Market Analysis of July 24, 2019

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Marketcap

The marketcap has been moving down (-3.17%) since yesterday. The total capitalization is 266.338.391.210 USD.

Bitcoin totals 173.204.483.072 USD of capitalization for a dominance of 65.00%.

Ethereum’s marketcap is 22.043.097.702 USD, followed by Ripple with 13.132.457.605 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

Bitcoin closed the previous session in the red with a decrease of more than 4.5%. The BTC is still declining at the beginning of this European session and the daily technical situation is negative.

The Bitcoin is evolving below its monthly and weekly opening level, as long as a 4-hour closing above one of these levels has not taken place, the BTC will not be able to resume its upward momentum. However, it should be noted that the 4-hour technical indicators are beginning to show signs of reversal, so a retest of the weekly open is not impossible.

What to do about it?

In the current situation, the only thing to do is to wait for a return on the $9200 zone or a retest of the $10,600 weekly open to observe the price behavior. Be careful for the moment, then!

  • The supports of the day are at 9500$ – 9200$
  • The resistances of the day are at 10170$ – 10605$

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Ethereum

Same configuration for ETH, negative daily technical situation with the possibility of rebounding to weekly open in the short term.

What to do about it?

Patience! ETH is, like BTC, between a support and a resistance and we will therefore wait for a weekly open or support test before reassessing the situation.

  • The supports of the day are at 202$ – 190$
  • The resistances of the day are at 226$ – 232$

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Conclusion

BTC and ETH are in a continuation of a downward trend.
We advise you to wait, BTC and ETH are in the middle of the range, no trades until prices are on support or under resistance in the case of a short.


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See you tomorrow for a new market analysis!

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