Bitcoin And Crypto Market Could Decline Further: BCH, XLM, EOS, TRX Analysis

Fibo Quantum

  • The total crypto market cap is currently following a bearish path below the $270.0B resistance.
  • Bitcoin price is now trading below the key $10,300 and $10,200 resistance levels.
  • BCH price is holding the $300 and $305 support levels, but struggling to climb higher.
  • EOS price is consolidating above the $3.500 support level.
  • Stellar (XLM) price is struggling to climb above the main $0.0700 and $0.0720 resistance levels.
  • Tron (TRX) price is moving lower once again towards the $0.0170 and $0.0165 support levels.

Bitcoin (BTC) and the crypto market cap are likely to extend their decline. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are also following a bearish bias.

Bitcoin Cash Price Analysis

Recently, BCH price declined below the $310 level against the US Dollar. However, the BCH/USD pair managed to stay above the $300 and $305 support levels. At the moment, the price is consolidating below the $310 resistance level. To move into a positive zone, the price must break the $320 resistance level.

On the downside, the key supports are near $305 and $300. If there is a clear break and close below the $300 support, the price could decline heavily towards the $280 support or $270.

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

EOS price is currently consolidating above the $3.500 support level and it seems to be preparing for the next major move. If the price breaks the $3.600 and $3.650 resistance levels, there are chances of a decent recovery towards $4.00. Conversely, a downside break below $3.500 and $3.350 might push the price towards $3.000.

Stellar price is finding bids near the $0.0660 and $0.0680 support levels. However, XLM price is struggling to gain momentum above the $0.0700 and $0.0720 resistance levels. To start a solid upward move, a clear break above $0.0720 and a follow through above $0.0750 is needed in the near term.

Tron price is facing an uphill task near the $0.0180 and $0.0185 resistance levels. TRX price might continue to decline as long as it is below $0.0185. On the downside, the main supports are near $0.0170 and $0.0165.

Looking at the total cryptocurrency market cap 4-hours chart, there a steady decline below the $270.0B support level. The market cap is now trading below $262.0B and it remains at a risk of more downsides. On the upside, there is a strong resistance forming near $265.0B, $270.0B, and two bearish trend lines on the same chart. As long as the market cap is below $270.0B, there is a risk of a downside extension in in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term.