Monday, December 9, 2019

Crypto Market & Bitcoin Remains At Risk: LTC, BNB, BCH, TRX Analysis

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  • 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 (BTC) and the crypto market cap are still in a bearish zone. BNB, TRX are recovering, while Ethereum (ETH), litecoin, ripple, BCH, XLM, and EOS are facing hurdles.

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.

Crypto Market Cap

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.

The post Crypto Market & Bitcoin Remains At Risk: LTC, BNB, BCH, TRX Analysis appeared first on NewsBTC.

Analysis:

Crypto Market & Bitcoin Remains At Risk: LTC, BNB, BCH, TRX Analysis

published by NewsBTC

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