Market analysis of July 11, 2019
Marketcap
The marketcap has been moving down (-11%) since yesterday. The total capitalization is 313.650.532.013 USD.
Bitcoin totals 205.082.140.654 USD of capitalization for a dominance of 65.4%.
Ethereum’s marketcap is 29.090.274.306 USD, followed by Ripple with 14.172.579.228 USD.
Market Sentiment
How to read the Market Sentiment?
Bitcoin
And that’s the fall. We anticipated it yesterday: surveillance zone for a potential resistance and therefore rejection at the level of our orange rectangle.
There was no breakage, quite the contrary, a significant rejection. The Bitcoin then pierced through our support areas. The drop of more than 10% was rapid. It should be noted that the BTC temporarily bounced back to the $11,490 dollar zone, an area indicated on our graph by white dotted lines. What’s next? What’s next? A return to the $12000 zone is not impossible. It would then be a re-test of support that became resistance before going to see the lowest. The important supports are $11160 and $10800.
What to do about it?
If you are in position, place your stop-loss above your purchase price. If you are not yet in position, wait for the Bitcoin to stabilize. Sometimes waiting is the best decision.
- The supports of the day are at 11160$ – 10800$
- The resistances of the day are at 12000$ – 12300$
Ethereum
In his fall, the Bitcoin took the deal with him. Ethereum therefore followed the movement: a fairly clear break in its ascending channel. ETH re-tested its oblique support – which became resistance – before continuing its fall. Currently ETH is on a high level. A rebound would be possible if we have a 4-hour fence above $269. Otherwise the next big support is at $250, in case of a recovery, you will have to win back the $291 and then the $300.
What to do about it?
If you are in position, place your stop-loss above your purchase price. If you are not yet in position, wait for the Bitcoin to stabilize. Sometimes waiting is the best decision.
- The supports of the day are at 269$ – 251$
- The resistances of the day are at 291$ – 300$
Conclusion
BTC and ETH are in a fairly similar situation. We are potentially waiting for a rebound to test a slightly higher resistance before seeing a continuation in the downward trend.
We advise you to wait until the market stabilizes before positioning yourself.
You can join us on Telegram for a follow-up of the market throughout the day.
For any question, our team will be happy to answer you on our support which is open 7/7 days.
For any information about our subscriptions, please visit our website or contact @Butler_4C_Bot directly to get all the information you need.
See you tomorrow for a new market analysis ! 🚀