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  • The total crypto market cap is struggling to recover above the $235.0B resistance area.
  • Bitcoin price is now trading well below the $9,000 and $8,960 resistance levels.
  • EOS price is declining and it seems like it could revisit the $3.350 support area.
  • Binance Coin (BNB) is still facing a lot of hurdles near the $21.00 and $21.20 levels.
  • BCH price is approaching the main $285 and $280 support levels.
  • Tron (TRX) price is correcting lower and it is now trading below the $0.0200 support.

The crypto market cap and bitcoin (BTC) are currently under pressure. Ethereum (ETH), binance coin (BNB), ripple, BCH, tron (TRX), litecoin and EOS might decline further.

Bitcoin Cash Price Analysis

In the past few hours, there was a fresh downward move below the $295 level in BCH price against the US Dollar. The BCH/USD pair is now approaching the main $285 and $280 support levels. If there is a downside break below the $280 support, the price could extend its decline towards $265.

On the upside, an initial resistance is near the $295 level. However, the main resistance is near the $300 and $305 levels, above which the price is likely to rally.

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

EOS price started a downward move after it failed to break the $3.650 and $3.700 resistance levels. The price is no trading below the $3.500 level and it seems like it could revisit the $3.350 support area. On the upside, an initial resistance is near the $3.550 level, followed by $3.650.

Tron price is now trading below the $0.0200 support area. TRX price tested the $0.0190 level and it is currently consolidating in a range. On the upside, the price must climb above $0.0198 and $0.0200 to start a fresh increase. If not, it could test the $0.0185 support area.

Binance coin (BNB) found support near the $19.50 level and it recently climbed back above the $20.00 and $20.20 resistance levels. BNB price is now trading above $20.50, but it is facing a strong resistance near the $21.00 and $21.20 levels.

Looking at the total cryptocurrency market cap 4-hours chart, there was a fresh decline from the $241.0B high. However, the market cap is still holding the key $226.0B and $225.0B support levels. If there is a downside break, the market cap could decline towards the next support near the $217.0B level.

Conversely, the crypto market cap needs to surpass the $235.0B and $240.0B resistance levels. A successful close above the $240.0B resistance might start a decent upward move in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and ICX in the near term.

The post Crypto Market Cap And Bitcoin Under Pressure: BCH, BNB, EOS, TRX Analysis appeared first on NewsBTC.

NewsBTC , 2019-11-13 05:18:06 ,

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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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