Market analysis of July 11, 2019

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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.

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HOW TO READ THE MARKET SENTIMENT ?

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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$

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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$

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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.


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See you tomorrow for a new market analysis!

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