Crypto market: alternation of red and green
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Crypto market: alternation of red and green

By Federico Izzi - 4 Oct 2019

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The day shows an alternation of red and green signs in the crypto market. None of the two is prevalent: looking at the first 100 cryptocurrencies with the highest capitalisation, half is in positive territory, the others in negative.

Source: COIN360.com

Red prevails among the first 10 crypto: Bitcoin, Ethereum, Bitcoin Cash, Binance and Bitcoin Satoshi Vision are below parity. By contrast, Ripple, Litecoin and EOS have green signs and are in positive territory; while Stellar and LEO fluctuate around parity.

The most substantial increase is that of Litecoin, which rises by 2%.

Ripple chart by Tradingview

Ripple rises by 1.5% regaining the 25 cents, a crucial threshold for XRP, former support level now become resistance.

Among the first 100 cryptocurrencies, the best of the day is Centrality (CENNZ), which today doubles its value with a three-digit increase of 115%. Centrality, with this climb, climbs to 55th position in the overall ranking. 

BAT chart by Tradingview

Behind it, there is Basic Attention Token (BAT) which rises by more than 12%. BAT, ready to test the trendline that since last April has rejected any attempt to climb, performs well. With the drop at the end of September, BAT went to review the levels of late February, marking one of the worst sinkings with a loss of more than 70% from the highs of the year reached last April.

Enjin Coin is also experiencing a double-digit rise of around 10%.

On the opposite side, in red, the descent of Chainlink should be highlighted, one of the worst of the day, with a retreat of 4%; the same intensity also affects Zilliqa.

The market cap sustained by the altcoins, rises and reaches almost 220 billion of capitalisation. The dominance of bitcoin remains stable just above 67%, whereas both Ethereum and Ripple conquer some decimal fractions. Ethereum is at 8.7%, while Ripple tries to recover 5% of the market share.

The trading volumes of the last 24 hours continue to remain below the threshold of 50 billion dollars which are very low levels. When taking as a reference what has happened in the last two months, values are one third lower than they were two weeks ago.

Bitcoin chart by Tradingview

Bitcoin (BTC) in red

The fluctuation of the prices of bitcoin continues, suggesting that it is not strong enough to rise above the short-term resistance of $8,400-8,500. It will be very important to understand over the next few hours and weekends whether this short-term congestion will be broken up or down. In the case of upward breakage, the next important level in the medium term is the recovery of $9,000.

Sinking below last Sunday’s lows at $7,600 could cause downward speculation and open up spaces to test the trendline that supports the current upward trend which passes in the $7,700 area.

Ethereum chart by Tradingview

Ethereum (ETH) also in red

Ethereum is retreating after failing to recover the 185 dollars during the last rebound of the past few days. A bounce that is still present but the failure to breach the 185 dollars is not a positive signal.

For Ethereum it is necessary to push above this threshold as soon as possible and then pave the way towards $200, a very important technical and psychological threshold, in order to try to reverse the medium-term trend.

A return below 155 dollars would provide a negative signal in the medium to long term.

 

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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