Not the greatest Wednesday, crypto in red
Not the greatest Wednesday, crypto in red

Not the greatest Wednesday, crypto in red

By Federico Izzi - 4 Jul 2018

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Crypto in red: among the weaker ones we find Cardano at -9%, followed by Icon (ICX), Nem (XEM), OmiseGo (OMG) and Bitcoin Cash (BCH) with a fall between 6 and 8%. Bitcoin holds dominance.

Not the greatest Wednesday, crypto in red. Leggi qui l’articolo in Italiano.

The rally that started on the afternoon of 2 July is slowing down. Today’s awakening sees only the red color prevail.

To find the first positive sign you must scroll up to the 30th position occupied by Steem (STEEM) with a rise of more than 6%.

The controversial coin of Asian origin (over 55% of the daily exchanges takes place on the two main South Korean exchanges), has lately been the object of attacks to the blockchain network that the Steemit team has always promptly rejected, at least in the statements.

The last one arrived yesterday with a tweet from the official profile which explains the reasons for the recent blockages (and the technical patch applied to the source code), to solve a fraudulent attempt of a user’s transaction, with the purpose of “emptying” his account without a trace.

Among the main altcoins in red we find Cardano (ADA) that moves back more than 9%. This is followed by Icon (ICX), Nem (XEM), OmiseGo (OMG), and Bitcoin Cash (BCH) with a decline of between 6% and 8%.

Many altcoins are back to test the ex-resistances lately, easily overcome with the ascent of the beginning of the week that in a few hours brought the prices to the levels of mid-June.

Despite today’s negative awakening, one can hope that the media will now hold.

Meanwhile, the capitalization is back today under 270 billion dollars, with Bitcoin remaining above 42% of dominance.


Bitcoin (BTC)

Prices rose by about 4% from yesterday’s highs reached in the area of $ 6675.

More than a descent it is, at the moment, a retracement useful to test the previous levels of resistance, now become support in the area 6400 dollars.

In fact, this level will demonstrate in the next few hours the true identity of the recent upturn which, in less than three days, rejected the upward prices, recovering over 15% after having touched the fund since the beginning of the year.

A rebound that will prove to have been harmless in the eyes of the bears if prices will fail to rise above $ 6800 in the coming days.


Ethereum (ETH)

The attempt to break up the two trendlines (green and red) passing through the highs of the last two months is not successful, continuing to indicate the prevalence of the bearish trend in the medium term.

Yesterday’s climb in the 485 dollar area was not met by new purchases. This means that, at the moment, the prices return to test the levels of the first day of July, in the 450 dollars area.

The short trend remains set upwards. To reassure the bull in the coming hours it will be important to observe a new stretch over the highs of yesterday, otherwise we risk to tickle the bear until it starts clawing.

The defense of the rook at 400 dollars by the last pawns now calls the support of the bishops when new volumes have been purchased, and it would be better if they were higher than those recorded between Saturday and Monday.

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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