After days of fluctuations around the parity, the opening of the week shows cryptocurrency volumes at the annual lows and the red sign that precedes all the first 50 cryptocurrencies listed on Coinmarketcap.
Only Maker (MKR), in 21st place with over 460 million dollars of capitalization, manages to get a green sign, rising just over 1% from yesterday afternoon’s levels. Among the big ones, the slips of Litecoin (LTC), Tron (TRX) and Ethereum Classic (ETC), all over -5%, are worrying. Almost all the others are testing once again the support levels of the last two weeks.
Trading volumes remain very low. Yesterday, Sunday, October 28th, recorded the second day with the lowest volumes of the year. For the second consecutive Sunday, operators have preferred to devote themselves to something else. The increase in tension in these early hours of the week brought the total trading volume back over $10 billion in the last 24 hours.
Total capitalization remains just above $200 billion, with bitcoin reaching market dominance of just over 54%, while Ethereum and Ripple remain below 10%.
The slide of the last few hours brings prices back below the threshold of 6400 dollars, values close to the test of the slightly bullish trendline present since late June, which so far has rejected every downward movement.
The violation of the support of $6400 finds the next floor around $6200. Below these levels, the fateful $6000 supports will tremble again and then, the one that will decide the eventual fate of the medium/long-term is around $5800. In order to find valid purchasing reasons, it is necessary to recover first the 6800 and then the 7400 dollars.
Prices are going down and testing the $190, the delicate threshold of the current monthly cycle that began with the annual lows in mid-September. The uncertainty of recent days, with prices that for several days have fluctuated in a narrow range of 5-10 dollars, has revealed a worrying desire for new purchases.
Technically, the monthly structure begins to weaken and a sinking under 190 dollars would open space to review the lows of September. The desire for redemption of the bulls has not arrived. The strategy of leaving the first move to the others is now clear. At this rate, however, the passage of time will favour the bearish attacks that exploit the low volumes.