The rise of these last two days in the cryptocurrency sector is supported especially by BTC, in fact, observing the weekly trend, the price of bitcoin is the only one among the first thirty cryptocurrencies to be above par with a gain of 2%. The altcoins, despite having benefited from the bullish movement, continue to be burdened without giving clear signs of a turnaround.
For bitcoin, in order to keep the Bears away, a further upward trend is needed, while the altcoins continue to oscillate around the summer lows.
Observing the behaviour of the first three, while the bitcoin, with the recent downturn, has confirmed the stability of the support tested several times during the summer, ethereum and ripple continue to suffer the bearish trend, remaining one step from the precipice.
On a daily basis, the red sign prevails today. Among the big ones, those to mark the most evident acute bearish trends are Binance Coin (BNB) which, together with Chainlink (LINK), in 7th and 21st position respectively, are seeing daily decreases of more than 4%.
Widening the horizon amongst the top 100, the most intense downturn of the day is that of Energi (NRG), which reverses with a double-digit downturn that goes beyond 10%.
Among the few green signs, Enjin Coin (ENJ) returns to the forefront, with a climb of over 8%, leading the few rises of the day.
At a general level, the market cap now stands at 265 billion capitalisation. Unsurprisingly, bitcoin continues to dominate, pushing it one step closer to 71% dominance. This is a burden on the rest of the industry, particularly on ethereum and XRP, which continue to score new lows.
Daily trading volumes are falling back to below 70 billion. In the last 24 hours, there have been increases for litecoin and EOS, exceeding the daily trading volumes of XRP and BCH.
Bitcoin (BTC) price
The price of bitcoin, after having been a step away from 10,800 dollars, now finds itself retracing to 10,400 dollars, a movement due to the profit-taking of short-term positions due to BTC having scored a rise of more than 10% in just two days, the best rise among the top cryptocurrencies.
The confirmation of the stability in the 9,500 area continues to be important and must be carefully examined. The consolidation above these levels would encourage an upward reaction towards 11,000 and then the next step in the $11,500 area.
These are the levels that bitcoin must necessarily reach in order to begin to dispel the fears of a return of the Bear. On the contrary, a break of the 9.500 would confirm the structure of the technical figure of the bearish triangle, where the prices have been oscillating for over two months.
Price Ethereum (ETH)
The ethereum structure continues to be set downward. Area 185 dollars, former dynamic and static long-term support, now becomes crucial resistance where ETH prices must recover to push towards the $200 area. A delay in this reaction would only attract the testing of the $155 level over the next few days, a crucial level in a long-term perspective which ethereum abandoned last April.
A sinking to 155 dollars would continue to cause concern in the long term. In fact, with the breaking of the 185 dollars, ethereum has given a first signal of a bearish long-term trend which, until now, has been set to rise.