Market analysis of June 18, 2019

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Marketcap

The marketcap has been moving down (-1%) since yesterday. The total capitalization is 282.852.686.926 USD.

Bitcoin totals 161.736.279.357 USD of capitalization for a dominance of 57.20%.

Ethereum’s marketcap is 28.523.722.478 USD, followed by Ripple with 18.482.492.002 USD.

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Bitcoin

After having evolved long below the key level of $9,000, BTC finally broke this resistance by closing at around $9,500 in the previous session. Currently at $9050, the Bitcoin seems to make a pullback on this level now serving as a support.

What is the current situation?

The daily technical situation remains positive, but we can see signs of curvature on the WaveTrends as well as on the CCI. Over a shorter time horizon, in 4 hours, the indicators have already given a sales signal, which could lead to further consolidation.

As long as the BTC remains above the $9,000 level over the daily horizon, the probability of a continuation of the increase will be greater than a decrease.

 

What to do about it?

If you are still in position, place your stop-loss above your entry price. If you are not yet in position, we recommend patience to determine how the BTC will react to its $9,000 support level.

  • The supports of the day are at 9000$ – 8800$
  • The resistances of the day are at 9450$ – 9700$

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Ethereum

 

ETH has tested its major resistance level at $280 in previous sessions and is currently just under $270 at $268.7.

The daily technical situation of the Ethereum is quite similar to the BTC, i.e. positive, but with signs of a downward turnaround. On a 4-hour horizon, however, the technical situation is already negative.

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 for a return on the $262 rack or a breakage of the $274 before making the purchase.

  • The supports of the day are at 262$ – 250$
  • The resistances of the day are at 274$ – 280$

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Conclusion

BTC and ETH are under significant resistance. We advise you to wait for a return on the supports or a breakage of the 9500 $ (for Bitcoin) before positioning yourself.

Note: breaks must be accompanied by a high volume, otherwise it could indicate false breaks whose sole purpose is to trap traders!


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See you tomorrow for a new market analysis!

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