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Crypto Market and Bitcoin Near Crucial Juncture: BCH, EOS, TRX, ADA Analysis
The total crypto market cap is testing a strong resistance near the $292.0B level.Bitcoin price is facing a couple of important hurdles near the $11,500 level.EOS price is moving lower and is about to test the key $4.000 support area.BCH price is struggling to hold gains and it could revisit the $320 support area.Tron (TRX) price is currently consolidating above the main $0.0200 support area.Cardano (ADA) price is under pressure and is approaching the $0.0500 support level.Bitcoin price and the crypto market cap are trading near important resistances. 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 $290.0B support and tested the $285.0B support. It seems like there is a major declining channel forming with current resistance near $292.0B. If there is a successful break above $292.0B and $295.0B, the crypto market could start a decent upward move. If not, there could be more downsides in bitcoin, ETH, XRP, TRX, ADA, bitcoin cash, litecoin, EOS, stellar, IOTA, ICX, WAN, and other altcoins in the near term.
Author: Aayush Jindal
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