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G20 news shakes the crypto market

The G20 news shakes the cryptocurrency market. The volumes that returned at the beginning of the week accompanied a bullish movement that became stronger at 16 UTC + 2, coinciding with the end of the G20 of finance ministers who decided on regulation with respect to the cryptocurrency sector, adding little compared to the last G20 in Argentina.

Source: COIN360.com

The news of a somewhat harmless stance by finance ministers prompted a reaction from the cryptocurrency industry. Shortly after the end of the meeting, bitcoin rose to over $8,000.

Litecoin chart by Tradingview

In these hours, 70% of the cryptocurrencies are in positive territory. Litecoin is the leader with a rise of 10%, one of the biggest rises on a daily basis and that seems to somewhat carry the whole industry. Litecoin is trying to stabilise at over 130 dollars, levels that have not been recorded since May 2018.

Bitcoin, Ethereum and Ripple are all in positive territory.

Among the best of the day, Aurora (AOA) stands out in 34th position and Fantom (FTM) in 92nd position, rising more than 70%. Maximine Coin (MXM) in 68th position, continues to climb +34% even today. Its price flies over 6 cents.

As far as capitalisation is concerned, it is now at 255 billion dollars with a market share of 55.5% for bitcoin. The shares of Ethereum and Ripple remain unchanged.

Bitcoin chart by Tradingview

Bitcoin (BTC)

Bitcoin after trying to go beyond the threshold of 8,000 dollars yesterday, it is now back to test the threshold of 7,900 dollars. From a technical point of view, in the next few hours and days, the possibility of a hypothetical bearish head and shoulders should be carefully considered, which might occur in the event that BTC is unable to break the $8,250 area decisively.

The $7,500 threshold remains decisive and critical downwards. In the case of violations, bitcoin should not go below $7,200.

Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum is oscillating around $245 again. For bullish signals, ETH needs to recover the $265. The structure is different but also Ethereum risks a “dirty” head and shoulders if it cannot push above the threshold of $265 in the coming days.

The structure remains bullish but it is important to keep above $235. In case of downward violation, it would attract speculation towards the $200.

Federico Izzi
Federico Izzi
Analista finanziario e trader indipendente – Socio S.I.A.T. & Assob.it. Opera attivamente sui mercati azionari e dei derivati (futures ed opzioni) dal 1997. Precursore dell’analisi ciclica-volumetrica è noto per aver individuato i più importanti movimenti al rialzo ed al ribasso sui mercati finanziari degli ultimi anni. Partecipa annualmente come relatore all’ ITForum di Rimini dall’edizione del 2010 ed InvestingRoma e Napoli dalla prima edizione del 2015. Interviene come ospite ed esperto dei mercati durante le trasmissioni “Trading Room” e “Market Driver” di Class CNBC, Borsa Diretta.tv e nel TG serale di Traderlink. Da luglio 2017 è ospite fisso su LeFonti.TV nell’unico spazio nazionale settimanale dedicato alle criptovalute insieme ai più importanti esperti internazionali del settore. Periodicamente pubblica articoli su ITForum News, Sole24Ore, TrendOnLine, Wall Street Italia. E’ stato intervistato in qualità di esperto di criptovalute per: Forbes Italia, Panorama, StartupItalia, DonnaModerna. E’ stato riconosciuto come primo analista tecnico italiano ad aver pubblicato la prima analisi ciclica secolare sul Bitcoin. Federico Izzi è… Zio Romolo