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  • The total crypto market cap is following a bearish pattern below the $230.0B level.
  • Bitcoin price is facing an increase in selling pressure below $8,600 and $8,500.
  • EOS price is currently struggling to stay above the key $3.350 support area.
  • BCH price extended decline and broke the $280 and $265 support levels.
  • Tron (TRX) price is currently trading near the key $0.0185 support area.
  • Cardano (ADA) price is showing positive signs above the $0.0420 support.

Bitcoin and the crypto market cap are currently declining. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA, ripple, and BNB remains at a risk of more downsides.

Bitcoin Cash Price Analysis

Recently, BCH price started a fresh decline after it failed to stay above the $285 support against the US Dollar. The price even broke the $280 support level and recently broke the $265 support. The next major support is near the $250 level, below which the bears may even eye a test of the $200 handle.

On the upside, the previous key support near the $280 level is now likely to act as a strong resistance. A clear close above $280 is needed for upside acceleration.

EOS, Tron (TRX) and ADA Price Analysis

EOS price broke a couple of important supports near the $3.500 level. The price even traded below $3.400 and it is currently struggling to hold the $3.350 support area. The next key support zone is near the $3.200 level. On the upside, the $3.500 level may perhaps prevent a fresh increase in the near term.

Recently, tron price trimmed most its gains from well above the $0.0200 level. TRX price traded below $0.0190 and even spiked below the $0.0185 support. The price is currently consolidating and it is likely to revisit the $0.0190 and $0.0192 resistance levels.

Cardano price declined this past week below the $0.0440 level. However, the $0.0420 area acted as a strong support and prevented more downsides. At the moment, the price is trading with positive signs and trading nicely above the $0.0440 level. The main resistance is near $0.0450, followed by 0.0465.

Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there was a downside break below the $230.0B support area. The market cap is currently declining and following a bearish channel with resistance near the $228.0B level. It seems like the market cap could retest the $215.0B or $210.0B support area before a decent recovery.

Bitcoin Crypto Market Altcoins ETH XRP EOS BNB TRX ADA LTC

Crypto Market Cap

Overall, there is a risk of more downsides in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the coming sessions.

Aayush Jindal , 2019-11-18 05:30:42

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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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