Bitcoin and the whole crypto market fell sharply in the past few hours. BTC, Ethereum, ripple, EOS, BCH, ADA and altcoins are currently under a lot of selling pressure.
Bitcoin Cash Price Analysis
Bitcoin cash price failed to stay above the $130 support level and recently started a sharp decline against the US Dollar. BCH/USD declined below the $126 and $125 support levels to move into a bearish zone. The price is down around 5.5% and it may continue to move lower towards the $120 or $118 support levels.
If there is an upside correction, the previous supports near the $125 and $126 levels may now act as barriers for buyers in the near term.
EOS, Tron (TRX) and ADA Price Analysis
EOS price is down around 5% after it failed to gain pace above the $2.65 resistance. The price declined below the $2.50 and $2.40 support levels. The next key support is at $2.30 where buyers are likely to emerge.
Tron price trimmed most of its recent gains and declined below the $0.0260 and $0.0250 support levels. TRX price is down 3.5% and it seems like it may continue to decline towards the $0.0220 support.
Cardano price fell more than 6% after it broke the $0.0460 support. ADA price is now trading near the $0.0430 level, with an immediate support at $0.0420. The next major support is at $0.0412, followed by $0.0405.
Looking at the total cryptocurrency market cap hourly chart, there was a sharp downside reaction from well above the $122.00B level. The market cap dipped sharply below the $120.00B support and a major bullish trend line on the same chart. It opened the doors for more losses and the market cap reached the $112.00B support level. There may be a short term correction, but upsides in BTC, ETH, tron, litecoin, EOS, ripple, XLM, IOTA and other altcoins remain capped.
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