Monday, January 20, 2020

Bitcoin & Crypto Market Turn Red Again: BCH, XLM, EOS, TRX Analysis

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  • The total crypto market cap jumped from $188.0B, but it failed to stay above $200.0B.
  • Bitcoin price rally above the $7,500 level was completely reversed.
  • BCH price is somehow holding the key $205 and $200 support levels.
  • EOS price is facing a strong resistance near the $2.700 area.
  • Stellar (XLM) price could continue to move down towards the main $0.0500 support area.
  • Tron (TRX) price is down 2% and it is approaching the $0.0140 support area.

Bitcoin (BTC) and the crypto market cap are resuming their downtrend. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, litecoin, ripple, and tron (TRX) are likely to continue lower.

Bitcoin Cash Price Analysis

Recently, bitcoin cash price tested the main $200 support area and later started a decent recovery against the US Dollar. BCH price climbed above the $210 and $215 levels. However, it failed to surpass the key $220 resistance area.

As a result, there was a fresh decline below the $210 level and the price seems to be heading back towards the main $200 support area. Any further losses may perhaps push the price towards the $185 support.

Stellar (XLM), EOS and Tron (TRX) Price Analysis

EOS price made another attempt to settle above the $2.700 and $2.750 resistance levels. However, the price failed to continue higher and it is now declining towards $2.600. The key support on the downside is near the $2.500 level, below which the price could revisit the $2.350 support.

Stellar price remained in a bearish zone below the $0.0585 and $0.0600 resistance levels. XLM price is currently declining and it seems like it could break the $0.0520 support area. Any further losses may lead the price towards the $0.0500 zone.

Tron price is down more than 2% and it is trading below the $0.0150 level. An immediate support is near the $0.0142 level, below which it may perhaps test the $0.0140 support. On the upside, there are a few key hurdles near the $0.0148 and $0.0150.

Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there was a strong bounce from the $188.0B support area. The crypto market cap broke the $195.0B resistance, but it struggled to continue above the $200.0B resistance area.

The market cap is now well below $200.0B and it seems like it could even break the $188.0B support area. The next major support is near the $174.0B level. Therefore, there are chances of more downsides in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term until the crypto market cap surpasses $200.0B.

The post Bitcoin & Crypto Market Turn Red Again: BCH, XLM, EOS, TRX Analysis appeared first on NewsBTC.

Analysis:

Bitcoin & Crypto Market Turn Red Again: BCH, XLM, EOS, TRX Analysis

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