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  • The total crypto market cap is struggling to surpass the $200.0B resistance area.
  • Bitcoin price is also facing a lot of hurdles near the $7,400 and $7,440 levels.
  • EOS price is holding the $2.500 support, but it is struggling to clear the $2.850 resistance.
  • Binance Coin (BNB) is currently consolidating above the main $15.00 support.
  • BCH price is currently above the $205 support and attempting a break above the $215 resistance.
  • Tron (TRX) price seems to be trading in a range above the $0.0150 support area.

The crypto market cap and bitcoin (BTC) are struggling to gain bullish momentums. Ethereum (ETH), binance coin (BNB), ripple, BCH, tron (TRX), litecoin and EOS are facing hurdles.

Bitcoin Cash Price Analysis

After a short term downside reaction, bitcoin cash price found support near the $205 level against the US Dollar. The BCH/USD pair is currently trading in a range above the $205 support area and it is facing a strong resistance near the $215 level.

The next key resistance is near the $225 level, above which there are chances of a decent rise towards the $240 level. On the downside, a close below $200 might start a fresh decrease.

Binance Coin (BNB), EOS, Tron (TRX) Price Analysis

EOS price managed to settle above the $2.500 and $2.600 support levels. However, the price is finding it hard to clear the main $2.850 resistance area. If it succeeds, the next stop for the bulls could be $3.000. On the downside, only a close below $2.500 might put the bulls under pressure.

Tron price is currently consolidating above the key $0.0150 support area. On the upside, TRX price is facing resistance near the $0.0158 and $0.0160 levels. A successful close above the $0.0160 resistance is likely to lead the price towards the $0.0165 and $0.0167 levels.

Binance coin (BNB) remained confined in a range above the $14.50 and $15.00 support levels. On the upside, there is a solid resistance forming near the $16.00 area. Once BNB price settles above the $16.00 resistance, it could gain bullish momentum in the near term.

Crypto Market Cap Bitcoin

Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there was a bearish reaction from the $208.0B resistance area. The crypto market cap declined below the $200.0B support and tested the $188.0B zone. It is currently correcting higher, but facing resistance near the $200.0B area.

To start a fresh increase in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX, the market cap must surpass the $200.0B and $208.0B resistance levels. If not, it could decline further towards $182.0B and $175.0B.

Aayush Jindal , 2019-12-03 07:30:19

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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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