The weakness of the crypto market continues
The weakness of the crypto market continues
Trading

The weakness of the crypto market continues

By Federico Izzi - 11 Dec 2019

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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.

Source: COIN360.com

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 chart by Tradingview

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.

Ethereum chart by Tradingview

Ethereum (ETH)

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.

 

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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