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Crypto market in search of support levels
Crypto market in search of support levels
Trading

Crypto market in search of support levels

By Federico Izzi - 30 Oct 2019

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Today the red sign prevails, with the big crypto coins trying to consolidate the support levels. 

After the strong rises during the weekend, which brought the prices of the entire cryptocurrency sector to the levels not seen since last summer, this is the second consecutive day of profit-taking that is driving down most of the cryptocurrencies, in search of a stable support level to consolidate and then restart.

Source: COIN360.com

The worst sinking is that of OmiseGO (OMG), which, after the rise of the last three days, loses 10%.

Among the best, Bitcoin Cash rose by 1.5%, maintaining the positive trend that has been characterising it these days and proving to be in counter trend with respect to the rest of the sector. In the afternoon, even BCH reversed the trend, ending up under parity.

Volumes remained below $100 billion in the last 24 hours, down from the weekend levels. The market cap fell by a few billion, reaching $244 billion

Bitcoin consolidates its position around 67% dominance. The same is true for Ethereum, which maintains a market share of over 8%.

Bitcoin chart by Tradingview

Bitcoin (BTC) 

After failing to exceed 9,500 dollars, Bitcoin continues to retreat today, losing 2% as it tries to stabilise in the 9,100 area. The most important level from the technical and psychological point of view remains $9,000. 

Unless there are any sudden explosions that could change the scenario, the highs reached last Saturday night around 10,400 dollars, are not expected to be easily revisited in the next few hours. As such, BTC will have to consolidate above the $8,800-9,000 level in the coming days.

Ethereum chart by Tradingview

Ethereum (ETH)

The same goes for Ethereum who, after having encountered again the defence of the 200 dollars, tries to look for a support level higher than that which had characterised last week in the $180 area. This is the level to be maintained and confirmed in the coming days.

XRP chart by Tradingview

Ripple (XRP)

The resistance of the 30 cents proves to be a very difficult area for XRP in a medium to long term perspective. The exceeding in unison with the movement of the sector has not found the necessary confirmations above this level. 

For XRP it is necessary not to return below 27 cents 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. 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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