Today begins with a prevalence of green signs, with Bitcoin gaining over 3.5%.
These are good signs to conclude the fourth consecutive day upwards, trying to put behind the weakness accumulated last week which has seen 7 consecutive days of downward movements. The weakness ended with Monday’s lows where the current recovery began.
This recovery is not accompanied at the moment by any significant volumes which remain below $100 billion, despite the fact that yesterday’s day saw a slight increase with Bitcoin leading the movements, resulting in over $2 billion worth of trades.
Among the main coins, the first red sign is at the 27th position occupied by Nem (XEM) which sees a decline just below parity, -0.5%. Green signs prevail among the big ones, whereas continuing to scroll the ranking the prevalence of positive signs is between 55-60%.
Among the worst there is Theta (THETA) that falls by 20%, going to accumulate a further bearish movement that from yesterday morning’s highs sees losing more than 50% of the value. Yesterday morning, in fact, prices had flown at one step from the 60 cents of the dollar, then decisive profit-taking took place and today’s collapse adds up to the collapse of the second half of yesterday morning with prices almost halving the movement that Theta has been recording since mid-March and which has seen a flight of more than 1000%.
For Theta it is now necessary not to fall below 25 cents, which corresponds to 50% of the Fibonacci retracement of the bullish movement that has characterized Theta in the last two months.
On the opposite side, there is Enjin Coin (ENJ) which goes up 15%. Enjin with the current rise revises the quotations of 23 cents of the dollar, levels of March 2019, when it made the headlines for having reached an agreement with the smartphone giant Samsung.
Enjin Coin and Theta today travel in opposite directions but until yesterday they presented themselves as a combo of bullish movements benefiting from the agreements with Samsung.
The best of the day among the top 100 is Electroneum (ETN) which, with a 21% rise today, takes the top step of the podium.
This day gains over $5 billion in total capitalization, with Bitcoin gaining over 3.5%, the best performance among the top 30 big names.
Bitcoin, in the last few hours, in addition to regaining the $9,000 level, abandoned in the last two days, is pushing to test the relative highs of the last week, in the $9,250-9,300 area.
This allows Bitcoin to recover a few decimal fractions reaching 66% dominance, Ethereum remains stable above 9%, while XRP drops slightly below 3.4%.
Bitcoin (BTC) price gain
The upward trend of Bitcoin in the last few hours sees a price reaction after testing the lower neckline of the bullish channel at the beginning of the week and now sees the dynamic support rise to $9,000.
This is the level that Bitcoin will have to consolidate in the coming hours to prepare an attack first at $9,400 and then at $9,800 in the coming days.
Otherwise, a failure to hold on to the 9,000 and a lunge below Monday’s levels in the $8,600 area would see a bearish turn in prices that would align with the closing of the current monthly cycle that began in the second half of April.
As for the fluctuations, following the volatility of the previous two weeks, daily volatility on a monthly basis continues to remain just above the 4% threshold, returning to the average levels of the last six months, with the exception of the explosion of volatility that characterized the periods of mid-March and late April, when it flew above 11%, the highest levels not recorded since January 2014.
Ethereum today goes up about 2%. In the last few hours, it has held positively the psychological $200 threshold, now technical, with an attempt to extend it upwards above the dynamic bearish trendline that joins the decreasing highs of the last three months and that at the moment sees an attempt to break above the $205-206 area, levels where the prices of Ethereum have been fluctuating in this first part of the day.
For ETH, it is necessary not to go below 200 dollars and more precisely below 195. A signal of consolidation would come with the push above the highs of $215, which for the whole month of May has proved to be a difficult level of resistance.
Otherwise, in case of a failure to climb above $215, it will be necessary to carefully observe the resistance of both $195 and the subsequent support in the area $175.