Bitcoin price recovery: BTC doesn’t fear Trump tweets
Trading

Bitcoin price recovery: BTC doesn’t fear Trump tweets

By Federico Izzi - 12 Jul 2019

Chevron down

The price of bitcoin is recovering from yesterday’s downturn. The rest of the sector is also positive, where today the green sign is once again the most prominent, with 80% of cryptocurrencies in positive territory. Of the top 20, only two have a negative sign.

Source: COIN360.com

Litecoin (LTC) rises again above 100 dollars, pushing over 105, followed by Bitcoin Cash (BCH) and EOS, which after yesterday’s sinking tries to bounce with a +4% and recover 5 dollars.

One of the best performances of the day was Stellar (XLM), which took the podium in the top three with an increase of more than 10%. The other two best are Bitcoin Gold (BTG) and WaltonChain (WTC), which are up 20%. Over the past few days, WaltonChain has stood out due to its high volatility.

The recovery of the price of bitcoin stands out despite the tweet of Trump: the US president has hurled against BTC and the cryptocurrency sector, but bitcoin seems to snub these attacks and sees its value grow by 1.2%, increasing the positive balance on a weekly basis. Since last Friday, Bitcoin, along with Monero (XMR), Dash (DASH), Crypto.com Chain (CRO) is among the best on a weekly basis. 

Ripple chart by Tradingview

Ripple has been hit hard in the last 48 hours, with XRP levels returning to the values of the beginning of the year, 32 cents of a dollar. XRP also highlights the debacle in an annual perspective, among the worst since the beginning of 2019. Ripple continues to suffer from the phase of weakness. 

There are no particular tensions among the red signs. The bearish movement of Chainlink (LINK) continues, after having achieved one of the biggest increases in the last few weeks which led to profit-taking and the price drop. Chainlink now seeks levels of support. LINK, from unknown token at the beginning of the year, has seen a strong rise in recent weeks, and now seeks to consolidate around $3 with a capitalisation of more than 1 billion that makes Chainlink conquer the 17th position at present. 

Market capitalisation is trying to regain market share of $320 billion, with bitcoin continuing to record new dominance records in the last two years, now at 65.2%, levels it has not recorded since the beginning of April 2017. Ethereum continues to remain below 9%, while Ripple remains at its lowest level since December 2017, at 4.5%.

Bitcoin chart by Tradingview

Bitcoin (BTC)

After the bullish peak recorded with the highs on Wednesday afternoon, bitcoin draws a double high that should be kept in mind over the weekend. At the moment this hypothesis would be confirmed with prices below 10,000 to 10,500 dollars. After the reaction to Trump’s statements and yesterday’s retracement movement, with today’s recovery, the price of bitcoin tries to find a medium-term support level in the $11,500 area. A possible violation of the 11,000 dollars would attract speculation that could lead prices to test the levels of early July in the $9,700 area. 

To return to assess a possible return of force in the short term it is necessary for BTC to recover the $13,000 area

Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum traces a weaker trend. The rebound of the beginning of the week has not found confirmation to attack the 325-330 dollars area. Yesterday’s bearish movement violated the dynamic bullish trendline passing through the $280-275 area. Ethereum will have to recover from these levels and return to attack the $300-310 area, where prices have fluctuated since the beginning of the week.

On a weekly basis Ethereum, unlike BTC, falls into negative territory with a loss of 5%. At the moment it is not a worrying downturn but with the cyclical hypothesis that the bi-monthly cycle started from the lows at the beginning of June, it is necessary for ETH not to go below $255. It would be worrying to go under this level and test the supports that since mid-May have always pushed the bearish attacks, in the $225-230 area. 

 

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. 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".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.