Crypto trading news: the bull is short
Crypto trading news: the bull is short

Crypto trading news: the bull is short

By Federico Izzi - 5 Jun 2018

Chevron down

Here is the latest crypto trading news, on the 5th of June. According to the statistics, after four days of an upward trend, the increases accumulated over the weekend are disappearing.

Il toro ha il fiato corto: leggi l’articolo in lingua italiana

After the first slowdowns that began in the late morning of yesterday, cryptocurrency news says that this morning the awakening is red. Of the top 50 most top coins, only four have a positive sign.

Of these, only Binance Coin (BNB), with +1.6%, managed to put its head above the percentage point, continuing to stand out for maintaining a trend that was in contrast to the major players of recent days.

The other three, Decred (DCR), RChain (RHOC), Waltonchain (WTC), oscillate between parity and unity.

After seven days of recovery, total capitalization is close to $330 billion in recent hours.  

In the news, the 99bitcoin website records the 300th bitcoin death with an article by Forbes that again highlights the energy consumption required to maintain the decentralization of mining.

On the other side comes an endorsement of Steve Wozniak, Apple co-founder, who from the stage of the Money 20/20 event in Amsterdam, said he continues to support bitcoin calling it the “only and pure digital gold” and have all the features to establish himself as the currency of internet payment in the coming years.

Words in line with the statements of Twitter’s CEO, Jack Dorsey, released during the 2018 Consensus conference held last May in New York.


Bitcoin (BTC)

In the absence of an extension of more than 7800 dollars, prices are once again revising the dangerous threshold of 7400, once again becoming the first barrier to protect against bearish attacks.

While managing to maintain its market share of over 38%, in just over 24 hours bitcoin cancels the good bullish intentions accumulated between Friday and Sunday. With -4% of the last 24 hours, the weekly balance is halved.

Operating levels

UPWARD TREND: Consolidation above $7,500 fails. It becomes important to hold the supports at 7400 first and then 7200, so as not to see the dreams of glory sink into a still battered bull.

DOWNWARD TREND: The failure to hold the 7200 support will increase fears for yet another test to weaken the 7000 area threshold. In the event of a violation, the chances of seeing the return of massive sales increase.


Eos (EOS)

The transition to the mainnet of Eosio 1.0, which occurred between 1 and 2 June, was accompanied by euphoria that drove prices to revise the $ 15 threshold by exalting the cryptocurrency among the best on a weekly basis with a balance of more than 20%.

However, the lack of updates of BlockOne to the final switch to its blockchain, leading to the freezing of tokens transferred so far from the ERC20 network, annoyed operators who prefer to liquidate some positions causing a drop of more than 15% in less than 48 hours and the return of prices to Saturday night levels.

Usually, uncertainty does not accompany bullish phases. In this case, it feeds a dangerous limbo which, if it continues, will cause further falls. Otherwise, it will go up again.

Operating levels

UPWARD TREND: It’s not a good thing to be accused of having tried to lengthen the weekend race above 15 dollars. To have reached the maximums of the last month with large volumes and then deflate in a few hours is a sign of a bull out of breath. It is necessary to keep the 13 dollars so as not to cause a panic effect below the 10 dollars.

DOWNWARD TREND: 13 dollars area, until a few days ago medium-term resistance becomes an important level of support to be monitored carefully in the coming hours. The failure could start to frighten the purchases that entered the weekend fueled by general euphoria.

Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & 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 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".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.