Bitcoin is traced
After a period of increase, what is the first real crack in recent weeks, characterized by a Bitcoin retracement.
The week if it failed to surprise positively this weekend, you begin to cause the deepest setback ever seen since the first week of March, which then characterized the downward movement that drove all of the industry to touch the minimum period from which began the first shy and then cheerful rise which led during the last week to fully recover the whole movement.
Yesterday, the bearish trend that continues to be driven by Bitcoin trends saw the second consecutive day go down, bringing prices back to levels of 10 days ago. But Bitcoin remains at even higher levels than those that characterized pre-halving.
The day after what happened in the last 48 hours, clear prevalence of negative signs with more than 80% of cryptocurrencies in red.
Among large companies, the downward average is more than 4%. Among the first 15, the deepest falls are Cardano (ADA) -7%, followed by chain link (LINK), -6%, e Tezos (XTZ), -5%.
These are the cryptocurrencies which, with Stellar (XLM), which is now down by -5%, is fighting for positions from 10 to 13, even if Tezos seems to have consolidated 10th position.
Bitcoin is down 4.5% today. Ethereum leaves the psychological threshold of $ 200 by sliding 5%.
Ripple leaves third position. The signs that came already in recent days they see indeed Attached, before the stablecoins, wins third position in the ranking, with a significant leap which currently detaches XRP for capitalization about 300 million dollars. Ripple rather sells 3.5% of its value.
There are few green signs, the first one is OmiseGo (OMG) which goes against the trend of the rest of the sector and marks a more than 40% increase. OmiseGo is a Thai project launched in 2017 which presented an ICO collection which had achieved its objectives even before its launch.
It is a platform that provides access to financial services with the possibility of immediate peer-to-peer transactions as well as an exchange of activities and cross-border applications, with access also to a suite of portfolios which allows users to interact and create digital transactions.
OmiseGo flies every week and does even better with an increase which reaches 70%, reaching the peaks of the last 10 months in the zone of $ 1.75.
It’s a week that will end on the downside with Bitcoin which gives up around 5% both since the start of the week and since last Friday’s levels. It is a disadvantage the collapse cannot be considered in like the previous increases seem to come at the time of profit taking by traders who were guided by a real sale of panic.
Volumes in the past 24 hours, over $ 3.5 billion, have remained the highest since last Friday. This shows that there is tension due to the struggle between bears and bulls, even if it seems to be more a rebellion of the bear than a real bearish paw.
Bearish movement reports $ 250 billion market capitalization. Bitcoin dominance remains unchanged at 66.5%. Gains a decimal fraction Ethereum which goes back to 8.8% and Ripple which does not drop but remains at 3.4%, the lowest levels of the last three years.
Bitcoin (BTC) retracement
Bitcoin breaks the short uptrend line while staying in the bullish channel, it gets closer to the lower neck of the same channel. Neck currently passing through the area $ 8,650 – $ 8,700.
These are levels that would show a change of pace after two months of continuous rise. Considering March lows and May highs 10,000 area which continues to confirm the importance of this psychological level, the movement of the last hours sees a approximately 25% retracement. It is an important movement in the short term but for the moment not so worrying in the medium and long term.
It is important for BTC to spend the weekend without sink for less than $ 8,650. In the event of a violation, it is important to maintain the minimum reduction zone in half of $ 8,100.
Upward the levels to be reached in a particular phase and in the midst of a movement which has been going down for 48 hours, the only level of resistance to follow remains at $ 9,900-10,000, psychological resistance now also becomes technical to short term period.
The fall does not spare Ethereum which returns below the neck of the bull canal. With the crossing of the psychological threshold of 200 dollars, prices come back in these hours to test the regional technical support $ 190.
It is important for ETH to keep prices above this level, otherwise support is at 170-175 dollars.
On the upside, Ethereum takes a triple high in the $ 215 zone, which highlights strong protection against bears: every time last month’s prices tried to break the $ 215, they were rejected three times .
ETH must consolidate the movement at these levels, without going beyond $ 175, because a consolidation of $ 190 could strengthen a possible next attack by $ 215.
The Bitcoin post being retraced first appeared on The 100Count.