Crypto Market Holding Uptrend: Bitcoin Rallies 4%, BNB Tumbles, BCH, EOS, TRX Analysis | NewsBTC
- The total crypto market cap is currently placed nicely above the $180.0B support area.
- Bitcoin price surged another 4% and broke the $6,250 and $6,300 resistance levels.
- EOS price is down 1.5% and it is currently trading above the $4.85 support level.
- Binance Coin (BNB) declined sharply and tumbled more than 8% below the $20.00 support.
- Bitcoin cash price is currently holding gains above the $285 and $290 support levels.
- Tron (TRX) price is down 5% and it recently broke the key $0.0240 support level.
The crypto market cap is mostly flat, despite heavy gains in bitcoin (BTC). Most altcoins such as Binance coin (BNB), Ethereum (ETH), bitcoin cash, tron (TRX), ripple, litecoin and EOS are currently moving lower.
Bitcoin Cash Price Analysis
There was a decent recovery in bitcoin cash price above the $285 resistance against the US Dollar. The BCH/USD pair even traded above the $290 level and tested $292. At the moment, the price is trading in a range near the $290 support level.
If there is a downside break below the $290 support, the price is likely to slide towards the $285 support. On the upside, the main resistances are near $295 and $300. As long as the price is below $300, it may trade in a broad range.
Binance Coin (BNB), EOS, Tron (TRX) Price Analysis
EOS price struggled to clear the key $4.95 and $5.00 resistance levels. The price recently broke the $4.90 support level and it seems like it could test the $4.85 support level in the near term. Any further declines may push the price towards the $4.80 level.
Tron price trimmed most its gains above the $0.0242 level. TRX price is down more than 5% and it recently broke the $0.0240 support level. It is back in a downtrend and it could extend losses towards the $0.0230 support.
Binance coin (BNB) came under a lot of selling pressure and it recently declined below the $21.00 and $20.00 support levels. BNB price is down more than 8% and it seems to be approaching the $18.50 support level.
Looking at the total cryptocurrency market cap 4-hours chart, there is a solid bullish bias formed above the $178.0B and $180.00 support levels. The market is also following a strong bullish trend line with current support at $181.0B on the same chart. Therefore, as long as the market cap is above the $180.0B support, it could continue to move higher. On the upside, the main resistances levels are $186.6 and $188.0B. The current trend for bitcoin is super bullish, but most altcoins such as ether, TRX, LTC, EOS, ripple, ADA, XLM, WAN, BCH, and XMR are struggling to follow BTC.
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