Market Analysis of July 26, 2019

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Marketcap

The marketcap has been moving down (-3.27%) since yesterday. The total capitalization is 269 213 145 117 USD.

Bitcoin totals 173 887 180 800 USD of capitalization for a dominance of 64.60%.

Ethereum’s marketcap is 22 977 622 731 USD, followed by Ripple with 13 316 526 634 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

After reaching a high of $1,0187, which is almost perfectly in line with last week’s opening level, the BTC was rejected and closed at around $9900. The daily technical situation remains negative with the exception of the CCI, which is above the -100 level.

Over a 4-hour horizon, the indicators show signs of potential decline, such as the WaveTrends, which has already crossed downwards, and the MACD, which is also ready to cross.

The Bitcoin has so far failed in its attempt to score a higher high point than the previous one and the reversal is therefore not yet confirmed.

What to do about it?

The area between 9280 and 9000$ could lead to a buying reaction but if it were to break, there would be no more obstacles before 8500$. We therefore advise you to secure your profit with a stop above your purchase price if you are in position and wait for a test of the $9280 zone.

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

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Ethereum

As announced yesterday during the analysis, ETH was closer to its weekly opening level ( of the current week) than Bitcoin. The Ethereum tested its weekly open during the previous session before being rejected and closed at $219.15.

The daily technical situation, although more positive than the BTC, remains negative for the moment. However, we can see signs of curvature on the MACD.

On a 4-hour horizon, the technical situation is negative and a drop towards the important 200$ zone cannot be ruled out.

What to do about it?

If you are in position, you know the song, a stop-loss above your purchase price. If you are not yet in position, we recommend waiting for a test of the support area 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 rejecting and heading towards a support area.
We recommend that you wait for the Bitcoin and Ethereum to test their support area, given the 4-hour technical situation.


You can join us on Telegram for a follow-up of the market throughout the day.

For any question, our team will be happy to answer you on our support which is open 7/7 days.

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See you tomorrow for a new market analysis!

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1 thought on “Market Analysis of July 26, 2019”

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