Crypto Market & Bitcoin Extending Losses: BCH, Litecoin, ADA, TRX Analysis
- The total crypto market cap is following a bearish path below the $265.0B and $270.0B resistances.
- Bitcoin price failed to break the $10,500 resistance and is currently under a lot pressure.
- Litecoin (LTC) price is trading with a bearish bias below the $75.00 support area.
- BCH price is at a risk of a downside break below the $305 and $300 support levels.
- Tron (TRX) price is consolidating losses below the key $0.0180 and $0.0185 resistance levels.
- Cardano (ADA) price is following a bearish path below the $0.0520 and $0.0500 supports.
Bitcoin Cash Price Analysis
Bitcoin cash price struggled to continue above the $320 resistance area against the US Dollar. The BCH/USD pair is currently declining and is trading below the $310 level. It seems like the bears may soon attempt a downside break below the $305 and $300 support levels.
If they succeed, the price may revisit the $290 and $280 supports levels. On the upside, the main resistance is still near the $320 level, above which the price is likely to continue higher.
Cardano (ADA), Litecoin (LTC) and Tron (TRX) Price Analysis
Litecoin price settled below the key $80.00 support level and recently declined further. LTC price is now trading below the $75.00 support level and it seems like it could continue to decline. An immediate support is at $72.00, below which it may perhaps decline towards the $70.00 support area.
Tron price is currently consolidating losses below the main $0.0180 and $0.0185 resistance levels. Recently, TRX price attempted an upside correction, but it struggled to settle above $0.0180. On the downside, the key supports are near the $0.0172 and $0.0165 levels.
Cardano price is under a lot of pressure and it recently settled below the $0.0520 and $0.0500 support levels. ADA price might continue to move down towards the $0.0450 support level. On the upside, the previous supports near $0.0500 and $0.0520 are likely to act as hurdles.
Looking at the total cryptocurrency market cap 4-hours chart, the recent upward move was capped by the $270.0B resistance area. It seems like the market cap is following a bearish path below the $265.0B and $270.0B resistances. There are also two major bearish trend lines forming with resistance near the $265.0B level. On the downside, an immediate support is near the $245.0B level, below which there could be a bearish break towards the $220.0B level. On the upside, a clear break above $270.0B is needed for a decent recovery in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICX, XLM and other altcoins in the near term.
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