Bitcoin: BTC is currently sitting in the $11,800 region as of 1:33AM CST 8/10/19. The last week ( 7 full trading sessions ) Bitcoin continues to outperform its peers posting a +10% gain. Bitcoin enters a critical stage as Market Dominance currently sits at 69.6%. If Bitcoin surpasses 71% Market Dominance, it would be the first time since 2017. This scenario could cause strong price movement either way. If 71% market dominance is accomplished, Bitcoin could be entering another bull phase. On the flip side, if Bitcoin begins to slip in Market Dominance, many will argue a “cooling off stag.” 

Price Levels To Watch: 

Upside Resistance: $12,300 

Downside Support: $11,600 

Again if that 71% Market Dominance threshold can be accepted, you could see upward momentum for a $12,300 test. If Bitcoin begins to sell-off , it may be entering a cool-off stage causing a $11,600 test on the downside.  

Ethereum: ETH is currently sitting in the $211 region as of 1:45AM CST 8/10/19. The last week ( 7 full trading sessions ) ETH has experienced downward momentum posting -5% losses. The technicals don’t look great on ETH up to this point. With downward indicators still in play, we look at the following price points. 

Upside Resistance: $230

Downside Support: $202

If ETH rejects $202 levels, you could see the altcoin further selling off and staying in bearish territories. On the flipside, if ETH can accept $230 levels, you could justify rallies to the $260 regions.  

XRP: XRP is currently sitting in the .30 cent region as of 1:53AM CST 8/10/19. The last week ( 7 full trading sessions ) XRP has mimicked ETH in that it has fallen -5% as well. XRP is forming a “double bottom formation” which can sometimes be bullish, but as of right now we will have to target a couple price zones to determine potential sentiment. Both ETH and XRP are looking for Bitcoin Dominance to die down to ignite a potential rally. 

Upside Resistance: .327 

Downside Support: .276 

If XRP can accept .327 levels, you could see upward momentum to .363 levels. On the flip side if XRP continues to sell off and rejects .276 regions, this would be a bearish indicator for XRP and you could see further downside action.  

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

You May Also Like
bitcoin

UK County Line Gang Raided, Connected To Large Amounts Of Bitcoin

According to recent reports, 19 alleged gang members in Essex and Suffolk…

Binance US Will Launch Next Week: Why It Could Decimate Binance Coin ( BNB ) Prices

Binance announced that it would launch the US version of its exchange…

Bitcoin Regulation By Country: How Lawmakers Have Reacted To Mining In Cryptocurrency

Photo Credit To Denta Lent Via Flickr The Library of Congress came…
bitcoin scam

Bitcoin Scam On The Dark Web During A Murder For Hire Plot

Prosecutors are accusing a woman from Nevada of paying $5000 in Bitcoin…

Bitcoin Halving Occurs Soon, What’s The Price Outlook?

The Bitcoin halving is the most popular topic in cryptocurrency these days.…
How Smart Contracts Revolutionize Industries

How Smart Contracts Revolutionize Industries

As technology continues to advance, it has become clear that smart contracts…

Chinese Digital Yuan’s “Top-Level” Design is Ready – Report

China isn’t restraining itself from making the headlines. However, the latest report…
SCB 10X and Alpha Finance partnership

SCB 10X Partners With Alpha Finance Labs To Drive Mainstream Adoption In DeFi

Alpha Finance Labs, a Decentralized Finance ecosystem, will collaborate with SCB 10X…
CrossTower Crypto Exchange Cracks $150MM In Total Volume

CrossTower Crypto Exchange Cracks $150MM In Total Volume

CrossTower, a multi-asset crypto exchange has announced record trading volume in October.…

More On Cryptopia Saga: Creditors Owed $2.7 Million

It is no news that earlier this year, there was an attack…