Breakdown

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.

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.