- The total crypto market cap is likely forming a bearish pattern below the $240.0B resistance.
- Bitcoin price is currently consolidating below the $8,880 and $9,000 resistance levels.
- Binance coin (BNB) price is up more than 2% and it recently broke the $21.00 resistance.
- Litecoin (LTC) price is slowly moving lower towards the $60.50 support area.
- BCH price is struggling to hold the key $285 and $280 support levels.
- Tron (TRX) price is gaining momentum and is trading above the $0.0200 resistance.
Bitcoin Cash Price Analysis
In the past few sessions, BCH price corrected lower after it failed to surpass the $300 resistance against the US Dollar. BCH is now trading near the key $285 and $280 support levels. If the bulls fail to protect the $280 support, there is a risk of an extended decline towards the $265 support.
On the upside, an initial resistance is near the $295 level. However, the main hurdles for the bulls are near the $30 and $305 levels.
Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis
Binance coin (BNB) remained well bid above the $19.50 and $20.00 levels. Recently, BNB price climbed higher and broke the $21.00 resistance area. It is up more than 3% and it is testing the $21.20 resistance. Any further gains may perhaps push the price towards the $21.50 resistance.
Litecoin price is under pressure and it recently failed to hold the $62.00 support area. LTC is currently declining and it is approaching the $60.50 support area. The main support is near the $60.00 level, below which the price could decline heavily in the coming sessions.
Tron price remained well supported near the $0.0190 level and recently started a fresh upward move. TRX price is up close to 4% and it is now trading above the $0.0200 resistance. The next key resistance is near the $0.0205 and $0.0208 levels.
Crypto Market Cap
Looking at the total cryptocurrency market cap 4-hours chart, there are many hurdles forming near the $235.0B and $240.0B levels. Moreover, it seems like there is a short term head and shoulders pattern forming with support near the $225.0B level. On the upside, a break above $235.0B and $240.0B is needed for a decent recovery in the crypto market.
If there is a downside break below the $225.0B support, there could be a sharp decline in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.
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