Bitcoin returns under 10000 dollars
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Bitcoin returns under 10000 dollars

By Federico Izzi - 19 Sep 2019

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For the second time in September, bitcoin returns under 10000 dollars. Since June, this level has been violated upwards and downwards at least 20 times. 

It is the entire crypto sector that today makes a decisive reversal. Unlike yesterday, 80% of the cryptocurrencies are in negative territory, lagging behind and causing concern as compared to the excellent performance of the last two days. 

In the night, bitcoin has extended the drop into the $9,600 area. The consequence of this difficult moment is that the rest of the sector has been dragged along, limiting the gains collected by the altcoins in the last two days.

Today it is worth noting the good performance of Stellar, which among the first 20 is the only one to rise, scoring a rise of 5%. Stellar adds another positive sign, reaching in just 48 hours an increase of almost 50%.

Stellar pairs up with Ripple, but today XRP, as opposed to XLM, recedes back to below 30 cents of a dollar that it had violated upwards. Today Ripple is among the worst of the top 20. Together with Tezos (XTZ), it falls with a drop that goes over 7%. 

Cosmos (ATOM) continues to suffer, the worst of the top 100 with a double-digit decline, which brings the prices below $3, after pushing above $3.5 over the weekend.

BitTorrent (BTT) is the second-worst decline of the day with an 8% drop. Same for Waves (WAVES).

Today’s decline once again deflated the market cap which returned to $263 billion, with bitcoin falling to 67% of dominance. Ethereum’s market share rose above 8.5%, despite the difficult day with a 2% loss on the price. Ripple’s downturn, on the other hand, does not allow XRP to go beyond 5% dominance, remaining just under 4.8. 

Bitcoin (BTC) under 10000 dollars

With today’s return under 10000 dollars, bitcoin records the most bearish movement since early September. This movement increases volatility, but it remains well below 2.5% on a monthly basis.

In a medium/long-term perspective, nothing changes: the oscillations remain within the bearish triangle. To dispel the fears bitcoin must recover the 11,000 dollars.

Ethereum (ETH)

Today’s trend of Ethereum, which loses 2% on a daily basis, does not negatively affect the rise achieved in recent days. After hitting $218 yesterday, ETH is now falling back to $210 and remains above the psychological alert threshold of $200.

For Ethereum there are signs of a trend reversal, but for further confirmation, it is necessary to go beyond 235 dollars in the short term. On the contrary, it would be a negative signal if prices were to return below 185 dollars in the next few days.

 

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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