Market Analysis of July 29, 2019

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Marketcap

The marketcap has been moving up (+0.89%) since yesterday. The total capitalization is 265 991 297 878 USD.

Bitcoin totals 171 521 062 096 USD of capitalization for a dominance of 57.20%.

Ethereum’s marketcap is 22 732 067 869 USD, followed by Ripple with 13 345 746 229 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

In recent days, the BTC has declined and in recent hours, the BTC has reached a low of $9111 and has rebounded rapidly to currently evolve at $9603.

 

Over a 4-hour horizon, the indicators show signs of potential rise, such as the WaveTrends, which has already crossed the upside, and the MACD.

A lower low point than the previous one has still not arrived, so we can still expect the BTC to rise again to a high point. As long as the $9,000 zone is not broken, the price can continue to increase.

What to do about it?

We were telling you about a buying reaction between 9280 and 9000$. If you entered the position when the price entered this area, we advise you to move your stop loss to your entry point. If you are not yet in position, wait for confirmation of a break in the $9700 level.

  • The supports of the day are at 9400$ – 9100$
  • The resistances of the day are at 9700$ – 10000$

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Ethereum

It seems that ETH is evolving in a triangle of downward consolidation. Although the triangle was broken downward reaching a low point of $195.20, the price returned to the triangle and reached $212.40.

On a 4-hour horizon, the technical situation is positive and an increase towards the $220 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 confirmed break in the consolidation triangle.

  • The supports of the day are at 205$ – 190$
  • The resistances of the day are at 220$ – 235$

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Conclusion

BTC and ETH have bounced back on their support area. We recommend that you wait for confirmation of resistance breakage for Bitcoin and Ethereum.


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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