Market Analysis of August 02, 2019

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Marketcap

The marketcap has been moving up (+4.76%) since yesterday. The total capitalization is 285.973.980.233 USD.

Bitcoin totals 188.355.121.306 USD of capitalization for a dominance of 65.90%.

Ethereum’s marketcap is 23.766.059.099 USD, followed by Ripple with 13.644.381.786 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

The Bitcoin evolved below its monthly opening level for much of the previous session before breaking this level and closing at around $10,400. The BTC is now evolving at $10,550 with a positive daily technical situation.

On a 4-hour horizon, however, the indicators indicate a risk of correction after yesterday’s impulsive movement.

What to do about it?

If you took advantage of yesterday’s increase, place a stop-loss above your purchase price and take a portion of your profits. If you are not yet in position, wait for a return to the monthly opening level or a break of $10,650 before reassessing the situation.

  • The supports of the day are at 10096$ – 9800$
  • The resistances of the day are at 10650$ – 11000$

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Ethereum

The technical situation of the Ethereum is similar to that of the BTC, positive on the daily horizon but with a risk of correction on the 4-hour horizon.

In addition, ETH now seems to be breaking its consolidation triangle upward, which does not prevent a subsequent pullback. If the latter intervenes, it will be an excellent entry point to target the $230 level.

Be careful, however, to take into account the situation of Bitcoin.

What to do about it?

We observe the reaction of the ETH after breaking the triangle and we position ourselves on pullback. For those of you already in position, stop-loss above your purchase price as usual!

  • The supports of the day are at 220$ – 205$
  • The resistances of the day are at 230$ – 235$

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Conclusion

BTC and ETH are in breakage of resistance.

What to do about it?

We advise you to wait for the confirmation of the closures, which will be the case by the time you read these lines, and position yourself on pullback if confirmed.


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See you tomorrow for a new market analysis!

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