Bitcoin: little movement for BTC
Trading

Bitcoin: little movement for BTC

By Federico Izzi - 10 Sep 2019

Chevron down

The day sees bitcoin sticking to a movement that has no substantial differences compared to the last 48 hours, with values around parity. This morning BTC moves just above the parity (+0.2%). This highlights how bitcoin, after last week’s decided rises in sharp contrast with the altcoins, reaching just one step from $11,000 and then retracing in the last three days, continues to move above $10,000 and around the $10,500 area, a watershed level as far as bitcoins are concerned. 

Source: COIN360.com

For the rest of the sector, this is a day with a slight prevalence of green signs: 65% of cryptocurrencies are in positive territory. The top 15 are all above parity except Bitcoin Satoshi Vision (BSV), Monero (XMR), and Leo Token (LEO): the worst is BSV which moves below 4%, while Monero drops 2% and Leo is just below par. 

The altcoins continue their slow recovery narrowing the gap that on September 6th recorded the most extensive difference in recent years. The altcoins are slowly catching up. Taking as a reference last Tuesday, the weekly balance is all in positive territory.

Cosmos chart by Tradingview

Leading the upward movement is Cosmos (ATOM), which in the last few hours is close to $2.90. Since the recent lows, in 5 days Cosmos has risen by more than 60% allowing it to be the best of the week among the big names.

The total capitalisation remains at yesterday’s levels, 265 billion dollars. The trading volumes of the last 24 hours are growing again, returning to over 60 billion dollars.

The dominance sees bitcoin holding just above 69%, unchanged levels for Ethereum and Ripple. 

Bitcoin chart by Tradingview

 

Bitcoin price movement (BTC)

Bitcoin is now struggling with the psychological threshold of $10,000, a level that is technically irrelevant. In the coming days, it will be very important for bitcoin to support a movement over the $9,500 area, a level which bitcoin has repeatedly tested in the last two months.

The previous indications of a strong and sustained recovery of volumes in order to go beyond 11,000-11,500 dollars remain valid for bitcoin. If this area were not overcome with the support of volumes in the coming days, there would be confirmation of the bearish triangle figure that is very clearly outlining the trend of bitcoin prices in the last three months.

Ethereum chart by Tradingview

 

Ethereum (ETH)

Prices continue to fluctuate in the $180 area, seeking a solid stepping stone to start attracting new purchasing volumes in a very delicate phase for Ethereum, which has now been in a bearish trend for over two months. 

For Ethereum it is necessary to consolidate the current levels and stay above 165 dollars. It is necessary to find the reasons to bring back investor confidence and new liquidity to support a movement that could go beyond 185 dollars and then towards exceeding the technical and psychological threshold of 200 dollars.

 

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".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.