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

• 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.

The post Bitcoin And Crypto Market Could Decline Further: BCH, XLM, EOS, TRX Analysis appeared first on NewsBTC.

by Aayush Jindal on August 28, 2019 at 10:30AM