Bitcoin loses ground and returns to 8000 dollars
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Bitcoin loses ground and returns to 8000 dollars

By Federico Izzi - 16 Oct 2019

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The day turns red for more than 90% of the first 100 cryptocurrencies and the first three of the ranking are no exception. Bitcoin returns to test the threshold of 8000 dollars, losing 3%. In the top 3, Ethereum suffers the most with a -4% and prices that return to test the 175 dollars. Ripple fails to secure 30 cents and loses 2%.

Source: COIN360.com

In order to find the first positive sign, it is necessary to reach the 40th position occupied by Educare (EKT) which continues to give bullish signals, although today the rise has slowed down with a gain of 3% and prices that go above 17 cents of a dollar.

Among the worst of today, there is Ren (REN), in 86th position with a 15% drop.

Algorand (ALGO) is also on the podium of the worst performances and is back down after trying to reach the 26 cents of a dollar in the last few days. Today ALGO loses 12% with prices that return close to 22 cents.

Among the big ones, there is the negative performance of Binance Coin (BNB) that slips below 6%. TRON (TRX) also reverses, losing 8%. Another one that stands out for its decline is Chainlink (LINK), which is down about 10%.

The market cap loses more than $8 billion in less than 24 hours, reaching just over $216 billion. The concerted descent of the sector brings the dominance of bitcoin back up to 66.5%. Ethereum loses ground, returning above 8.5%. Ripple remains stable and remains above 5.6% of the market share.

Bitcoin chart by Tradingview

Bitcoin (BTC) below 8000 dollars

Bitcoin continues to drift inside the lateral channel without any direction since the end of September. In these hours, Bitcoin prices are moving below 8000 dollars. At the moment, the short-term trendline is in the $7,750 – $8,000 range. 

For bitcoin, it is necessary not to return to 7,800-7,500 dollars, as downward speculation could prevail. 

There are no positive signals coming from bitcoin. A lateral phase that has been going on for three weeks opens the door either for an attack by the Bears or for a more nervous and contrasting move by the Bulls.

Ethereum chart by Tradingview

Ethereum (ETH)

The failure to exceed $200 six days ago, with prices falling back, is not a good signal for attracting new purchases. The return to testing the $175 threshold now sees the next downward step in the $165 area. 

Under this threshold, the alarm for further falls would return, down to the lows of September in the $153 area. For ETH it is necessary to recover as soon as possible the $185-190 area in order to try a new bullish extension towards the $200, obviously sustained by the volumes.

 

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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