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Bitcoin pre-halving: price consolidates around $9000
Bitcoin pre-halving: price consolidates around $9000
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Bitcoin pre-halving: price consolidates around $9000

By Federico Izzi - 6 May 2020

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Before the halving Bitcoin tries to consolidate the technical area with a price of $9,000. In the last 48 hours, the movements of the queen of cryptocurrencies are channelling into this area and trying to reach the finish line of the third halving, scheduled for the second part of Monday, May 11th. 

coin360 20200506
Source: COIN360.com

Scrolling through the list of the main crypto by market cap, only 3 upward signs emerge, which go beyond 1%: Leo (LEO) token gaining about 1%, Crypto.com Coin (CRO) up by about 2%, and in 25th position Iota (IOTA), +1.4%. 

Among the most evident declines emerges above all that of Tron (TRX) that goes down over 3%, Monero (XMR) and Binance Coin (BNB) stop at a -2%.

CHZ 20200506

Among the best rises of the day, Chiliz (CHZ) returns to stand out with a day climb of about 30% that added to the previous days sees an increase of 50% in about 48 hours. 

Chiliz is a token aimed at providing exclusive services to sports clubs and sports celebrities and takes advantage of the current period which also sees a halt in sports activities. Given its collaboration with Juventus, Rome, Paris Saint-Germain and Barcelona, with the resumption of the championships could filter the attendance, granting token holders the exclusive access in a protected and controlled way to the reopening of upcoming sporting events. 

Chiliz has been among the cryptocurrencies that remained more weighted, not following the bullish trend that most of the entire sector has achieved, but the rise of the last two days makes it recover the movement that seemed lost. 

With this strong upward leap, the price of CHZ is now back close to $0.011, regaining the levels lost last mid-March. 

ZIL 20200506

Among the rises of the day, there is also the increase in the price of Zilliqa (ZIL) which, on a daily basis, is up 12%. From the lows of April 21st, thus in 15 days, Zilliqa flies by more than 100%, regaining the $0.0085 threshold, abandoned in mid-February, thereby putting behind it all the decline that began in those days and lasted a month, which had seen Zilliqa lose exactly 77% of its value. 

This movement is now almost totally recovered, a sign of strength for Zilliqa that with a 80 million market cap occupies the 68th position in the ranking of the most capitalized.

Despite the low volatility, the market cap remains over 250 billion dollars, with the dominance of Bitcoin that is strengthened and increases to 66%, winning a few decimal places since yesterday. The dominance of Ethereum remains below 10%, while Ripple continues to fluctuate on a daily basis with imperceptible deviations on the minimum dominance of the last three years.

BTC 20200506
Bitcoin chart by Tradingview

Bitcoin (BTC) Price

Bitcoin keeps swaying around $9,000. After the drop recorded on April 30th and the second attempt at $9,100 on May 3rd, the 9,000 threshold continues to give indications that it is a very important technical level compared to the psychological threshold of $10,000.

It is necessary for Bitcoin to reach the third halving by setting the price at the top of the current uptrend that has been going on since mid-March and which at the moment sees BTC double its prices after the collapse in mid-March.

Its swing has significantly lowered volatility to its lowest level since last fall. In fact, daily volatility on a monthly basis stands at 3.7%. 

It is important for the price not to go below $8,600 in case of depreciation, while a possible extension above $9,150-9,200 would give an additional injection of confidence.

ETH 20200506
Ethereum chart by Tradingview

 

Ethereum (ETH) Price

Ethereum tries to confirm the $200 tested over the weekend, precisely Monday, May 4th. For ETH (at the moment at $208) a signal of strength in the short term would come with a push over $210 in the next few hours, attracting short and medium-term purchases.

The movement continues to remain within the bullish channel that began in mid-March. Signs of weakness would come with a drop in prices below the $190 threshold, prices that are currently moving in a safety margin that is about 10 percentage points away from the first alarm bell.

 

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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