Bitcoin: the price goes up and down
Bitcoin: the price goes up and down
Trading

Bitcoin: the price goes up and down

By Federico Izzi - 5 Dec 2019

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Bitcoin goes up and down. Yesterday afternoon’s strong jump that saw BTC in a few hours rise by more than $600 dollars, going to review the highs of the last three weeks in the area of $7,800 dollars, has deflated afterwards and in these hours BTC returned close to $7,300 dollars, a level that sees prices swaying since the beginning of December. 

Source: COIN360.com

It’s a two-faced day for the cryptocurrency industry: in the first part there was a prevalence of green signs while in the afternoon, 80% of the first 100 cryptocurrencies went into negative territory. 

Among the big only two green signs. The first was the LEO token which raised by more than 1% returning to $0.93 dollars. In 27th position it rose by 10% Crypto.com Coin (CRO)

Mindol (MIN) raised by more than 20%: in this last period it is being a particularly euphoric token with double-digit climbs. With today’s rise, MIN climbed the ladder and conquered the 30th position with $270 million dollars of capitalization.

The first three cryptocurrencies are all in negative with decreases that go beyond 1.5%.

The best one of today that returned to be noticed is Enjin Coin (ENJ) who, with the officialisation of the partnership with Microsoft announced yesterday, scored one of the most important rebounds of the period. 

Enjin raised by more than 50% over the last 24 hours. Enjin Coin returned close to 10 cents, levels abandoned at the beginning of last July. Enjin was noticed in the first quarter, in a boring and weak market phase, when it multiplied its value by 10 times, after the rumors that had arrived from the partnership with microsoft, official only today, as well as had benefited from the adoption of the Enjin wallet on the Samsung smartphones. Enjin then returned with particular glaze: it will be interesting to note the evolutions of the coming weeks.

Third best of the day is Kyber Network (KNC) that takes advantage of the news of the period on DeFi.

Among the worst of the day there are Chiliz (CHZ) and VeChain (VET): both lose 8% after the increases of the last few days which have put them against the trend in the sector.. Today’s declines are probably due to profit-taking after the rises of the last few days.

On the volume side, the largest BTC value transfer in history should be highlighted with about $8.9 billion moved between cold wallets in less than an hour, equal to 56,000 BTC, executed for a total of 21 transactions and for a commission cost of just over $12. 

The Bittrex exchange is the main suspect although at the moment no official versions have been provided. Remember how a similar movement was done last July by the Binance exchange with a move of about $1 billion executed in minutes.

Despite the double face of the day the market cap manages to return slightly above the $200 billion market capitalization. The dominance of Bitcoin raised a few decimals and returned to 67%, while Ethereum remains unchanged just above 8% and Ripple anchored below 4.8%, lower levels since early October of last year.

Bitcoin chart by Tradingview

Bitcoin up and down (BTC)

Yesterday afternoon’s strong leap marks a candle with an extension of its shadow, highlighting how the strong rise that occurred in a few hours was then totally canceled with prices that returned just above the threshold of $ 7,300, former level of resistance in the short term. 

For Bitcoin it is necessary, after yesterday afternoon’s leap, to give a clear bullish signal returning with decision and with the confirmation of volumes above $7,800 dollars, first important level to be recovered before returning to evaluate the next levels of rise. However, before highlighting the upward levels, it is necessary to consolidate its prices to $7,200 dollars.

Ethereum chart by Tradingview

Ethereum (ETH)

The structure of Ethereum remains weak in the short and medium term. Yesterday’s slide brought prices back below $145 dollars, while today’s prices are just above this threshold confirming the importance of this level, which in the absence of confirmation would bring speculation down to $135. 

For Ethereum, considering the bearish structure very evident since the end of June, it is important to resume the $165 dollars, as a static and dynamic level that will give the first signal of breaking upwards which will then have to be confirmed later. 

 

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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