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Day trading cryptocurrency strategy: South Korea helps the Bull
Day trading cryptocurrency strategy: South Korea helps the Bull
Blockchain

Day trading cryptocurrency strategy: South Korea helps the Bull

By Federico Izzi - 30 May 2018

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Day trading cryptocurrency strategy: Testing the rising reaction.

Leggi qui l’articolo in italiano.

The possible rethinking by South Korea of the ban on ICOs (Initial Coin Offering), the third most active market in the sector, favors the bull, which is trying to move away from the monthly lows.

The day opens with the color of hope.

Among the first 100 coin, only MyBit Token (MYB) had a negative -4.5%.

Capitalisation is trying to reach more than 330 billion dollars after risking falling below 300 billion in the last few hours.

Bitcoin continues to confirm that it catalyzes attention during times of difficulty, favoring flows.

The domain share tries to aim above 39%. Bounce tests need new confirmations in the coming days to avoid the risk of stumbling below new lows.

day trading cryptocurrency strategy
Search: https://it.tradingview.com/symbols/BTCUSD/

Bitcoin (BTC)

The queen of the cryptocurrencies tries to bounce back. Prices, after updating the May lows, recover previous levels of support in the 7400-7500 dollar area. After four days of falling, in just over 24 hours it recovered more than 7%, revising the levels leftover during the last weekend.  

Operating levels

UPWARD TREND: It’s early to have a positive view. In the next few days, it is necessary to maintain the lows of yesterday and a decisive return of over 7500 dollars.

DOWNWARD TREND: It is not possible to define the end of the bimonthly cycle that started in April. The latest level of medium-term support ($7000) rejected sales. It’s very dangerous to sink below this level again.

day trading cryptocurrency strategy
Search: https://it.tradingview.com/symbols/ETHUSD/

Ethereum (ETH)

After having reached the target of the bearish Head&Shoulders the coverings made the volumes jump to the maximum, pushing the prices to review the 565 dollars area again.

Despite a recovery of more than 15%, the medium term structure remains bearish at the moment. In the next few days, with the launch of the Tron and Eos Mainnets, it will be important to understand the reaction of operators in maintaining their confidence in Ethereum, which has so far maintained its absolute dominance in the application of DApps and smart contracts.

Operating levels

UPWARD TREND: It’s important to return above the 600 dollars area to get a first bullish signal. Below this threshold, it is preferable to wait for further developments.

DOWNWARD TREND: The recent lows in the $500 area confirm the importance of this level, which was further strengthened by the recovery of the $550 area, having previously been another area particularly affected by volumes.

A possible return below these levels opens spaces downhill to the $420 area. 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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