Bitcoin & Ripple Technical Analysis - Charts Point to Further Losses

Roman Schwartz
August 11, 2018

Since Bitcoin has broken below this level in the last 2 hours, there is a good chance that it could drop further and test levels under $6000.

"The news that we have seen, from the SEC saying bitcoin's a commodity, to. the potential for an [exchange-traded fund] is causing investors to decide that bitcoin is the best house in a tough market", Lee, who is Fundstrat Global Advisors' managing partner, said on CNBC's "Fast Money". Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. At the time of writing, ETH/USD traded 1.05 percent up at $409.20, hitting day's low of 402.11.

Looking at the 4-hour BTC/USD chart on Bitstamp and Coinbase shows bears have a tight grip over markets right now. Following the news, the price declined rapidly down to $6,500 where it is now holding firm. The BTC/USD combine declined and broke the $7,500 and $7,260 support levels to move into a bearish zone. Always do your own research.

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Bitcoin's price remains low, despite a rash of developments in the cryptocurrency world.

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. "Bitcoins volatility will always play a factor in its price, but hopefully Bitcoins price will soon start following its growing hashrate".

An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $712 high to $565 low. However, recoveries are likely to face many challenges near the $6,800 and $7,000 levels. EOS/USD settled below the $7.50 support and dropped significantly. All the more critically, there is a noteworthy bearish pattern line-shaped with resistance at $7,320 on the 4-hour chart of the BTC/USD match. The price is now attempting an upward correction, but it is facing resistance near $5.80-6.00. This is the last bearish wave, before bitcoin most likely enters into a long-term consolidation phase going into 2019. A break below $5.00 may perhaps spark heavy losses in EOS in the near term.

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