Bitcoin, the price of today in decline, while dominance rises
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Bitcoin, the price of today in decline, while dominance rises

By Federico Izzi - 7 Aug 2019

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The price of today of bitcoin is slightly down, but the focus is still on BTC. The current month demonstrates the desire to continue climbing and contrasting the statistics that tend to depict July and August as unfavourable to the bulls.

Between yesterday and today, in the last 24 hours, we have seen the return of the price of bitcoin to the levels of the relative highs of late July, wiping out the bearish movement that has been recorded for the most part of July. 

This is a positive sign that comes in conjunction with an increase in volumes. After the push to 12,300 dollars, the price of bitcoin then dropped just below 11,300 dollars and, with the current data available, this does not seem to be a movement caused by the return of the Bears, but a movement triggered by profit-taking

The same does not apply to the rest of the sector. While bitcoin has recovered 25% since the beginning of August, the story is quite different for most major altcoins.

Source: COIN360.com

More than 80% of the first 100 cryptocurrencies on CoinMarketCap, in fact, are under the parity threshold. During this hot period of the year, not only from a meteorological point of view but also because of the international tensions that have returned to rise between the United States and China, China seems to be considering removing the ban on cryptocurrencies

In the last two days, there has been a sharp increase in volumes. In fact, there is an average of exchanges equal to those of April and May, the months that pushed up and swept away the so-called crypto winter.

Among the major cryptocurrencies, Ethereum stands out, which continues to struggle to confirm the 235 dollars.

Litecoin chart by Tradingview

The struggling phase of Litecoin also stands out. Since the beginning of August, LTC has had a negative balance. After the halving that occurred on Monday, which led to speculation that pushed prices to 100 dollars for a few hours, now prices are back to test the 90 dollars

This phase of uncertainty, plus the weakness of recent months, seems to replicate what happened during the first halving of litecoin in 2015 when prices remained caged in a bearish trend. This bearish trend at this stage makes litecoin lose the 4th position in the ranking of the leading cryptocurrencies to the advantage of Bitcoin Cash

Bitcoin Cash chart by Tradingview

At the same time, however, BCH, after having benefited from the increases led by bitcoin in recent weeks, struggles to get back above $360, levels tested on Monday and subject to short-term profit-taking.

Capitalisation remains above 305 billion dollars. The dominance of bitcoin continues to rise: it is now in fact at 68.5%, indicating an upward phase that has been characterising bitcoin’s market share for over a month, despite the fact that today the price of bitcoin loses 3.5%

Ethereum has fallen by 3% today and, in terms of market share, remains below 8% of dominance, the lowest level in the last two years. Meanwhile, Ripple, despite a decline of 2.5% in the last hours, maintains the market share of yesterday, equal to 4.4%.

Bitcoin chart by Tradingview

Bitcoin (BTC), the price of today

The technical phase of bitcoin confirms the strong upward trend that started last February. It will be important to understand if the interruption of the bi-monthly cycle hypothesised to close in mid-August has actually taken place or if technical speculation is involved. 

At this moment, the probabilities are more in favour of an interruption of the bi-monthly cycle and the beginning of a new cycle that will continue until autumn.

Ethereum chart by Tradingview

Price Ethereum (ETH)

Ethereum continues to maintain the dynamic bullish trendline that began in February but with a much lower intensity. During these hours the support passes in the $210-215 area, levels that are still close to about 7% from this morning’s levels that see Ethereum’s prices around 225. 

For Ethereum it is necessary to push towards 235 dollars with the support of new purchases, which in recent days have returned hesitantly, although a more decisive action is needed. 

 

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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