Cryptocurrency trading: a red and green market
Trading

Cryptocurrency trading: a red and green market

By Federico Izzi - 7 Jun 2018

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Congestion continues, AE doing well (+14%). Meanwhile, Coinbase, the largest San Francisco-based exchange, applies for an SEC compliant broker-dealer license. These are the latest cryptocurrency trading news.

Un mercato a colori rosso e verde. Leggi l’articolo in lingua italiana.

Indecision continues to prevail, with an alternation of ups and downs even during the day yesterday. The morning opens with red and green equally scattered among the first 30 cryptos of the list.

On the podium, we find Aeternity (AE) with over 14% up, followed by Nem (XEM) and Zilliqa (ZIL) close to the double figure. Among the most evident but not worrying decreases were Iota (MIOTA) with -2% and Lisk (LSK) just below -1%.

Operators’ uncertainty, evidenced by price congestion for more than ten days, does not help to identify a clear trend, despite the positive news period in favor of the cryptocurrency sector.

In recent days, China has repeatedly rebounded on news of new and positive statements by government representatives on the adoption of blockchain technology.

Equally, South Korea could review ICO (Initial Coin Offering) bans imposed at the beginning of the year.

In the last few hours, Coinbase, the largest cryptocurrency exchange based in San Francisco, USA, publicly announced that it had initiated the process of obtaining a license as the first broker-dealer to offer cryptocurrency trading, in accordance with the rules and conditions imposed by the SEC (Securities and Exchange Commission) and FINRA (Financial Industry Regulatory Authority).

A crucial step which, if approved, will put cryptocurrencies on a par with equities.

Capitalisation returns to close to $350 billion, with Bitcoin holding its market share steady at 38%.

Source: https://it.tradingview.com/symbols/BTCUSD/

Bitcoin (BTC)

Prices revise last weekend’s relative highs in the 7700 area. The lack of volumes and the trading-range that cages the prices between the 7000 and the 8000 dollars from the middle of May, continues to accompany the oscillations in a phase of limbo where both the bears and the bulls seem to wait for the first move of the adversary. Technically these conditions usually anticipate a decided directional movement, the suggestion is to remain vigilant.

Operating levels

UPWARD TREND: Eyes on resistance at 7800 dollars.

DOWNWARD TREND: It is always important to achieve accumulation above $7500, without going below $7400. If it goes under  7200 the effort of having slowly built the current bullish trend will be made vain.

Source: https://it.tradingview.com/symbols/ETHUSD/

Ethereum (ETH)

After failing the first bullish run at the beginning of the month with the breaking of the 600 dollars and the rejection just under 630 dollars, a new attack on the resistance placed between 610 and 620 dollars has to happen. The action underway since yesterday afternoon has not so far been supported by the volumes, which continue to remain insufficient.

Operating levels

UPWARD TREND: Crucial is the climb above the high of Sunday, above 630 dollars. Otherwise better to raise the defenses for a possible return of the bear.

DOWNWARD TREND: In the next few hours it will be important to keep Tuesday’s support in the 575 area. Any break increases the chances to revise prices under the weekly support of 550 dollars and the invalidity of the current moderately set upward trend on a monthly basis.

 

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. Since May 2017 he is officially a Bigbit technical analyst. 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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