BTC/USD

Bitcoin saw two consecutive green days after it jumped more than 300 points on Thursday and Friday. It briefly touched the $6800 level on Saturday suggesting it has not yet ran out of steam.

The biggest news for the past two days is without a doubt the announcement that the U.S. Securities and Exchange Commission will “review” Wednesday’s rejection orders for 9 bitcoin ETFs. Pending the outcome of the review, the three August 22 orders have been stayed.

On the negative side, crypto world took yet another hit from China where all crypto-related promotions in Beijing’s Chaoyang district were prohibited. Many think ban can be extended to other districts as well.

BTC technical view stays overall bearish and the price will most probably lose grab if $6600 level is not defended throughout the weekend. From above we have $6600 and eventually $6800 resistances before the 7000-7150 level.

A price movement below 6600 will once again drive us back to the 6200-6500 corridor and will suggest a fall to critical support of $5750-5800.

ETH/USD

Ethereum somehow managed to escape the 270-250 trap once again and I think $270 has now turned into a very strong support line.

As long as we stay out of the “danger zone” I think ETH will at least guarantee itself a price stability in terms of further declines. Breaching AND holding $280 will be crucial before attempting anything significant upwards.

XRP/USD

XRP is still ranging for almost a week, looking to escape bearish pressure. If the bears break the support level at $0.30, the XRP price would find support at $0.27 registering yet another year low. Next will be $0.20 – level last seen in December 2017. A further movement upwards will require escape out of the mini corridor at $0.34 -0.315 created this week and attack of the $0.34 level (0.34270 to be more specific).

No major price movements registered on Sunday as BTC holds the $6600 level, now at $6,651 with trading volume of $5.1b for the past 24 hours. BTC is up a little more than 4% for the week.

The biggest altcoin holds its ground as well as it successfully defended the $270 support line. ETH is down 7.2% for the week.

Total crypto market cap stands at $215b with 53.3% of BTC dominance.

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Future Blockchain

Twitter: https://twitter.com/FutureBchain

You can also follow me on https://blockdelta.io where I’m a regular blogger.