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  • 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 Bitcoin

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.

Aayush Jindal , 2019-12-04 07:30:37

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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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