Recently the values of cryptocurrencies are experiencing a lateral movement that risk making the public fall asleep. Technical analysis updates are almost a photocopy of the previous days.
To give a better idea of the current phase, just think that in the last week the Italian stock market, the FtseMib, is showing a daily volatility of prices higher than that of bitcoin. If we consider that our national index is open to trading for 9 hours a day, while the crypto markets are open 24/7, we understand how particular this anomaly is.
The volumes traded remain low: today we are experiencing yet another day that doesn’t show any kind of movement.
On Sunday 30th September, in fact, the total number of bitcoins traded on the trading platforms exceeded 26,330 units, equal to a volume of about $174,390,000, just over $5 million of the counter value traded last 23rd September, the day with the lowest trading volume of the year.
Total capitalization moves just below $220 billion, with bitcoin anchored to 52% of the market dominance and ethereum trying again to stabilize in second place after Ripple‘s approaches of recent days.
A copy-paste could be made of yesterday’s commentary. The up-and-down price fluctuation around the $6500 threshold slowly brings us closer to the moment of truth with the speed of a turtle before hibernation.
The short-term technical analysis identifies a $6400 downward area, and a $6680 area as a level to place alerts on your trading platform.
Yesterday, prices tried to put their heads above 230 dollars obtaining the same effect as last week: the lack of new demand inevitably leads to a downward trend even with a few handfuls of sellers.
The medium-term trend remains bearish, while for the short term the necessary condition is not to go under 220-215 dollars.