- The total crypto market cap started a downside correction from the $315.0B swing high.
- Bitcoin price declined below $11,500 and tested the $11,200 support area.
- BCH price is gaining momentum and it is currently trading above the $330 resistance.
- BSV price is showing positive signs and it is trading above the $140 support area.
- Binance Coin (BNB) is currently consolidating gains above the $30.00 support area.
- Cardano (ADA) price is facing a lot of hurdles on the upside near the $0.0600 resistance.
Bitcoin Cash Price Analysis
After testing the $310 support area, bitcoin cash price started a fresh increase above the $320 level against the US Dollar. The BCH/USD pair broke the $330 resistance area and it is currently up around 6%. An immediate resistance is near the $340 level, above which there are chances of a sharp rise towards the $350 level.
On the downside, the $330 level may now act as a support. However, the main support is near the $320 level, below which the price could decline back towards the $300 handle.
In the past few days, there were limited losses in bitcoin SV below the $140 level. The stated $140 level is acting as a strong support and it seems like the price is preparing for an upside break. If there is a clear break above the $150 resistance, the price could rise towards the $165 level.
Binance coin (BNB) remained in a nice uptrend after it broke the key $28.50 resistance area. BNB price settled above the $30.00 level and it is currently consolidating gains. On the upside, the $31.00 and $31.20 levels are important resistance levels. On the downside, a break below $30.00 might spark a bearish wave.
Cardano price is trading in a bearish zone below the key $0.0600 pivot level. ADA price is currently trading near the $0.0540 level, with an immediate support at $0.0520. On the upside, the main resistances are near $0.0580 and $0.0600.
Looking at the total cryptocurrency market cap 4-hours chart, there was a downside correction initiated from the $315.0B swing high. The market cap declined below the $300.0B support and the $295.0B pivot level. It tested the $280.0B support area and it is currently correcting higher. However, there is a major declining channel forming with resistance near the $295.0B level. If there is no upside break above $295.0B and $300.0B, there could be more downsides in bitcoin, Ethereum, ADA, ripple, tron, XLM, ADA, BNB, ICX, BCH, EOS, and other altcoins in the coming sessions.
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