The crypto market appears bearish at the moment as prices trend in the red over hourly as well as 24-hour periods.
The bulls had a chance to consolidate gains made on Monday, but have seemingly surrendered the initiative to the bears.
Here is the price analysis of the top two coins as well as TRON (TRX) and EOS (EOS).
BTC/USD bulls are holding it up as it seeks to complete another day above the $6k price level.
Many analysts are of the opinion that Bitcoin could break higher, but believe short-term sentiment could still see it drop further in coming days.
Bitcoin bulls have seen the coin trade with a positive trend, hitting a high of $6290 at 08:39 UTC +03:00.
There, however, remains a kind of bearish trend underpinned by its dip to a low of $6197.
What could happen is that BTC/USD is likely to hold and the break the immediate resistances at $6,290 and $6,300.
This will open up a slight rally above that level. The upside move nevertheless will depend on whether we are likely to see buyers re-entering the market.
On the downside, the 61.8% Fib retracement level indicate that we are still within descending channel.
A slip below $6,100 could see prices drop all the way to the last swing low at $5,690.
On the upward, if the BTC builds momentum and breaks above the $6,290, it could retest the next key resistance levels at $6,500.
Ethereum recently declined to a low of $421 as prices all over the market tanked.
However, a bullish trend set in on Monday and ETH/USD has looked to regain lost ground.
The market remains bearish, but prices have touched a high of $461 and a low of $442.
The slight upside saw its prices move above the $450 and $458 resistance levels. In the process, the coin broke above the 61.8% Fib retracement level.
Nevertheless, the crypto has retraced to currently trade below the immediate key resistance line.
ETH/USD has so far been limited below $460, with its hourly RSI just above the 50 Fib retracement level.
At the moment, Ethereum bulls must find support above $450 to sustain an upside.
Both moving averages indicate that the coin is still within a bearish hold and we may see sellers take charge. The RSI 14 index suggests you remain neutral.
TRON (TRX) hasn’t had a good run on the market for the last several weeks. Even the slight upsurge on Monday, June 25, has slowly disappeared.
TRX/USD is now -5.45 percent down over 24 hours.
The perception is that Tron will remain bearish and could break below $0.040 and rely on support at $0.037.
If the buyers come into the picture and help it break above 20-day EMA, it will likely face resistance at $0.052.
However, it’s hard to see where TRON will get that push, and the path of least resistance may be to break below.
There is a very weak positive effort as seen on the RSI, but it looks this will not hold and the bears might dictate sentiment in coming days.
TRON has failed to rally after its mainnet launch and will likely rely on a positive market sentiment to see any significant price gain.
In all likelihood, EOS/USD appears very weak at the moment. The coin has traded a series of lower lows on Tuesday.
This is in contrast to the sharp rise on Monday. EOS is trading at $7.86 against the USD and could break lower given its -4.46 percent in the red over 24 hours.
Prices touched a high of $8.30 and then plunged to a low of $7.73.
Even though the bulls have tried to push it back above $8.00, sellers are relentless and the charts show it will likely trend downwards.
If the bears have their way, it’s possible to see EOS decline further to levels below $7.00.
On the upside, EOS will encounter a major resistance at $8.4 and $9.0.
The bulls should be able to come into play as both moving averages confirm a medium-term bullish trend could materialize.
As the crypto makes positive moves off the market, its price may gain.