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The crypto market is red today
The crypto market is red today
Trading

The crypto market is red today

By Federico Izzi - 24 Jul 2019

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Weakness in the crypto market continues to prevail, as evidenced by the majority of red signs today: 75% of the first 100 cryptocurrencies are in negative territory.

Source: COIN360.com

Of the top 20 crypto per market cap, only 4 are on the rise. Worthy of note is EOS, which with a 4% increase recovers the 4.10 dollars. Chainlink (LINK) follows, recovering 3.5% and trying to make up for the strong sinking of the last few days. From the highs reached with the strong rally at the end of June to the lows of July 17th, Chainlink saw a rejection of more than 50% of its prices. LINK is back today at $2.4, from a high of $4.6 in June. 

IOTA tries to break out after the difficult bearish movement that has characterised it in the last two months. From the highs of late May IOTA experienced a downward trend that last week went to test the lows of late April. Today, with a +2%, IOTA is trying to put its head back above 29.5 cents. Finally, LEO, with an increase of 1.4%, is close to 1.3 dollars.

Among the double-digit increases, there are Ren (REN) in 65th position, which climbs places in the ranking with a market cap that is close to 100 million dollars. Today REN is up 25%. Ren is followed, in terms of performance, by Crypto.com Chain (CRO), which is up 10.6%.

On the opposite side, Japan Content Token (JCT) in 85th place, today loses 13% after being distinguished in previous days by the double-digit increases. 

Bitcoin Gold chart by Tradingview

Among the cryptocurrencies in red, today’s crypto market also includes Bitcoin Gold, which loses 12% and slips below 22 dollars, levels that it had abandoned in mid-May last year. 

Total capitalisation falls to 265 billion. The dominance of bitcoin remains around 65% despite the weakness of recent days. Ethereum is stable at 8.3%, while RIpple recovers a few decimal points, returning just below 5% dominance.

Bitcoin chart by Tradingview

Today’s news on bitcoin (BTC)

Negative day for bitcoin today, which loses 2%. It is the fourth consecutive day of decline, which has not happened since December 2018. This is a very good snapshot of the situation during these days of prevailing weakness. Prices remain above the $9,500 threshold, a threshold where the dynamic bullish trendline initiated by the relative lows of early April passes.

Bitcoin will only be able to drive out the bearish trend with prices over $10,800, levels 15% away from the current ones. Falls below the lows of July 17th, over $9,200, could attract bearish speculation with support levels in near the $8,700 area.

Ethereum chart by Tradingview

Ethereum (ETH) in red today

For Ethereum the bearish trend is more evident, with decreasing highs and lows that are characterising the month of July and prices in line with the current closure of the bi-monthly cycle started with the lows of the first half of June and that is hypothesized to be concluded within the next few days.

 For Ethereum it is necessary not to go below 200-190 dollars in the next few days to have an initial indication of consolidation in the 200-210 dollars area. In order to return to attract new purchases, it is essential to return in the $235 area. 

The fall sees prices 45% away from the highs recorded on June 26th. A possible break of the 190 dollars that coincides with the previous level of resistance that had rejected every bullish attack until the middle of last May, could cause a dangerous downward avalanche effect and push the prices to 160 dollars. Any such movement could affect the bullish trend present from the lows of last mid-December. 

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".

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