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Bitcoin is the Best House in a Tough Market: Fundstrat's Tom Lee

11 August 2018, 11:42 | Austin Hogan

Bitcoin Dominance Drops Significantly Further Worrying BTC InvestorsOpinionAltcoin News By John P. Njui On Aug 6 2018

Bitcoin Dominance Drops Significantly Further Worrying BTC InvestorsOpinionAltcoin News By John P. Njui On Aug 6 2018

Report from CCN states that "However, in the past several hours, the price of Bitcoin and Ether have started to drop once again, testing $7,100 and $410".

XRP (XRP) traded down 3.2% against the dollar and now trades at $0.41 or 0.00005789 BTC. So it tells us that the news we have seen, from the SEC saying that Bitcoin is a commodity, to ICE's announcement and a potential for a (Bitcoin) ETF, are causing investors to decide that Bitcoin is the best house in a tough neighborhood. In this way, the $7,260 and $7,320 resistances are significant hindrances for more picks up in BTC in the close term. This is followed by Dollars (24%), JPY (11.3%), Euro (3.9%), and KRW (2.6%).

According to Newton, while investors continue to be frustrated by the developments on the BTC ETF front, the SEC is unlikely to approve any filing unless the necessary custodial tools are in place.

VeChain (VET) traded up 4.8% against the dollar and now trades at $0.0140 or 0.00000198 BTC. "Bitcoins volatility will always play a factor in its price, but hopefully Bitcoins price will soon start following its growing hashrate". Order books show heavy resistance from the current vantage point up until $6750 if bulls can manage to climb that high.

Despite bitcoin 's tumble over the past two weeks, Wall Street bull Tom Lee says the cryptocurrency is gradually regaining market share - which should comfort bitcoin buffs. At the time of writing, XRP/USD traded 0.46 percent down at $0.41079.

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Within the day, bitcoin (BTC) is trading at a key support level at $6200. The top currency swapped for BCH today is tether (USDT) with 54 percent of today's BCH trades. It seems the current trading price for ETH is trapped within quite a tight window, it can neither fall very much due to strong support underneath it but it is also facing many barricades from above deterring its chances at making further gains.

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

Bitcoin's price remains low, despite a couple of positive developments in the cryptocurrency sector. This is the last bearish wave, before bitcoin most likely enters into a long-term consolidation phase going into 2019.



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