Another drop for the crypto market today
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Another drop for the crypto market today

By Federico Izzi - 17 Jul 2019

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Since yesterday afternoon, prices in the crypto market have started to drop sharply and bearish movements have been recorded even today, violating in several cases the warning levels that were also the lows of early July, the former support that needs to be monitored carefully. 

crypto market today
Source: https://coin360.com/

The breaking of these levels has also attracted bearish speculation which, over the hours, has extended the falls.

Today is characterised by price drops for 95% of the crypto market. Double-digit declines for BTC, ETH and LTC are clearly visible. Of the big ones, EOS, TRON and Dash are the most affected by the decline, with decreases of up to 14% on a daily basis.

However, this decline sees an increase in trading volumes that today exceed $95 billion, levels 20-30% higher than the average of the last week. The bearish extension begins to test the dynamic support levels that underlie the current bullish trend begun with the relative lows of early April. 

Among the few green signs, only Japan Content Token (JCT) stands out, which, with little more than $61 million capitalisation, occupies the 93rd position and today is the only sign with a 23% double-digit increase. Followed by Clipper Coin (CCCX), an unknown token in 78th position with $78 million of capitalisation.

One of the most significant drops is that of Icon (ICX), which continues to attract attention over this past very volatile week, with a bearish movement of over 30%. Icon is followed by Crypto.com Chain (CRO) in 27th position, which loses 25%, which is equal to the loss of Egretia (EGT).

The capitalisation of the crypto market today recorded a drop down to 250 billion dollars, a level that highlights a loss of 130 billion dollars from the highs reached at the end of June. 

This phase is definitely in the hands of the Bears and it continues to highlight the support and holding by bitcoin, which continues to remain the safe haven in times of uncertainty and weakness. The dominance of bitcoin, in fact, continues to remain stable at 63%, while the downward movement of Ethereum causes the capitalisation to touch the bottom, which is now at 9%, the lowest levels since last November. 

crypto market today
Source: https://it.tradingview.com/symbols/XRPUSD/

Despite the difficulties, Ripple benefited from the generalised weakness and regained 5% market share. XRP with the movement of these days lost 45% from the tops of June 22nd, with prices that are testing the historical support of the last seven months at 30 cents, a level already touched last mid-December and in late January and April. 

crypto market today
Source: https://it.tradingview.com/symbols/BTCUSD/

Bitcoin (BTC)

For bitcoin, the break of the psychological and also technical level of the 10,000 dollars attracts the speculation downwards and causes the testing of the medium-term support at 9,200 dollars, support that triggers the profit-taking of the positions downwards and that at the moment highlights a pullback on a daily basis. 

$9,200 is also a dynamic support area. Prices must confirm that this level is held or extend to a maximum area of $8,800. If not, it would open up spaces for further extensions to 8,500-8,200 dollars, levels abandoned between the end of May and the beginning of June last year.

For bitcoin, upwards, the levels that would make the bulls rebound are about 20% distant, in the $11,000 area.

crypto market today
Source: https://it.tradingview.com/symbols/ETHUSD/

Ethereum (ETH)

The weakness principle already highlighted in recent days expands, marking the low of the last three months and going precisely to test the $190 area, which until mid-May was an area of strong resistance that has now become a crucial support area. 

The sinking of these last hours shows a bearish movement of 45% from the highs of the year. ETH must recover $230 in the next few days. A possible violation of the 190 dollars would attract bearish speculation towards the next level of support in the $155 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".

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