Crypto market analysis: Bitcoin and the obstacle before it
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Crypto market analysis: Bitcoin and the obstacle before it

By Federico Izzi - 21 Jun 2018

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Crypto market analysis: the queen of crypto rejected for the third time in the 6850 dollars area. Ethereum Classic doing well.

Crypto market analysis: Bitcoin and the obstacle before it. Leggi qui l’articolo in Italiano.

Thanks to the readiness of Bithumb‘s security team that immediately activated the procedures of blocking exit funds, and to the low incidence of the missing amount (the estimate of stolen tokens is about 30 million dollars) the hack wasn’t so bad.

With the exception of Bytecoin (NCB), which fell by more than 5%, the top 30 cryptos for capitalisation this morning were all green

Among these, Ethereum Classic (ETC) stands out with an increase of over 12%. Tron (TRX) remains active +4% from yesterday morning levels and continues the bullish movement begun on Monday morning. With today’s upturn, performance exceeds 20% in less than three days.

The total capitalisation is over 290 billion dollars, with the market shares of bitcoin and ethereum returning to their highest levels in the last two months, namely 40% and 18%.

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

Bitcoin (BTC)

For the third time, prices are attempting to break the resistance in area 6850, a level that is urging the bears to defend themselves.

The lack of breakage in the next few hours will accompany a possible retracement in search of a valid support for the accumulation. Instead, in the case of a return below 6400 dollars, it is better to postpone the attack on the resistances.

Operating levels

UPWARD TREND: The maximum area at 6835-6850 now coincides with the dynamic bearish trendline (blue line) that started in early May and passed through the recent high at the beginning of June. This is the first real test for the bull.

DOWNWARD TREND: A return under the 6400 area might endanger the bullish trend that is building up

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

Ethereum (ETH)

The upward thrust of yesterday afternoon led prices to revise their share of 540 dollars, thus reaching a positive balance of more than 21% in just over a week, precisely from the lows of Wednesday, June 13.

Prices attempt to break the dynamic resistances passing through the levels of this morning (area 530-550). The volumes of the last few days reinforce the hypotheses of a bullish movement.

It is necessary to confirm the prices, which in the coming hours will have to go beyond the highs of yesterday afternoon ($545) and extensions beyond $570.

Operating levels

UPWARD TREND: Eyes on the resistances between 535 and 550. The rupture will attract buying volumes increasing the chances of reviewing the $570-580.

DOWNWARD TREND: Any retracement should not be less than $500. A crucial threshold for not invalidating the bullish structure built in the last week. Very positive a movement of accumulation in the area 520-540 dollars.

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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