Crypto Currency Brief: Bitcoin rebounds on short-covering following Tom Lee’s bullish comments; Ripple breaks previous support – Tuesday, August 7th, 2018

BTC/USD: Bitcoin prices started to recover during European session Tuesday after Tom Lee, the Head of Research at Fundstrat Global Advisors remained bullish on the cryptocurrency. He said "Bitcoin, 'the best house in a tough market,' is now bouncing back", according to a news from CNBC. Further to that, latest reports also claim that the number of Bitcoin ATMs have risen over 3.5k globally, giving the digital asset another reason to flourish today. At the time of writing, BTC/USD traded 1.55 percent up at $7,048.90. Meanwhile, the near-term support is seen at $6,800.00 and resistance at $7,200.00.

ETH/USD: Following Bitcoin’s trend, Ethereum prices also started moving upwards, managing to break above the $400 psychological level on Tuesday. Recent report from NewsBTC said that South Korea’s two largest crypto exchanges -- UPbit and Gopax are backed by the country’s biggest bank and internet company Shinhan Bank and Kakao, which to some extent, helped to restore faith among crypto market participants. At the time of writing, ETH/USD traded 1.05 percent up at $409.20, hitting day’s low of 402.11. Meanwhile, the near-term support is seen at $400.00 and resistance at $420.00.

XRP/USD: The ripple community traded weak, breaking previous support despite news that XRP has now been added to the list of cryptocurrencies by Bitcoin Superstore, allowing customers to purchase from over 200k online retailers via XRP and 5 other cryptocurrencies, Coingape reported recently. At the time of writing, XRP/USD traded 0.46 percent down at $0.41079. Meanwhile, the near-term support is seen at $0.4000 and resistance at $0.4300.

BCH/USD: Bitcoin Cash, too attempted a recovery above the $700 handle, in a mood of general optimism in today’s crypto trading, following the footprints of its wider peers in terms of price action. At the time of writing, BCH/USD jumped 2.52 percent to $708.20. Meanwhile, the near-term support is seen at $680.00 and resistance at $720.00.

EOS/USD: EOS remained in a tight range during late European trading hours Tuesday after investors started to overcome the pessimism created by a spam attack, leading to voluminous rise in transactions over the past week. At the time of writing, EOS/USD climbed 0.13 percent to $7.0666. Meanwhile, the near-term support is seen at $6.7500 and resistance at $7.2100.