The 5th day with the lowest crypto trading volume since the beginning of the year is behind us. Since yesterday, there has been a significant decrease in cryptocurrency trading, which however takes place in a very positive context. It is a signal to be followed very carefully in the next few hours and days.

Source: COIN360.com

Today, half of the cryptocurrencies are in green. If we look at the first 30 cryptocurrencies, only 6 have positive signs, while bitcoin, at slightly over 1.2%, remains close to its annual highs.

Binance Coin has the same upward intensity and is close to the absolute records set on June 13th, a step away from $36.5. Worth noting, in particular, are LEO and Monero, which rise above the 3% threshold, while Bitcoin Gold scores a +3.5% and Dogecoin scores a rise of 1%.

The most impressive rises are around the 80th position where we find MaidSafeCoin (MAID) rising by 18%, followed by DigixDAO (DGD) and Egretia (EGT) rising by 14%.

Zilliqa keeps going down and scores -8%. Even Grin, after the strong rises, drops 6% and slips into 92nd position.

Among the top 25 cryptocurrencies, the ones with the biggest drops are Bitcoin Satoshi Vision (BSV) at -5%, Cosmos (ATOM) in 16th position at -4.5% and Zcash slipping by -3% after having scored the 2019 highs yesterday.

In an uncertain and technically unclear environment, the market cap continues to remain close to 290 billion, now at 287 billion, a positive signal in the overall context.

Bitcoin maintains its market share at 53%, as do Ethereum and Ripple which remain unchanged from yesterday.

Bitcoin chart by Tradingview

Bitcoin (BTC)

Bitcoin continues to hold its ground above the psychological threshold of $9,000, but without giving any bullish signals that would come with the levels of Monday, June 17th, when bitcoin reached $9,500.

To find a clear bullish signal it is necessary to have a return of trading volumes. But from this point of view, bitcoin records the lows of the last three months. It is necessary to go back to March to have a day with such low trading volumes.

Downwards, bitcoin currently maintains the bullish structure: only a drop below 8,200-8,000 dollars would be of concern.

Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum continues to fluctuate at $265 without providing the necessary extension beyond the $280 which would definitely result in the bearish head and shoulders figure that has now been in a congestion of $10 since last Saturday. This does not technically help in finding a bullish extension.

Downwards, Ethereum must remain above $255, a threshold that if violated would not exclude a return to the test $230, a support threshold that rejected the bearish test four times last May.

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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. Since May 2017 he is officially a Bigbit technical analyst. 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".