Published: Fri, August 10, 2018
Economy | By

Bitcoin, Ethereum, Ripple, EOS, Litecoin

Bitcoin, Ethereum, Ripple, EOS, Litecoin

However, it could just be a case of what goes up, must come down; indeed, the entire cryptocurrency market has been on a general downtrend for most of 2018 after Bitcoin reached a high of almost $20,000 in January. Major Altcoins like Ethereum, ripple, EOS and litecoin also followed BTC/USD's decline and tumbled. NY time, trading at just under $6,500, according to data from CoinDesk.

"Hashrate is one of the key indicators of the Bitcoin's network strength and I'm extremely surprised to see that with the steady increase in hashrate we have seen the Bitcoin price drop back down to $7,000".

Bitcoin cash price fell significantly and broke the $600 support against the US Dollar. The general sentiment in the market is that the lack of a Bitcoin ETF leaves many unanswered questions as to the future of the cryptocurrency industry. 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. More importantly, there is a new contracting triangle forming with resistance near $608 on the hourly chart of the BCH/USD pair.

Looking at the 4-hours chart, the price settled below the $6,815 support area and the 21 simple moving average (4-hours). During the last seven days, Bitcoin File has traded 156.2% higher against the dollar. ETH/USD tumbled by more than $50 this week and traded below the $400 and $380 support levels.

A new monthly low was formed at $6,139 and the price is now attempting a recovery. Later, the price started an upside correction and traded above the $580 level. This indicates that the overall demand for Bitcoin is down and it will no doubt affect the price further. There was also a spike above the 23.6% Fib retracement level of the last drop from the $414 high to $346 low.

However, despite its tepid performance recently, Lee remains hopeful. 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. Moreover, it coincides with the 88.6% Fibonacci retracement level of the last significant upward move from the $6,096 low to $8,510 swing high. 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.

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