'Bitcoin is the best house in a tough neighborhood'

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August continues to be a hard month for Bitcoin as well as the general cryptocurrency market. With the help of coin.ph, this water bill can be easily and conveniently paid for with cryptocurrencies and very soon the native cryptocurrency of Ripple, XRP can also be used for the same objective.

Receive News & Updates for First Bitcoin Daily - Enter your email address below to receive a concise daily summary of the latest news and updates for First Bitcoin and related cryptocurrencies with MarketBeat.com's FREE CryptoBeat newsletter. After breaking below strong support at $0.425 - which now becomes strong resistance - recent price action shows a small rebound being sold-off.

We cover Bitcoin, Ripple, Ethereum and a range of other cryptocurrencies, at our Weekly Cryptocurrency Webinar on Wednesdays at 12:00pm. The bulls failed to hold on to the $7,048 price level following the SEC's postponement of the bitcoin ETF decision. All top ten altcoins are now in the red with MIOTA, EOS, and XRP leading the way in 24-hour price percentage declines. Looking ahead at order books, BCH bulls need to surpass mega-resistance from now until $640 and after that, it may be easier to move northbound. It opened the doors for more losses and the price nearly tested the $6,100 support area.

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A new monthly low was formed at $6,139 and the price is now attempting a recovery. Bitcoin buyers managed to push the price above the $6,500 level and the 23.6% Fib retracement level of the last decline from the $7,167 high to $6,139 low. In the last week, X2 has traded 7.1% higher against the dollar. ETH/USD tumbled by more than $50 this week and traded below the $400 and $380 support levels. Ether sellers took control and pushed the price below the $370 and $360 levels.

Lee said, "Bitcoin isn't broken if it's holding at these levels". There was even a break below the $350 support and a new monthly low was formed at $346. XRP was trading at $0.41 this time yesterday, but dipped and is now trading at $0.35.

The 4-hour BCH charts on Bitfinex and Bitstamp indicate that BCH markets have seen better days. Moreover, it coincides with the 88.6% Fibonacci retracement level of the last significant upward move from the $6,096 low to $8,510 swing high. Meanwhile, the near-term support is seen at $6,800.00 and resistance at $7,200.00.