Bitcoin is the Best House in a Tough Market: Fundstrat's Tom Lee
10 August, 2018, 23:46 | Author: Eric Barnett
Just like Bitcoin, Ethereum's daily trading volume has increased. Rather it is in a constant dynamic state of evolution, this is not something to inspire fear within the new investor but rather to aid the new investor with hope, no matter how the markets are now performing, there is one thing that can be held in absolute certainty.
Despite the recent collapse, Vikky Token and Bankcoin registered more than 300% gains. The bulls failed to hold on to the $7,048 price level following the SEC's postponement of the bitcoin ETF decision. BTC/USD is now testing an important support at $6,400, below which, it could slide to $6,000. The price per BCH was United States dollars 640.38. More importantly, there is a new contracting triangle forming with resistance near $608 on the hourly chart of the BCH/USD pair. Below here the November 6 low at $5,622 comes into play. Actually currencies inspired by bitcoin are collectively called as altoins and have tried to present themselves as completely changed and modified.
BTC/USD broke a crucial bullish trend line with support at $6,800 on the daily chart. It dropped below $6,000 at the end of June - its lowest value all year, according to Coindesk. The next major support below the recent low of $565 is at $550.
Therefore, the price may perhaps recover a few points from the $6,400 support. There was also a spike above the 23.6% Fib retracement level of the last drop from the $414 high to $346 low. However, buyers failed to keep the price above $362. At the time of writing this article, Bitcoin has shed more than 8 percent of its market price in the last 24 hours. Now there is a slight fear that XRP may take a while to push through to $0.360, yet there is little worry of XRP slipping down to lower prices.
XRP/USD: The ripple community traded weak, breaking previous support despite news that XRP has now been added to the list of cryptocurrencies by Bitcoin Superstore, allowing customers to purchase from over 200k online retailers via XRP and 5 other cryptocurrencies, Coingape reported recently. It seems like there is a short-term breakout pattern forming with support at $0.3250 and resistance near $0.3500.
Therefore, any recoveries from the current levels is likely to face a strong selling interest above $0.3700. If they do cross hairs, this means the path towards the least resistance would be the upside but for now, it remains on the downside.
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