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Crypto pattern: The SEC keeps the market on hold

Today, the crypto queen bitcoin is tired as well, falling just below the parity threshold (-0.5%).

The worst is Tezos (XTZ): after yesterday’s uptrend, all the rise has been cancelled today, scoring -15%.

Eos, Dash, Cardano (ADA), Tron (TRX), Ethereum Classic (ETC) and Bitcoin Cash (BCH) also not doing so well, all down by around 5%.

The only ones to stand out in green are VeChain (VET) and Lisk (LSK), which have risen by 3.5% from yesterday afternoon’s levels.

The drop in volumes continues with less trading compared to recent days, a further sign that last week’s bullish operators prefer to wait for the move of the bear.

Total capitalisation remains anchored at $210 billion with bitcoin’s dominance at more than 53%.

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

Bitcoin (BTC)

For the past two weeks, except for a few hours during the day of August 14, prices have been going sideways between $6200 and $6600 without giving any clear directional signals. This 6% fluctuation gives a very good picture of the subtle volatility of this period. Usually, such a prolonged downturn is a sign that anticipates an explosive directional movement. The fuse could be triggered by the SEC’s decision expected within the next 48 hours.

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

Ethereum (ETH)

ETH prices continue to suffer. After reaching $300 for a few moments, the prices plunge back below this threshold highlighting the difficulties in attracting new purchases useful to drag the values to a safe distance from the lows reached last week.

The delicate technical situation does favour an upward trend. The Bear does not seem tired of continuing to hold the Bull by the horns.

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. 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".