HomeTradingDaily crypto trading volumes are decreasing

Daily crypto trading volumes are decreasing

The 5th day with the lowest crypto trading volume since the beginning of the year is behind us. Since yesterday, there has been a significant decrease in cryptocurrency trading, which however takes place in a very positive context. It is a signal to be followed very carefully in the next few hours and days.

Source: COIN360.com

Today, half of the cryptocurrencies are in green. If we look at the first 30 cryptocurrencies, only 6 have positive signs, while bitcoin, at slightly over 1.2%, remains close to its annual highs.

Binance Coin has the same upward intensity and is close to the absolute records set on June 13th, a step away from $36.5. Worth noting, in particular, are LEO and Monero, which rise above the 3% threshold, while Bitcoin Gold scores a +3.5% and Dogecoin scores a rise of 1%.

The most impressive rises are around the 80th position where we find MaidSafeCoin (MAID) rising by 18%, followed by DigixDAO (DGD) and Egretia (EGT) rising by 14%.

Zilliqa keeps going down and scores -8%. Even Grin, after the strong rises, drops 6% and slips into 92nd position.

Among the top 25 cryptocurrencies, the ones with the biggest drops are Bitcoin Satoshi Vision (BSV) at -5%, Cosmos (ATOM) in 16th position at -4.5% and Zcash slipping by -3% after having scored the 2019 highs yesterday.

In an uncertain and technically unclear environment, the market cap continues to remain close to 290 billion, now at 287 billion, a positive signal in the overall context.

Bitcoin maintains its market share at 53%, as do Ethereum and Ripple which remain unchanged from yesterday.

Bitcoin chart by Tradingview

Bitcoin (BTC)

Bitcoin continues to hold its ground above the psychological threshold of $9,000, but without giving any bullish signals that would come with the levels of Monday, June 17th, when bitcoin reached $9,500.

To find a clear bullish signal it is necessary to have a return of trading volumes. But from this point of view, bitcoin records the lows of the last three months. It is necessary to go back to March to have a day with such low trading volumes.

Downwards, bitcoin currently maintains the bullish structure: only a drop below 8,200-8,000 dollars would be of concern.

Ethereum chart by Tradingview

Ethereum (ETH)

Ethereum continues to fluctuate at $265 without providing the necessary extension beyond the $280 which would definitely result in the bearish head and shoulders figure that has now been in a congestion of $10 since last Saturday. This does not technically help in finding a bullish extension.

Downwards, Ethereum must remain above $255, a threshold that if violated would not exclude a return to the test $230, a support threshold that rejected the bearish test four times last May.

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
RELATED ARTICLES

MOST POPULARS

GoldBrick