Market analysis of July 16, 2019
Marketcap
The marketcap has been moving up (+3.6%) since yesterday. The total capitalization is 288.539.822.499 USD.
Bitcoin totals 191.942.656.265 USD of capitalization for a dominance of 57.20%.
Ethereum’s marketcap is 24.337.644.749 USD, followed by Ripple with 13.351.123.215 USD.
Market Sentiment
How to read the Market Sentiment?
Bitcoin
After reaching a low of $9855 in the previous session, Bitcoin closed at $10,850. Currently the BTC trade is around $10,800.
The daily technical situation is bearish with a MACD, a CCI and a WaveTrends which are all 3 bearish.
Over a shorter time horizon, in 4 hours, the indicators are on an upward trend. Bitcoin could therefore rebound to its resistance level of $11,000.
What to do about it?
If you are still in position, place your stop-loss above your purchase price. If you are not yet in position, wait until the $11,000 break before positioning yourself.
- The supports of the day are at 9700$ – 9400$
- The resistances of the day are at 11000$ – 11200$
Ethereum
The Ethereum reached a low of $202.55 in the previous session before rebounding and closing at $228.45, an increase of 12.78% between the low and closing. The daily technical situation is still quite negative even if we can see signs of upward curvature on the WaveTrends and the CCI.
On a 4-hour horizon, is rather positive with a WaveTrends, a CCI and a MACD that gave a buying signal.
What to do about it?
If you are in position, place your stop-loss above your purchase price. If you are still not in position, wait for a $235 break or a return on the $220 stand before positioning yourself.
- The supports of the day are at 220$ – 200$
- The resistances of the day are at 235$ – 250$
Conclusion
After reaching a low point and then bouncing back, the BTC and ETH are in a range situation. It will be necessary to wait for a break in resistance accompanied by volume for the bullish trend to resume.
BTC: We advise you to wait for a break of the 11000$ or a rebound on the support.
ETH: We advise you to wait for a $235 break or a rebound on the support.
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