Cryptocurrencies trade market: cryptos take a break, look out for supports
Cryptocurrencies trade market: cryptos take a break, look out for supports

Cryptocurrencies trade market: cryptos take a break, look out for supports

By Federico Izzi - 20 Jun 2018

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Cryptocurrencies trade market: nothing escapes after the hack against the South Korean exchange Bithumb during the night. For bitcoin, it is now important to stay over 6,400.

Cryptocurrencies trade market: cryptos take a break, look out for supports: Leggi qui l’articolo in Italiano.

The day opens with a definite prevalence of red signs. Among the top 30 virtual coins, only Tron (TRX) with +1.5% and Ethereum (ETH) with +0.7% can move in positive territory.

The hack attack against the South Korean Exchange Bithumb, which took place during the night (00:53 UTC) touched the short bullish trend that characterized the day yesterday, although, at the moment, there is no panic behaviour, as happened a few months ago in the face of similar events.

It’s the second time in less than a month that a hacker manages to violate South Korean cryptocurrency exchange. This was at the expense of Bithumb, currently among the top three largest exchanges in Asia and the sixth largest in the world for daily trading volumes.

Despite the immediate intervention of the team, which immediately activated the procedure for transferring funds in its cold storage, more than 30 million dollars were stolen. So far, it is not known which cryptocurrencies have been stolen. With a tweet on the official account, Bithumb has reassured its users by guaranteeing the blocking of all transfers and the coverage of losses for all accounts violated.

The total market capitalization remains over 280 billion dollars, with Bitcoin above 40% of the total.


Bitcoin (BTC)

Yesterday we saw yet another break of a previous relative high. The overrun of the $6750 area, even if it occurred with volumes lower than the previous break on Monday afternoon, is an important technical signal. The retracement during the night, coinciding with the news of the hack attack on Bithumb, saw prices slip by 4% (about 300 dollars) in a few hours bringing them back to the 6500 area.

Operating levels

UPWARD TREND: The return over $6750 will be a sign of strength confirmed by a subsequent climb over $7100.

DOWNWARD TREND: In the short term a return below the 6400 dollars threshold is negative.


Ethereum (ETH)

Despite the night-time tensions, Ethereum holds its support levels well, managing to maintain a medium-term support level in the $500 area. Over the last few hours, the dynamic resistance test (green and red trendline) has seen prices rejected despite the good purchasing volumes. Resistances need to be monitored in the next few hours.

Operating levels

UPWARD TREND: It is necessary to exceed the highs of yesterday afternoon in area 535 and 550 to have the first true confirmation of the current bullish movement started on June 14.

DOWNWARD TREND: Be cautious if prices return below the 490 area.

Federico Izzi
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".

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