Breakdown

Unarguably, Bitcoin Cash is out of the downtrend zone as the bulls break key resistance levels. Especially, the bulls broke the $360 resistance which had earlier remained unbroken since August 2019. Earlier on, BCH was faced with price rejection at the $400 on January 18. The resultant breakdown lasted until the low of $300 was reached.

In the last 48 hours, Ethereum has been on a downward move, but within a confined range of $160 and $173. Today, the price reaches a low of $157 and it is making an upward move to reach a high of $173.

On January 19, the bull’s inability to break above the $180 resistance level compelled Ethereum to a range-bound movement. Ether is on a tight range between $160 and $170. Incidentally, the continual ranging will lead to a price breakout or breakdown. Now if the price breaks the $170 resistance level and the bulls are successful, the coin will reach a high of $200.

Bitcoin has been ranging over $8,600 for the past four days. The consolidation is ongoing after a slight upward movement. Presently, the upward move has been scuttled at $9,200. The bulls could not sustain the price above $9,000 because of the presence of more active sellers at a higher price level. In retrospect, the bull market was also foiled at $10,480 in October because of the presence of active sellers.

In the last 24 hours, buyers came back to stop the bearish run at $120. Interestingly, buyers are fully committed as the market moves and approach the $131. The bottom line is that buyers intend to move above the $140 where the coin had an initial breakdown. The coin's inability to go up has been held back because of a lack of demand at higher levels.

Currently, BCH is fluctuating over $187 after testing the $200 supply zone. Previously, BCH had traded in the previous price range before its eventual breakdown. Two days ago, the bulls were unsuccessful at breaking the $200 resistance. The coin was resisted and it retraced to the $187 low.

Regrettably, ETH sunk to a $120 low after the bulls failed to check the rampaging bears at $140. Initially, the coin had a breakdown at $160 support and XRP fell beneath $140. The retest at $160, confirms the resumption of a downtrend as XRP fell to $120 low.

The cryptocurrency market has experienced massive losses and the situation continues to threaten many investors. In fact, the losses have already wiped away year-long gains. Veteran traders including Jacob Canfield and Peter Brandt predicted Bitcoin price to be at $5,500 by July 2020.

Ethereum collapsed, as bears made a final downward push to the $120 support. The bears have been consistent in the downward move as ETH finds support at current level. The buyers had earlier curtailed sellers above $140 before the recent breakdown. Incidentally, as ETH reaches the currently low, it gets deeper into the $120 support level.