Crypto analysis: today the market is down
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Crypto analysis: today the market is down

By Federico Izzi - 4 Nov 2019

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The steady trend of the weekend is also reflected in the opening of the first week of November: in the crypto analysis of today, in fact, there is a slight decline in trading volumes, which fall back to around 65 billion dollars, and a prevalence of red signs with just over 60% of cryptocurrencies in negative territory, although the balances below par are not of particular concern. 

crypto analysis today
Source: COIN360.com

Among the top 10 cryptocurrencies, today the first three move under parity with balances that do not go beyond -1%. 

Among the bearish movements of the first 20, worthy of note are: TRON (TRX), which loses 4%, Bitcoin Satoshi Vision (BSV), losing a bit less, and Bitcoin Cash (BCH). 

crypto analysis today

Despite this, BCH has experienced important increases in the last week that place it among the top five cryptocurrencies with a gain of 11%.

Among the upward signs, Litecoin (LTC) stands out against the big names, +1.5%; the same intensity for NEO, while Cosmos (ATOM) gains just over 1%, an increase that keeps it above 3 dollars and allows it to target 3.5 dollars, relative highs reached in August and September. 

crypto analysis today

Cosmos is therefore fighting against the quarterly resistance and, in case of violation, could aim to bring prices to $4, levels abandoned last July.

Among the best of the day, there is also the unknown ILCoin (ILC), a decentralised cloud blockchain token for data storage, launched in November 2018. 

A year after its launch, today it has risen by 30%, rising among the top 100 to 94th position with a market cap of just over 43 million dollars. 

The other best of the day is Decred (DCR), which earns 14%, followed by Chillz (CHZ), which aims to be the token for sports fans by allowing the tokenisation of teams and players. Chillz today rises with double digits, +11%.

In contrast, the two worst falls are Lambda (LAMB) and Bytecoin (BCN), both down 11%.

Market capitalisation remains above $256 billion, a sign that, despite the slowdown of recent days, is positive because it shows that the market cap is not particularly suffering from the profit-taking of these days following the major increases of last week. 

The dominance of the bitcoin remains above 67%, unchanged for Ethereum which is stable above 8%, and Ripple at 5%.

crypto analysis today

Bitcoin (BTC) analysis

Bitcoin continues to indicate that it wants to consolidate above the $9,000 threshold, violated only last Thursday and immediately recovered with prices that over the weekend have tried to touch $9,350. 

For bitcoin, it is necessary in the coming days not to return below the threshold of 8,600-8,800 dollars in order to give signals of a medium-term bullish reversal. A positive signal would arrive with the push to 10,000-10,200 dollars.

Otherwise, a break of the 8,600 dollars could lead the prices of bitcoin to test the psychological threshold of 8,000 dollars.

crypto analysis today

Ethereum (ETH) Analysis

Ethereum continues to send out mixed signals. Last week, the return of the $200 had raised hopes. The retracement to the $180-185 area, which occurred throughout the weekend, does not give clear signs of a possible upward turn, although prices remain quite far (10-12%) from the lows reached between October 24th and 25th. It is necessary for Ethereum to return to 200 dollars as soon as possible.

Otherwise, with volumes shrinking, the level not to be violated downwards is $165. If this support is breached downwards, the bearish aggression towards new period lows could return.

 

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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