Crypto Market & Bitcoin Extended Losses: BCH, EOS, TRX, ADA Analysis

• The total crypto market cap extended its decline below the $240.0B support area.
• Bitcoin price is under a lot of pressure and it even broke the $9,500 support area.
• EOS price is slowly moving lower towards the $3.100 and $3.000 support levels.
• BCH price broke the $280 support and it seems to be moving lower towards the $270 level.
• Tron (TRX) price is still holding the key $0.0150 support area and is consolidating losses.
• Cardano (ADA) price is facing an uphill task and it may decline further to $0.0420.

Bitcoin and the crypto market cap are eyeing further downsides. Ethereum (ETH), EOS, Tron (TRX), BCH, ripple, ADA and BNB are trading in a major downtrend.

Bitcoin Cash Price Analysis

Recently, there was a major downside break below the $300 support level in BCH price against the US Dollar. The price even broke the $280 support level recently to move further into a bearish zone. The next key support is near the $270 level, below which the price could extend its decline towards the $265 level.

If there is an upside correction, the $280 and $285 levels are initial hurdles. However, the main resistance for the bulls on the upside is near the $300 level.

EOS, Tron (TRX) and ADA Price Analysis

EOS price declined sharply after it broke the $3.350 support level. The price even broke the $3.100 level recently and traded close to the $3.000 level. At the moment, the price is consolidating near $3.200 and it might decline again towards the $3.100 and $3.000 levels.

Tron price is stable above the $0.0150 support level and it is currently consolidating losses. An immediate resistance on the upside is near the $0.0160 level, where TRX price could face a strong selling interest. The next key resistance is near the $0.0165 level.

Cardano price settled below the $0.0520 and $0.0500 support levels. ADA price even broke the $0.0450 support and tested $0.0430. The price is currently correcting higher, but it might struggle to break the $0.0500 and $0.0520 resistance levels in the coming sessions.

Looking at the total cryptocurrency market cap 4-hours chart, there was a slow and steady decline below the $250.0B support level. The market cap even broke the $240.0B support and tested the $234.0B level. It is currently consolidating losses and it seems like there could be more downsides below the $232.0B and $230.0B levels. The next major support on the downside is near the $220.0B level. On the upside, there are many hurdles near $245.0B and $250.0B. Overall, there are chances of more downsides in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the near term.

The post Crypto Market & Bitcoin Extended Losses: BCH, EOS, TRX, ADA Analysis appeared first on NewsBTC.

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