Published: Sat, August 11, 2018
Markets | By Noel Gibbs

Price Watch: Bitcoin, Ethereum, Ripple and EOS Price Analysis 10th August

Price Watch: Bitcoin, Ethereum, Ripple and EOS Price Analysis 10th August

All top ten altcoins are now in the red with MIOTA, EOS, and XRP leading the way in 24-hour price percentage declines.

XRP (XRP) traded down 3.2% against the dollar and now trades at $0.41 or 0.00005789 BTC. The US SEC officials have publicly labeled bitcoin as a commodity and in June made it clear that cryptocurrencies would not be treated like securities, The Intercontinental Exchange announced a partnership with major companies, including Starbucks and Microsoft, that will aim to create an open and regulated digital asset ecosystem 'Bakkt'. According to Satoshi Pulse statistics, the exchanges swapping the most bitcoin core this Wednesday include Bitflyer FX, Binance, Bitfinex, Okex, and Coinbene. BTC is seeing a daily loss of around 8 percent today but the coin's market dominance among all 1600+ currencies is 49 percent.

At the moment, the price is testing an important support at $6,400, which was a pivot level and a support earlier. "Bitcoins volatility will always play a factor in its price, but hopefully Bitcoins price will soon start following its growing hashrate". This shows that investors are pulling out of the higher risk alternative cryptocurrencies.

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Overall, bitcoin price entered a strong bearish zone and a failure to hold $6,400 and $6,000 possibly will result in heavy declines in the near term.

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.

IOTA (MIOTA) traded down 10.1% against the dollar and now trades at $0.79 or 0.00011223 BTC.

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Within the day, bitcoin (BTC) is trading at a key support level at $6200. BCH is seeing a daily loss of around 14.2 percent and is the fourth highest market valuation among every coin in existence. If it breaks below this price level, Ethereum (ETH) could be headed lower, with $278 as the next target in coming weeks.

4-hours MACD - The MACD for BTC/USD is for the most part put in the bearish zone. 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.

With this latest fall, many are hoping that a bullish sentiment will take over again and an upward correction will take place, however, a deeper look into the volume of transactions seems to indicate that won't be happening soon.

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We cover Bitcoin, Ripple, Ethereum and a range of other cryptocurrencies, at our Weekly Cryptocurrency Webinar on Wednesdays at 12:00pm.

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