Market Analysis of July 25, 2019

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Marketcap

The marketcap has been moving down (-4.49%) since yesterday. The total capitalization is 278 321 163 099 USD.

Bitcoin totals 180 126 063 586 USD of capitalization for a dominance of 64.70%.

Ethereum’s marketcap is 23 845 715 865 USD, followed by Ripple with 13 634 730 967 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

The Bitcoin closed the previous session with a candlestick in the shape of a hammer, which is typically a bullish reversal pattern. The daily technical situation is becoming more and more positive with a CCI that has already given a buy signal while the WaveTrends and MACD are starting to show signs of bullish curves.

On a 4-hour horizon, the technical indicators have already crossed upward, so a test of the wekly open is not to be ruled out.

What to do about it?

If you are in position, place your stop-loss above your purchase price. If you are not in position, we advise you to wait for a possible break in the weekly open before positioning yourself on pullback. If this level does not break, we will wait for a return on support before reassessing the situation.

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

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Ethereum

ETH’s situation is similar to that of the BTC, prices are currently below the weekly opening level with a positive 4h technical situation. It is therefore likely that ETH will test this level, especially since the distance between the latter and prices is shorter on the Ethereum than on the Bitcoin.

What to do about it?

As usual, if you are in position place your stop-loss above your purchase price. If you are not yet in position, wait for a weekly open 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 rebound and approaching a resistance zone

What to do about it?

We recommend that you wait for the Bitcoin and Ethereum to test their resistance zone, if the latter breaks when buying on pullback.


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See you tomorrow for a new market analysis!

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