Crypto Market Testing Crucial Support: Bitcoin Cash, Litecoin, EOS, XLM Analysis 2019-06-19

Aayush Jindal

1 year ago

2 mins read

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The total crypto market cap corrected lower recently and tested the key $265.0B support area.
Bitcoin price corrected lower sharply and spiked towards the $9,000 support area.
Litecoin (LTC) price is stable above the $130 and $132 support levels.
Bitcoin cash price is currently down more than 3% and it is trading below $420.
EOS price broke the key $7.00 support area to start a short term downside correction.
Stellar (XLM) price is down around 4% and it could revisit the $0.1240 support zone.

The crypto market cap is testing a crucial support, with bearish moves in bitcoin (BTC) and Ethereum (ETH). Altcoins such as LTC, ripple, bitcoin cash, EOS, TRX, and stellar are struggling to climb higher.

Bitcoin Cash Price Analysis

Bitcoin cash price failed to hold the $430 and $425 support levels against the US Dollar. The BCH/USD pair started a downside correction after it broke the $420 support levels. It is down more than 3% and it recently traded close to the $410 support level.

If the price continues to slide, it could even test the $400 support level. On the upside, the previous support near $425 is likely to act as a strong resistance for the bulls.

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

Litecoin price tested the $130 support and remained in a positive zone. However, LTC price seems to be facing a lot of hurdles near the $135 and $140 levels. A successful close above $140 is needed for the bulls to gain momentum in the coming sessions.

EOS price started a major decline after it failed to surpass the $7.20 resistance. The price broke the key $7.000 support area to start a downside correction. It even broke the $6.900 support level and is currently trading near the $6.800 support.

Stellar price struggled to stay above the $0.1300 support level and recently declined below $0.1280. XLM price even broke the $0.1260 support and it seems like the price continue lower towards the $0.1225 or $0.1210 support level.

Looking at the total cryptocurrency market cap 4-hours chart, the $280.0B level acted as a strong barrier. The market cap started a short term downside correction below $270.0B and $265.0B support levels. However, the $265.0B support zone and a major bullish trend line acted as a strong barrier. It is currently moving higher and it seems like it could continue to rise towards the $274.0B level. On the downside, the market cap must stay above $265.0B and $264.0B levels to avoid a bearish break. As long as the market cap is above the $264.0B support level, there could be more gains in bitcoin, Ethereum, EOS, litecoin, ripple, XLM, BCH, ADA, BNB, TRX, ICX, and other altcoins in the coming sessions.

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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