Bitcoin (BTC), Ethereum (ETH) & NEO (NEO) Price Analysis

Bitcoin (BTC), Ethereum (ETH) & NEO (NEO) Price Analysis

Bitcoin (BTC), Ethereum (ETH) & NEO (NEO) Price Analysis

Yesterday, August 7th, the BTC price was in a bearish trend. Despite the drop in value, trade volumes for all 1600+ coins has increased to $15B over the last day.

Bitcoin price declined sharply from the $7,150 swing high after the US SEC chose to postpone one of the ETF approval decisions.

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. "At the current time, we are announcing the launch of trading and conversion of Bitcoin".

Looking at the 4-hour BTC/USD chart on Bitstamp and Coinbase shows bears have a tight grip over markets right now. Meanwhile, the near-term support is seen at $6,800.00 and resistance at $7,200.00. ETH/USD tumbled by more than $50 this week and traded below the $400 and $380 support levels. Always do your own research.

Ripple price followed bitcoin's and Ethereum's path to move into a bearish zone against the US Dollar.

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Failure to break back through to $0.34 levels would likely see Ripple's XRP slide through the day's first major support level at $0.3278 to bring sub-$0.32 levels into play before any recovery, Ripple's XRP expected to continue to hold on to $0.30 levels through the day. It prompted a sharp downward move and the price broke the $0.3600 and $0.3400 supports.

An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $712 high to $565 low. Daily trade volume is decent but nothing spectacular at $5B United States dollars in BTC traded over the last 24 hours. 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. EOS/USD settled below the $7.50 support and dropped significantly. More importantly, there is a new contracting triangle forming with resistance near $608 on the hourly chart of the BCH/USD pair. The price is now attempting an upward correction, but it is facing resistance near $5.80-6.00.

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.

On the downside, the $5.20 and $5.00 supports levels are very important.

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