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Daily crypto trading volumes are decreasing

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.

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".