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Crypto Market & Bitcoin Smash Resistance: BNB, BCH, LTC, EOS Analysis

  • The total crypto market cap broke a major resistance area near the $188.0B level.
  • Bitcoin price is up more than 5% and it broke the $7,400 resistance area.
  • Litecoin (LTC) price is slowly rising towards the $48.50 and $49.20 resistance levels.
  • BCH price is rising and it managed to climb above the $220 resistance area.
  • EOS price is now trading nicely above $2.500 and it might soon test $2.850.
  • Binance coin (BNB) is back above $16.00 and it could continue to rise above $16.50.

Bitcoin (BTC) and the crypto market cap are gaining bullish momentum. Many altcoins such as Ethereum (ETH), binance coin (BNB), ripple, litecoin, BCH, EOS, TRX, and ADA are recovering higher.

Bitcoin Cash Price Analysis

After a decent upward move, bitcoin cash price settled above the $200 level against the US Dollar. Moreover, BCH price broke the $210 resistance area and it is now trading near the $220 level. If it breaks the $225 resistance, there are chances of a strong rise in the near term.

If there is a downside correction, the $210 level may perhaps provide support. The main support is near $200, below which the price could resume its decline.

Binance Coin (BNB), Litecoin (LTC) and EOS Price Analysis

Binance coin (BNB) price found support above the $15.00 level and it recently started a decent recovery. BNB price is now trading above the $16.00 resistance and it could continue to rise. An immediate resistance is near the $16.50 level, above which the price is likely to test the $17.20 hurdle.

Litecoin price is holding the $45.50 support area and it is slowly recovering. LTC price is now trading above the $47.00 level, but it is still trading below the main $48.50 and $50.00 resistance levels. On the downside, the main supports are near $45.50 and $44.50.

EOS price is up more than 3% and it is now trading well above the $2.500 and $2.600 levels. An immediate resistance is near the $2.720 level, above which the price might face a strong hurdle near the $2.850 resistance. On the downside, the main support is now near the $2.500 level.

Looking at the total cryptocurrency market cap hourly chart, there was a break above the key $190.0B resistance and a bearish trend line. It opened the doors for more upsides above $195.0. However, the crypto market cap needs to climb above the main $200.0B resistance to continue higher.

Overall, there are chances of more upsides in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, XLM, BNB, TRX, XMR, and other altcoins in the near term.

The post Crypto Market & Bitcoin Smash Resistance: BNB, BCH, LTC, EOS Analysis appeared first on NewsBTC.

NewsBTC , 2019-11-28 07:30:42 ,

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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.

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

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