Breakdown

The coins under review are all trading in a bear market except Cardano and EOS which have been in a sideways trend since September. Distinctively, one common feature of all of the cryptos is that the bulls are making frantic efforts to defend the various support levels. The selling pressure is so much that it reaches a point of breakdown.

The sideways trend is likely to continue for Bitcoin Cash unless  a possible breakout is achieved. December 11, Bitcoin Cash (BCH) is confined between the levels of $200 and $227.

Crypto currencies are in a bear market as coins face selling pressure at the bottom of the chart. The other coins are in a period of consolidation to rebound. The markets are characterized by small body candlesticks like the Doji and Spinning tops which described the indecision between buyers and sellers. The coins may face breakdown or breakout as it consolidates at the oversold region.

Despite its false breakdown, Bitcoin Cash had been relatively stable since September. The coin had been exceptional in its fluctuation within the price range of $200 and $240. Each time there is a break down the coin bounces back to its original price range.

Litecoin crashed to $43 after the last bearish impulse. Previously, the coin had been trading above $50 for over a month before the market went up. This sudden price jump hit resistance at $65. After a pullback, the bulls retested the resistance to form a bearish double top pattern. This pattern formation led to a further drop of Litecoin to a low of $43.

As bulls and bears struggle below the resistance at $50, the bears seem to have the upper hand. On November 29, the bulls were resisted at $50, and the coin drops to a low at $46. The bulls pulled back and retested the resistance at $48. Litecoin is now in a downward move and it is likely to reach the previous low at $43. A break below the previous low at $43 will depreciate Litecoin to drop at $36. Meanwhile, a defense by the bulls at the current support will make the coin resumes a sideways move and probably form a price range. From every indication, the coin may fall since it is under bears’ control.

The Bitcoin (BTC) price rallied 11% on Thursday, November 29, to over $4,250, setting it on course for its largest daily increase since mid-April 2018, as it forced itself out of the recent breakdown. The global's largest and popular crypto hit a daily high of $4,296. Other major cryptos also surged. BTC has lost over 1/3 of its value in the past 15 days amidst high selling affliction.

The Bitcoin (BTC) price has dropped back from eight-day highs on Friday morning, September 14, and it could be in for a bulge of solidification before further upward movement happens.

German Gref, the President of Sberbank, the largest bank in Russia and Eastern Europe, and the third largest in Europe, spoke about the complete breakdown of the traditional banking system within just 3-5 years. He predicts giant changes in the banking industry sooner than most people expected.