Bitcoin, prices are trying to bounce back
Bitcoin, prices are trying to bounce back

Bitcoin, prices are trying to bounce back

By Federico Izzi - 20 Aug 2019

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The rebound brings the prices of the bitcoin back to 11000 dollars, but during these hours it finds its first break.

The push of over 1300 dollars, has seen the prices of bitcoin pass from about 9500 to reach 11000 dollars in the night.

In all likelihood, BTC benefited from the announcement of Bakkt – a subsidiary of the Intercontinental Exchange – on Friday, triggering a rise in investor confidence returning to the levels of mid-July, after having dangerously scored the lows of the current year.

The day sees the red signs prevail: scrolling the list of the major capitalised, it is necessary to go down to the 20th position occupied by Ethereum Classic (ETC) which records a gain of more than 5% from yesterday’s levels.

Among the first 50 in the ranking, only Ravencoin (RVN) with a +1.5%, manages to stay above parity. In contrast, the worst downturn of the day was that of Egretia (EGT), falling below -15%. Electroneum (ETN), Algorand (ALGO) BitTorrent (BTT) and Beam (BEAM) followed at a distance, falling by more than 5 percentage points.  

Despite the negative signs prevailing during the day, total capitalisation remains unchanged and just below 278 billion dollars, while trading volumes have remained fairly steady. Bitcoin’s dominance remains at 69%. Ethereum (7.6%) and Ripple (4.3%) oscillate around the levels of the last 48 hours.

bitcoin prices bounce

Bitcoin (BTC)

 The recovery of the last 72 hours cancels out the falls accumulated between August 14th and 15th but still fails to cancel out the bearish trend that began after reaching the highs at the end of June. In such a context, it is necessary to wait for the confirmation of the stability of the monthly supports remaining in the area 9500-9200, before assessing the beginning of the new two-monthly cycle expected in this time phase. Only a decisive return above 11200 dollars, accompanied by new purchases, will provide the first bullish signal.

bitcoin prices bounce

Ethereum (ETH)

The recovery above $200 has not found the right support of volumes, which is why prices have returned below the psychological threshold. Since the signal of the beginning of a new cyclical bullish phase has not arrived, it becomes necessary to keep the static and dynamic support of 175 dollars, a level tested with the fall of August 15th. A sinking below this level would project the prices in the $155 area, opening a dangerous bearish phase in the medium to long term. The return of prices above the area 225-235 in the coming days, would dispel fears of a trend shift.

Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & 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 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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