Market Analysis of July 30, 2019

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Marketcap

The marketcap has been moving down (-1.26%) since yesterday. The total capitalization is 262 621 862 214 USD.

Bitcoin totals 169 518 502 029 USD of capitalization for a dominance of 64.50%.

Ethereum’s marketcap is 22 310 767 767 USD, followed by Ripple with 13 265 159 110 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

After reaching a low point of $9111 at the July 28 session, the Bitcoin has been in a state of total indecision since then. Indeed, although today’s is still not closed, these two candlesticks take the form of doji.

The daily technical situation is beginning to show positive signals, so a reversal could occur.

Over a time horizon of 4 hours, the technical indicators have already crossed upwards but their evolution is relatively flat, as are the prices which evolve flat below their weekly opening level.

What to do about it?

We are in a situation of indecision for the moment, so we recommend to wait for a break of $9,700 or even $10,000 before reassessing the situation. If you are in a position, however, place your stop-loss above your purchase price.

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

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Ethereum

Nothing new since the previous update, ETH is still evolving in a triangle configuration of downward consolidation with a daily technical situation that also shows signs of a possible upward reversal.

Over a 4-hour horizon, the indicators also indicate a possibility of an increase.

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 recommend waiting for the triangle to break before positioning yourself on pullback.

  • 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 are below their weekly opening level.

What to do about it?

We recommend that you wait for confirmation of resistance breakage for Bitcoin and Ethereum.


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See you tomorrow for a new market analysis!

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