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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Market And Bitcoin Could Correct Further: BCH, BSV, BNB, ADA Analysis

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis altcoins

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Created by industry experts and meticulously reviewed
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  • The total crypto market cap started a downside correction from the $315.0B swing high.
  • Bitcoin price declined below $11,500 and tested the $11,200 support area.
  • BCH price is gaining momentum and it is currently trading above the $330 resistance.
  • BSV price is showing positive signs and it is trading above the $140 support area.
  • Binance Coin (BNB) is currently consolidating gains above the $30.00 support area.
  • Cardano (ADA) price is facing a lot of hurdles on the upside near the $0.0600 resistance.

The crypto market cap and bitcoin are currently correcting gains, while BNB and BCH are climbing. Ethereum, cardano (ADA), BSV, EOS, and ripple could correct further lower.

Bitcoin Cash Price Analysis

After testing the $310 support area, bitcoin cash price started a fresh increase above the $320 level against the US Dollar. The BCH/USD pair broke the $330 resistance area and it is currently up around 6%. An immediate resistance is near the $340 level, above which there are chances of a sharp rise towards the $350 level.

On the downside, the $330 level may now act as a support. However, the main support is near the $320 level, below which the price could decline back towards the $300 handle.

Bitcoin SV, Binance Coin (BNB) and ADA Price Analysis

In the past few days, there were limited losses in bitcoin SV below the $140 level. The stated $140 level is acting as a strong support and it seems like the price is preparing for an upside break. If there is a clear break above the $150 resistance, the price could rise towards the $165 level.

Binance coin (BNB) remained in a nice uptrend after it broke the key $28.50 resistance area. BNB price settled above the $30.00 level and it is currently consolidating gains. On the upside, the $31.00 and $31.20 levels are important resistance levels. On the downside, a break below $30.00 might spark a bearish wave.

Cardano price is trading in a bearish zone below the key $0.0600 pivot level. ADA price is currently trading near the $0.0540 level, with an immediate support at $0.0520. On the upside, the main resistances are near $0.0580 and $0.0600.

Bitcoin Crypto Market Cap ETH, XRP, BCH, LTC, EOS, TRX, ADA, BNB

Looking at the total cryptocurrency market cap 4-hours chart, there was a downside correction initiated from the $315.0B swing high. The market cap declined below the $300.0B support and the $295.0B pivot level. It tested the $280.0B support area and it is currently correcting higher. However, there is a major declining channel forming with resistance near the $295.0B level. If there is no upside break above $295.0B and $300.0B, there could be more downsides in bitcoin, Ethereum, ADA, ripple, tron, XLM, ADA, BNB, ICX, BCH, EOS, and other altcoins in the coming sessions.

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Aayush Jindal
Aayush Jindal

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.

Read more

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.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

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.

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