A troublemaker bear grants a rebound. Leggi qui l’articolo in Italiano.
We are trying to recover the levels of the last seven days, even if the balance remains negative for most of the first cryptos for capitalization and the low volumes do not dispel fears of further downtrends.
Total capitalization is trying to recover the 400 billion. Among the first 30 coins, all preceded by a positive sign, Tron (TRX) is highlighted with +15%.
The cryptocurrency that currently occupies the ninth position in the ranking will be the subject of in-depth analysis in the afternoon update.
This was followed by Ontology (ONT) with +13%, Neo (NEO) +7%, Lisk (LSK) and Cardano (ADA) both with +6%.
The failure to exceed 10 thousand dollars at the beginning of the month continues to frighten the bull that fails to give a clear signal of reversal to the negative trend now present from the highs of May 6.
Unlike the other altcoins, the low of Friday night (May 18), with the break of 8000 dollars, marked a lower value than the previous, drawing a clear bearish trend, characterized by lower lows and highs.
The reaction test provides a first timid reaction signal with the breaking of the dynamic trendline passing through the 8300 area.
The push over 8500 occurred in recent hours will have to find support for purchases and consolidation above 8200-8300 dollars.
UPWARD TREND: Holding the 8500 area will withstand further thrusts above last week’s peak levels in the 8800 area. Returning above these latter levels will give relief to the bull.
DOWNWARD TREND: A return to less than $8000 is extremely dangerous. Technically, the 50% decrease in Fibonacci violation would increase the hypothesis of further prolongation in the 7700-7500 dollar area.
Despite the difficulties of recent days, Ethereum manages to score a rise.
Support at $690 continues to prove a level defended with teeth by bullish traders who, every time bring the prices back above $700 with purchases.
Prices have been having 85 dollars fluctuations for 10 days (650-785) and, within this price range, a short triangle has formed (in blue on the graph) which could trigger a clear directional signal in the next few hours.
UPWARD TREND: The recovery of the highs between 725 and 750 dollars in the next few hours could encourage new purchases, a necessary condition to bring prices back above the highs of 780 dollars.
DOWNWARD TREND: The stability of the 690 dollars remains crucial and in recent days has repeatedly demonstrated its importance. The downside violation would open spaces to test again the 650 area awakening a bear that has been causing trouble in the past 10 days.