTC), EOS and Stellar (XLM) Price Analysis

Litecoin price is down sharply and it settled below the $50.00 support. LTC price even broke the $45.00 support area and it is now approaching the $42.00 support area. If there are more losses, the next support is seen near the $40.00 level. On the upside, an initial resistance is near the $45.50 and $46.20 levels.

EOS price is down close to 10% and it broke many supports near the $2.500 level. The price is now trading near the $2.350 support and it could continue to move down towards the $2.250 level. On the upside, there are many hurdles for a recovery near the $2.500 and $2.550 levels.

Cardano price is tumbling and now trading well below the key $0.0500 and $0.0450 support levels. ADA price is trading below the $0.0350 support and it is approaching the $0.0320 support. Any further losses might call for a test of the $0.0305 level.

Looking at the total cryptocurrency market cap hourly chart, there was a nasty decline below the $220.0B support area. The crypto market cap even broke the $200.0B support area and declined more than $40.0B. It tested the $175.0B and it seems like it could even test the $164.0B support area.

Therefore, there are chances of more downsides in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, XLM, BNB, TRX, XMR, and other altcoins in the coming sessions.

The post Bitcoin And Crypto Market Crashing: BCH, LTC, EOS, ADA Analysis appeared first on NewsBTC.

NewsBTC , 2019-11-25 05:30:52 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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