Crypto Market Holding Uptrend: Bitcoin Rallies 4%, BNB Tumbles, BCH, EOS, TRX Analysis

Aayush Jindal

1 year ago

2 mins read

Bitcoin Crypto Market Altcoins BCH ETH XRP BNB ADA TRX EOS

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The total crypto market cap is currently placed nicely above the $180.0B support area.
Bitcoin price surged another 4% and broke the $6,250 and $6,300 resistance levels.
EOS price is down 1.5% and it is currently trading above the $4.85 support level.
Binance Coin (BNB) declined sharply and tumbled more than 8% below the $20.00 support.
Bitcoin cash price is currently holding gains above the $285 and $290 support levels.
Tron (TRX) price is down 5% and it recently broke the key $0.0240 support level.

The crypto market cap is mostly flat, despite heavy gains in bitcoin (BTC). Most altcoins such as binance coin (BNB), Ethereum (ETH), bitcoin cash, tron (TRX), ripple, litecoin and EOS are currently moving lower.

Bitcoin Cash Price Analysis

There was a decent recovery in bitcoin cash price above the $285 resistance against the US Dollar. The BCH/USD pair even traded above the $290 level and tested $292. At the moment, the price is trading in a range near the $290 support level.

If there is a downside break below the $290 support, the price is likely to slide towards the $285 support. On the upside, the main resistances are near $295 and $300. As long as the price is below $300, it may trade in a broad range.

Binance Coin (BNB), EOS, Tron (TRX) Price Analysis

EOS price struggled to clear the key $4.95 and $5.00 resistance levels. The price recently broke the $4.90 support level and it seems like it could test the $4.85 support level in the near term. Any further declines may push the price towards the $4.80 level.

Tron price trimmed most its gains above the $0.0242 level. TRX price is down more than 5% and it recently broke the $0.0240 support level. It is back in a downtrend and it could extend losses towards the $0.0230 support.

Binance coin (BNB) came under a lot of selling pressure and it recently declined below the $21.00 and $20.00 support levels. BNB price is down more than 8% and it seems to be approaching the $18.50 support level.

Looking at the total cryptocurrency market cap 4-hours chart, there is a solid bullish bias formed above the $178.0B and $180.00 support levels. The market is also following a strong bullish trend line with current support at $181.0B on the same chart. Therefore, as long as the market cap is above the $180.0B support, it could continue to move higher. On the upside, the main resistances levels are $186.6 and $188.0B. The current trend for bitcoin is super bullish, but most altcoins such as ether, TRX, LTC, EOS, ripple, ADA, XLM, WAN, BCH, and XMR are struggling to follow BTC.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.