Bitcoin And Crypto Market Remain at Risk: BCH, Litecoin, EOS, XLM Analysis

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap remains at a risk of a drop towards the $200.0B support.
Bitcoin price is currently correcting higher, but there are many resistances near $8,250.
Litecoin (LTC) price is currently consolidating above the $55.00 support area.
Bitcoin cash price is now trading in a bearish zone below the $250 level.
EOS price is under a lot of pressure and it is approaching the $3.050 support area.
Stellar (XLM) price is now closing in towards the $0.0650 support area.

Bitcoin (BTC) and the crypto market cap are now in a downtrend. Ethereum (ETH), LTC, ripple, bitcoin cash, EOS, TRX, and stellar are currently correcting higher.

Bitcoin Cash Price Analysis

After a downside break, BCH price even failed to stay above the $265 support area. It declined heavily and settled below the $250 level. The price is now consolidating above the $225 support and it could correct higher. On the upside, there are many resistances near $255 and $265.

On the downside, the main support is now near $225, below which the price is likely to test the $200 support area in the near term.

Litecoin (LTC), EOS and Stellar (XLM) Price Analysis

Litecoin price declined heavily after it broke the $60.00 support area. Moreover, LTC price declined below the $58.00 support area and tested the $55.00 level. It is currently consolidating losses and it might correct higher to test the $58.00 resistance area in the near term.

EOS price fell significantly below the $3.500 and $3.350 support levels. It even tested the $3.050 support area and remains at a risk of more losses. If the bears push the price below the $3.050 support area, there are chances of a break below the $3.000 support area.

Stellar price is trading in a bearish zone below the key $0.0700 support area. XLM price broke the $0.0685 and $0.0650 support levels. The price is currently correcting higher, but it is likely to face resistance near $0.0685. On the downside, the key supports are near $0.0650 and $0.0635.

Crypto Market Cap Bitcoin Altcoins ETH XRP EOS BNB TRX ADA LTC — Crypto Market Cap

Looking at the total cryptocurrency market cap 4-hours chart, there is a strong downward move below the $230.0B and $220.0B support levels. The crypto market cap even tested the $210.0B support area, coinciding with bitcoin testing the $8,000 level. The market cap is currently correcting higher, but upsides may face hurdles near $220.0B and $225.0B levels. On the downside, a break below $210.0B could lead the cap towards the $200.0B level.

Therefore, rallies or recovery remain limited in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, BNB, TRX, ICX, and other altcoins in the near term.

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.

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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.