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Bitcoin, holds the $11,200 support
Bitcoin, holds the $11,200 support
Trading

Bitcoin, holds the $11,200 support

By Federico Izzi - 28 Aug 2020

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On a day of ups and downs, with a slight prevalence of negative signs, Bitcoin holds the $11,200 support

coin360 20200828
Source: COIN360.com

The cryptocurrency sector shows an underlying weakness that for the second week in a row leads to a closure in red. An event that has not occurred since mid-June. 

After the strong rises that began in early July, the operators are looking for the formation of valid support to attract new purchases and return to the uptrend.

SNX 20200828

This Friday it is Synthetix Network with more than 15% to take the podium among the best rises, followed by ThorChain (RUNE) and Decentraland (MANA) +10% for both. In the top 10 only Binance Coin (BNB) above par with +4.5%.

Trading volumes remain toned and above average since the beginning of the month.

A surprising August, many expected a slowdown after the July sprint. A signal that bodes well for September.

DeFiPulse 20200828

Records for DeFi in August

The month of August marks new records for DeFi as well, which continues to collect liquidity. The new TVL (total value locked) record is now over $7.4 billion.

The number of tokens locked on the main dApps continues to rise. Both Ethereum and tokenized bitcoin are recording new highs.

Total capitalization remains above $355 billion. The dominance of Bitcoin is above 59%. Ethereum’s market share falls to 12% and that of Ripple to 3.3%, the lowest levels since the end of July.

BTC 20200828
Bitcoin chart by Tradingview

Bitcoin (BTC) holds support

BTC is holding the $11,200 support, with prices again trying to stretch above $11,500. This is the resistance that needs to be broken down to attempt an extension to review the mid-August highs. 

On the contrary, it is necessary to continue to monitor the resistance of the indicated support. A break would attract bearish speculation to test the $10,500-10,200.

ETH 20200828
Ethereum chart by Tradingview

Ethereum (ETH)

In the last few hours, prices have been trying to rise above $395, before attacking the highs of the last few days, just over $405. 

Otherwise, it is important not to go below $380 again in order not to risk going down to test the $355, a technical level defended by operators in options with the highest peak of Put positions currently open.

 

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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