The fifth day of consecutive weakness that brings out once again the fragility of the entire crypto sector, with few bullish signs that stand out. More than half of the cryptocurrencies are in negative territory.
Among the big ones, the uncertainties affect Bitcoin and Ethereum that remain the drivers of the market.
Tezos (XTZ) is back in the spotlight, rising by 6%, trying to go beyond the price of 1.5 dollars, a level of resistance that since last May has featured bullish cues. Better than Tezos today is Enjin Coin (ENJ), which earns 12%.
The best of the day is Mindol (MIN) which, with yet another glorious rise of +34%, is one step away from taking the 20th position from IOTA, capitalising less than $50 away. On a weekly basis, Mindol gains 90% from last Wednesday’s levels, despite the strong volatility that has been characterising it in recent days.
The weakness of the crypto market is reflected in the low volumes that in the last 24 hours continue to remain below 50 billion dollars. This boring weakness brings the market cap back below $197 billion.
Bitcoin’s dominance loses small fractions of decimals and remains below 67%. The fragility continues to be present also on Ethereum which returns below 8%, while Ripple erodes small fractions of the market, pushing above 4.9% dominance.
Bitcoin: the weakness of BTC
Bitcoin, with today’s bearish movement, brings prices back to test the lows of early December, at $7,100, a level that if it was breached in the next few hours or days would increase the bearish pressure that would put into serious crisis even the bullish trendline that supports the upward movement from the lows of last December 2018.
For Bitcoin it is necessary to push as soon as possible above 7,600 dollars, to overcome the difficulties.
The downward movement of Ethereum today pushes prices to mark the lows of December in the $142 area.
A further bearish movement under the 140 dollars would endanger the structure started with the low of November 25th and that at the moment is an indication of the trend that remains set downward in the short and long term.