Bitcoin: price rises today
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Bitcoin: price rises today

By Federico Izzi - 10 Oct 2019

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Today, Bitcoin’s price rises by breaking the resistance of the 8,450 dollars and reaching just over 8,700 dollars, a level where coverings are prevalent and cause a slight retreat that does not affect the trend. The price of bitcoin, in fact, is now on the rise with a gain of 3.5%. 

Bitcoin price rises

The rise of bitcoin yesterday was almost 5% and was foreshadowed by Ethereum who went to test the 195 dollars, a level where the downward trend passes, highlighting the negative trend that began last June. Ethereum also rises today by more than 3%, although in the $195 area the coverage of short-term upward positions is prevailing.

The opposite is true of Ripple, which is now down 3.5%. XRP thus fails to exceed 29 cents of a dollar, which in the first 8 months of 2019 had been a valid support broken with the fall that occurred in mid-August. Now the 29 cents are proving to be a tough resistance for Ripple. 

Bitcoin price rises

Among the best of the day, there is Ren (REN), which rises 20% with the price exceeding 0.06 dollars. REN regains the 80th position in the general ranking. 

On the other hand, the worst is Chainlink (LINK), which is down 8%, although it should not be forgotten that LINK in the last period has shown itself to be the best of the big ones and even on a weekly basis has achieved a rise of more than 25%, so this decline does not affect the short-to-medium-term trend.

Bitcoin price rises

The rise of the bitcoin, as usually happens, also increases the market cap that in recent hours returns to 230 billion dollars. Bitcoin’s dominance goes up by a few decimals, returning to over 67% of the market share. 

Even Ethereum’s performance brings dominance back over 9%, a level that has not been recorded since the beginning of July. Ripple, on the other hand, returns close to 5% after having reached 5.5% of the market share.

Bitcoin price rises

Bitcoin (BTC) rises today

Bitcoin breaks the laterality that has been characterising the price since last July by breaking the resistance of the 8450 dollars. The push that led to the test of the $8,700 saw profit-taking by the short-term speculation, with prices falling in the $8,500-8,450 area, a level that has now become valid support to test the trend and understand if this break will be confirmed or not in the coming hours. 

For bitcoin, it will be important not to go back under the psychological threshold of 8,000 dollars that would definitely invalidate this last extension. 

Bitcoin price rises

Price Ethereum (ETH)

Ethereum continues to maintain a moderate upward trend after reaching its lowest level in the last half of the year on the 26th of September. This trend is in contrast with the long-term bearish trend passing in the area of $195-196, a price tested yesterday and where the profit-taking prevailed, bringing Ethereum to $190 in recent hours.

This is a movement to follow carefully to understand if the signs of reversal of the trend from bearish to bullish will be confirmed in the coming days.

For Ethereum it is important not to go below the lows of early October below $165 to not invalidate the bullish structure that is developing these days.

Today, Bitcoin’s price rises by breaking the resistance of the 8,450 dollars and reaching just over 8,700 dollars, a level where coverings are prevalent and cause a slight retreat that does not affect the trend. The price of bitcoin, in fact, is now on the rise with a gain of 3.5%. 

The rise of bitcoin yesterday was almost 5% and was foreshadowed by Ethereum who went to test the 195 dollars, a level where the downward trend passes, highlighting the negative trend that began last June. Ethereum also rises today by more than 3%, although in the $195 area the coverage of short-term upward positions is prevailing.

The opposite is true of Ripple, which is now down 3.5%. XRP thus fails to exceed 29 cents of a dollar, which in the first 8 months of 2019 had been a valid support broken with the fall that occurred in mid-August. Now the 29 cents are proving to be a tough resistance for Ripple. 

Among the best of the day, there is Ren (REN), which rises 20% with the price exceeding 0.06 dollars. REN regains the 80th position in the general ranking. 

On the other hand, the worst is Chainlink (LINK), which is down 8%, although it should not be forgotten that LINK in the last period has shown itself to be the best of the big ones and even on a weekly basis has achieved a rise of more than 25%, so this decline does not affect the short-to-medium-term trend.

The rise of the bitcoin, as usually happens, also increases the market cap that in recent hours returns to 230 billion dollars. Bitcoin’s dominance goes up by a few decimals, returning to over 67% of the market share. 

Even Ethereum’s performance brings dominance back over 9%, a level that has not been recorded since the beginning of July. Ripple, on the other hand, returns close to 5% after having reached 5.5% of the market share.

Bitcoin (BTC) rises today

Bitcoin breaks the laterality that has been characterising the price since last July by breaking the resistance of the 8450 dollars. The push that led to the test of the $8,700 saw profit-taking by the short-term speculation, with prices falling in the $8,500-8,450 area, a level that has now become valid support to test the trend and understand if this break will be confirmed or not in the coming hours. 

For bitcoin, it will be important not to go back under the psychological threshold of 8,000 dollars that would definitely invalidate this last extension. 

Price Ethereum (ETH)

Ethereum continues to maintain a moderate upward trend after reaching its lowest level in the last half of the year on the 26th of September. This trend is in contrast with the long-term bearish trend passing in the area of $195-196, a price tested yesterday and where the profit-taking prevailed, bringing Ethereum to $190 in recent hours.

This is a movement to follow carefully to understand if the signs of reversal of the trend from bearish to bullish will be confirmed in the coming days.

For Ethereum it is important not to go below the lows of early October below $165 to not invalidate the bullish structure that is developing these 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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