BR Analysis. The most popular cryptocurrencies on August 8

Sentimental Analysis for Bitcoin Ethereum Ripple EOS Stellar

Sentimental Analysis for Bitcoin Ethereum Ripple EOS Stellar

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.

Ethereum is in major downtrend and is trading well below $390-400. 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.

EOS nearly tested the $5.00 support and is now consolidating losses.

The crypto market, which was already struggling, started its nosedive after the US Securities and Exchange Commission (SEC) postponed taking a decision on a Bitcoin ETF (exchange traded fund) proposal. BTC/USD is now testing an important support at $6,400, below which, it could slide to $6,000. $XRP saw a 15% drop in price, $BCH saw a 12.82% drop, and $EOS saw a 14.5%.

A new monthly low was formed at $6,139 and the price is now attempting a recovery. Despite the drop in value, trade volumes for all 1600+ coins has increased to $15B over the last day.

Bitcoin was completely rejected from the $8,200 and $8,400 resistance area. However, after the quick dip, BTC/USD prices moved back up to the $7,140 region for a short period of time. "Bitcoins volatility will always play a factor in its price, but hopefully Bitcoins price will soon start following its growing hashrate". On the flip side, a downside break below the $6,139 low and the $6,100 support puts the price at a risk of trading to a new yearly low.

"I don't actually think we've seen the worst". Ether sellers took control and pushed the price below the $370 and $360 levels. The next major support below the recent low of $565 is at $550.

Later, the price corrected a few points and moved above the $363 level. It represents the 38.2% Fib retracement level of the recent decline from the $712 high to $565 low. A sustained break above $7,000 is needed to change the short-term bearish outlook.

Despite the fact that the SEC's decision was exclusively for Bitcoin's ETFs, it is the smaller-cap altcoins that have been hardest hit, reporting losses much worse than the world's number one cryptocurrency. XRP/USD declined heavily and broke a crucial support level near $0.4240.

From the 4-hour chart, the BTC price made a partial bullish movement before its eventual bearish breakout.

In an interview with Block in Press from South Korea, Michael Arrington, founder of TechCrunch and the Partner Arrington XRP Capital, stated that XRP (XRP) outperforms Bitcoin (BTC) and Ethereum (ETH) regarding transactions. Underneath the pattern line resistance, the past support at $7,260 is a critical resistance. 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.

However, there are many hurdles on the upside for ripple buyers near the $0.3700 level, 21 SMA, $0.3750, and a bearish trend line with resistance at $0.4050. However, recoveries are likely to face many challenges near the $6,800 and $7,000 levels.

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