Crypto Market and Bitcoin Showing Bearish Signs: BCH, EOS, TRX, ADA Analysis

Fibo Quantum

  • The total crypto market cap failed to break the $290.0B resistance and recently declined below $275.0B.
  • Bitcoin price is down around 3% and it recently broke the $10,500 support area.
  • EOS price is down 5% after it failed to gain strength above the $4.400 resistance area.
  • BCH price failed to hold the $320 support and traded towards the $310 level.
  • Tron (TRX) price declined sharply by around 10% and broke the key $0.0280 support.
  • Cardano (ADA) price remains in a bearish zone below the $0.0650 support area.

Bitcoin price and the crypto market cap are currently showing bearish signs. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are likely to extend losses in the short term.

Bitcoin Cash Price Analysis

Recently, bitcoin cash price recovered above the $320 resistance against the US Dollar. The BCH/USD pair even tested the $340 level, but it struggled to continue higher. As a result, there was a downside correction and the price recently broke the $320 support level.

At the moment, the price is trading near the $310 level and it might soon test the $300 support level. If there are more losses, the price could even revisit the key $285 support level in the near term.

EOS, Tron (TRX) and ADA Price Analysis

EOS price failed to gains strength above the $4.400 resistance levels and recently trimmed gains. It broke the $4.250 and $4.200 support levels and is currently trading just above the $4.100 level. The main support is near $4.000, below which the price could accelerate losses in the near term.

Tron price was rejected above the $0.0300 and it recently started a sharp downward move. TRX price is down more than 10% and it broke the $0.0280 support level. An immediate support is near $0.0262, below which it could test the $0.0250 support level.

Cardano price is trading in a bearish zone below the $0.0650 pivot level. ADA price declined below the $0.0620 and $0.0600 support levels and it seems like it could continue to decline towards the $0.0575 level.

Looking at the total cryptocurrency market cap 4-hours chart, there was a rejection pattern formed near the $290.0B resistance level. The market cap declined recently and broke the $280.0B support level. It even broke the $275.0B support level and a connecting bullish trend line on the same chart. Therefore, there are chances of more losses towards the $260.0B or $250.0B support. On the upside, the broken support near $280.0B might act as a solid resistance. Overall, upsides in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins are likely to face hurdles in the near term.