Bitcoin rising above $7500 today
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Bitcoin rising above $7500 today

By Federico Izzi - 28 Nov 2019

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The day follows the trail of yesterday and shows more than 90% positive signs, with Bitcoin’s price rising today and driving the rest of the cryptocurrency industry, leading prices to recover the levels of resistance in the short and medium-term that are also decisive for the trend of the next few days. BTC, rising above 7,500 dollars and even going up to 7,600, shows a clear sign of intentions to recover.

Source: COIN360.com

The rebound that began after the dangerous sinking recorded in the night between Sunday and Monday is becoming more and more consistent. 

A comforting signal is also the peak of trading volumes this weekend. In addition, in the last hours, there has been a record number of futures contracts traded on the Bakkt platform, which closes the day with 5,671 contracts traded for a total value of 42 million dollars, a record that doubles the previous November 22nd record of 2,700 contracts. 

This shows that, at present, these levels are arousing the attention of investors.

Bitcoin, rising to over 7,600 dollars and +7% today, is the best of the top 10 cryptocurrencies for market cap.

Scrolling the ranking, there are Monero (XMR) and TRON (TRX) among the big ones which stand out, earning 9%, as well as the bullish push above 5% of Ethereum (ETH), EOS, Binance Coin (BNB), Bitcoin SV (BSV) and Cardano (ADA). 

To find the first and only negative sign it is necessary to go down beyond the 80th position with Silver Wave (SLV), which records a significant drop of over 11%.

The market cap returns to $205 billion, a trend further supported by a new record for DeFi with an Ethereum counter value in dollars of $691 million locked within decentralised finance projects.

This mix of good news gives hope for the next few weeks: the stability of 200 billion in the next few days may lead to a return to the levels of October.

The dominance of Bitcoin remains over 66.5%. Ethereum, on the other hand, despite today’s rise, finds no benefit in market share and it struggles to stay above 8%. XRP also recovers a few decimals and remains around 4.8%.

Bitcoin chart by Tradingview

Bitcoin (BTC) rising today

Bitcoin highlights the desire to return over the previous $7,750 support now become resistance. In the next few hours, it will be important to have an increase in the volumes that will confirm the purchases and consolidation of the rebound above 7,000 dollars. The crucial levels of resistance positioned between 8,500 and 9,000 dollars remain far away.

Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum returns to give a signal of wanting to recover the 155 dollars, but at the moment, as happened yesterday and in the last 5 days, this resistance is proving very difficult, to the extent that in recent minutes there is a return of sales to protect the resistance. 

For ETH, it becomes important to recover the 155 to pursue the attack of the 165 dollars and subsequently of the dynamic bearish trendline positioned at 175 dollars. This range of 20 dollars is very important for ETH which, in the next few days, should not return below 135 dollars, which are the levels reached downwards between Sunday and Monday.

 

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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