Market analysis of June 20, 2019

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Marketcap

The marketcap has been moving up (+0.66%) since yesterday. The total capitalization is 288.919.486.773 USD.

Bitcoin totals 165.308.826.924 USD of capitalization for a dominance of 57.20%.

Ethereum’s marketcap is 28.655.219.655 USD, followed by Ripple with 18.376.344.974 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

Bitcoin closed at $9278 in the previous session, making up for the decline the day before. BTC is currently trading just under $9300, below its key resistance level of $9350.

The daily technical situation is less worrying than yesterday, as indicators seem to be bending upwards again. Over a 4-hour horizon, the WaveTrends and CCI indicators have already given a buy signal.

What to do about it?

If you are in position, as usual place your stop-loss above your entry price. If you are not in position, wait for a break of $9350 before positioning yourself for the purchase.

  • The supports of the day are at 9000$ – 8800$
  • The resistances of the day are at 9350$ – 9700$

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Ethereum

ETH closed the previous session at the level of $269 and seems to be correcting at the beginning of this session. The Ethereum is currently around $268 with a fairly neutral daily technical situation, with no sales signals, but with signs of downward curvature.

On a shorter horizon, in 4 hours, WaveTrends and CCI are still in positive territory, but show signs of downward curvature.

What to do about it?

If you are in a position, place your stop-loss above your purchase price and take a portion of your profits. If you are not yet in position, wait until the $274 break before positioning yourself for 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

Bitcoin and Ethereum are under significant resistance.

What to do about it?

BTC: Wait for the 9350$ to be returned on support or broken before positioning
ETH: wait for a $274 break before buying

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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