Bitcoin & Ripple Technical Analysis - Charts Point to Further Losses
10 August, 2018, 23:45
Bitcoin or BTC has managed to pull back up after some recent dips in market price on Wednesday, these slight lows affected the whole of the crypto exchange and were not exclusively focused on BTC.
Major cryptocurrency exchange platform and electronic wallet service provider, Bittrexrecentlyannounced that they have plans to launch United States dollars trading pairs for the two new cryptocurrencies which will be supported on their platform including Ripple (XRP) and Etherium Classic (ETC). Meanwhile, the near-term support is seen at $6,800.00 and resistance at $7,200.00. The bulls failed to hold on to the $7,048 price level following the SEC's postponement of the bitcoin ETF decision. It dropped below $6,000 at the end of June - its lowest value all year, according to Coindesk.
Coin.ph users can already pay different bills with Bitcoin, Ethereum or Bitcoin Cash. Due to the explosive December - January rally which saw XRP soar from $0.20 to $3.30, a lack of any technical support around current levels is notable on the charts. The chart's two moving averages (MA) has the 100MA above the longer-term 200MA trendline which means things will likely stay bearish for the short term. However, RSI levels (24.5) show extremely oversold conditions and there could be a small uptick if prices sink lower. One X2 coin can now be bought for about $0.0002 or 0.00000003 BTC on popular exchanges.
The 24-hour trading volume meanwhile has increased. The top currency swapped for BCH today is tether (USDT) with 54 percent of today's BCH trades.
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We thought, in fact, we know XRP is the best for that first hedge fund firm to dominate in cryptocurrency not because it's not it's a little bit more centralized than say Bitcoin and it has detractors and a lot of people in the U.S just like it. It seems the current trading price for ETH is trapped within quite a tight window, it can neither fall very much due to strong support underneath it but it is also facing many barricades from above deterring its chances at making further gains.
Hourly MACD - The MACD for BCH/USD is slightly placed in the bullish zone.
A new monthly low was formed at $6,139 and the price is now attempting a recovery. On the downside, a break below $0.3198 may well clear the path for more losses towards the $0.3000 and $0.2800 support levels.