Eidoo Card Teal
Eidoo Card Purple
Eidoo Card Black

Introduce your digital currencies to the real world.
Experience DeFi on demand with the Eidoo Card

Pre-order yours and enjoy exclusive rewards,
including up to 10% crypto cashback.

Bitcoin fights in the $10,500 area
Bitcoin fights in the $10,500 area
Trading

Bitcoin fights in the $10,500 area

By Federico Izzi - 13 Feb 2020

Chevron down

Today is Bitcoin to give an indication that area $10,500 dollars is a technical level of great impact. 

During this first light of dawn, 7.00 am Italian time, prices went to slightly update the recent highs as well as the highs of the last 4 months not far from $10,500. After a retracement that saw prices fall by about $500 in a few hours, in the last few hours a sharp jump has brought prices back to $10,490, one step from the technical threshold of $10,500, where the coatings have again prevailed, with a -1% of the day.

It’s a sign that purchases are starting to lack, in support of the further push needed to project Bitcoin to the peaks of last summer in the $11,000 area.

Source: COIN360.com

Unlike Bitcoin, Ethereum and Ripple are showing signs of strength. In particular Ethereum, which is about to inaugurate the ETHDenver conference in the U.S., in these hours sees confirmation of the rise already underway since the lows of late January and that sees prices pushing just over $ 275 with a rise of 6%, the highest level that Ethereum had not recorded since last July. 

The queen of the first 50 cryptocurrencies is XRP, which today rises even more than 10% in some parts of the day. The leap makes the prices of Ripple rise above $0,34 cents, a threshold that had not recorded since mid-July 2019, changing gear after it was particularly weak throughout the second half of 2019

This movement at the beginning of the year makes Ripple catch up a lot of ground, with prices almost doubling in value since the lows of the 2nd of January, gaining 90%. In fact, this bullish cue of the last few hours brings Ripple’s value down to just $0,35 cents. 

Ripple today is among the top 5 best of the day. It is a signal that also benefits the other very similar token, Stellar Lumens (XLM), lower for daily intensity, +6%, which contributes to the recovery of Stellar that since January 1st has recovered more than 100%. 

Stellar, however, fails to exceed the previous highs of early September and early November, although it is a signal that begins to sweep away the stormy clouds that as for Ripple have characterized all the second part of 2019. 

Among the best of the day is Chiliz (CHZ) which rises by more than 50%. Chillz benefits from the recent news that see Barcelona FC join the football teams that will use the company, which holds the governance of Chiliz, Socios.com, to have the technical support to use its tokens. After Paris Saint Germain, Juventus and Roma, another great European football club joins the Socios.com family.

On the opposite side there are strong declines from Blockstack (STX) in 95th position and Quant (QNT) in 98th position, both down 15%.

Total capitalization remains above 300 billion, the highest level since last August. Volumes continue to grow on a daily basis, over $180 billion, up 20%, with trading volumes reflecting the capitalization ranking.

With the strengthening of the current climb of the altcoins that from one day to the next exchange positions to support the rise, Bitcoin continues to lose dominance falling below 62%. Ethereum continues to strengthen, rising to 8.7% while Ripple rises to 4.5%, the highest level of dominance since 2020. 

Bitcoin chart by Tradingview

Bitcoin Price (BTC)

The $10,500 area is a very important level from a technical point of view. The $10,000 confirmed an important psychological level, while the $10,500 touched briefly in October had already been an important level of resistance throughout September. 

The movement of these hours has seen the Bulls’ attack regress by reducing prices and confirming a consistent resistance. 

It is also physiological to expect a drop in prices from these levels, not due to a return of weakness, but to the lack of new purchases that technically seem to have been missing for more than a day, where the prevailing benefits and closures of bullish positions, which in these cases, increase the offer precisely to sell positions in profit after the strong ride that from the lows of January 25th, sees Bitcoin prices gain more than 25%, a performance decidedly respectable.

For Bitcoin a possible decrease will not worry if prices continue to remain above the threshold of $ 9,600. Only movements below this level would trigger a slight weak alarm bell. Concerns that would call into question the current decline, would come with a fall below $8,200, which is quite far from the current level.

Ethereum chart by Tradingview

Ethereum (ETH)

The rise contextualized by the chart of the last three weeks sees a vertical price movement. Ethereum has ample room for movement, but such a perpendicular rise begins to lack valid support in case of reversal of the movement. 

Bases of support now identified in area $225 dollars, distant by approximately 20% from the current levels, even if such wide margins are particularly dangerous for a short term operation or to evaluate positions in an upward movement started from three weeks.

 

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".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.