HomeTradingBitfinex trading, the fear is fading away

Bitfinex trading, the fear is fading away

After the upward explosion of Monday morning, due to the speculation on Bitfinex that, in less than an hour, has made the prices fly from 6300 to 7800 dollars, highlighting a difference of about 1000 dollars with the rest of the competition, this morning the spread falls below 300 dollars.

$6500-6700 seems the right area of balance with valid supports. In such contexts, the direct consequence is the increase in trade that, in the last 48 hours, has recorded an increase of more than 25%.

Total capitalization remains steady at $210 billion, with the sector ready to break a new record in the coming hours.

Despite the period characterized by general uncertainty and by prices that, for the most famous cryptocurrencies, fluctuate just above the lows of the year, the number of new tokens quoted by Coinmarketcap continues to grow, now arrived to break the wall of 2100.

As often happens after sudden leaps, today 0x (ZRX) experiences a 10% drop from yesterday morning levels.

Electroneum (ETN) and Dogecoin (DOGE) are among the worst, with drops of around 7%.

Among the best of the Top 20 emerge Stellar Lumens (XLM), with a rise of 5%, Iota (MIOTA) and Cardano (ADA) going up by 2.5% from yesterday’s values.

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

Bitcoin (BTC)

There has been no operational change since what was written yesterday. In the last 12 hours prices seem to have frozen just above the threshold of 7200 dollars.

The holding of this level would indicate a consolidation waiting to see the prices realigned among all the major exchanges.

On the contrary, a return under the 6400 dollars area would bring back bearish trends.

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

Ethereum (ETH)

The same scenario also applies to Ether, which since yesterday has been glued just over 210 dollars.

Unlike BTC, the Monday differential, which rose to 10%, was absorbed in a matter of hours. Therefore, the 210 dollars area is a level to be consolidated on all trading platforms. Below $190 the situation would once again highlight dangerous fragility.  

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".