Market analysis of July 12, 2019

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Marketcap

The marketcap has been moving up (+1.68%) since yesterday. The total capitalization is 318.924.739.973 USD.

Bitcoin totals 207.536.157.272 USD of capitalization for a dominance of 65.2%.

Ethereum’s marketcap is 29.409.237.872 USD, followed by Ripple with 14.572.818.981 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

The BTC finally did not go looking for the $12000 area. Indeed, it bounced back to the $11450 zone and picked up the $11850 before continuing its decline.

Note how well the $11160 support worked! 4h fence just above for a 5% increase. What happens next? A potential re-test of $12000 still seems possible. If this area is resisted, Bitcoin may see lower levels again. Support areas: $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, play the $11160 break or a possible bounce on this area.

  • The supports of the day are at 11160$ – 10800$
  • The resistances of the day are at 12000$ – 12300$

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Ethereum

Same configuration as yesterday. You have been told of a possible bounce on the first white dotted line ($269) and that is exactly what happened. The objectives remain the same as yesterday. A potential increase to the $289-$291 area is expected. In the case of a net break of $269 with a large volume we can expect a continuation of the downward trend.

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 a return to $269. It is an important support, you can play the break (down therefore) or a possible rebound.

  • The supports of the day are at 269$ – 251$
  • The resistances of the day are at 289$ – 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.
Note: for the BTC, the $11160 field is important and should be monitored.


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See you tomorrow for a new market analysis!

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