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.