Market Analysis of August 06, 2019

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Marketcap

The marketcap has been moving up (+3.03%) since yesterday. The total capitalization is 317.696.471.321 USD.

Bitcoin totals 217.938.368.520 USD of capitalization for a dominance of 68.6%.

Ethereum’s marketcap is 25.069.509.860 USD, followed by Ripple with 13.822.258.868 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

Bitcoin closed the previous session with a significant increase from $10,986 to $11,959. However, the daily technical situation remains very positive with an upward trend in MACD and WaveTrends. Only the CCI is beginning to show signs of shortness of breath.

On a 4-hour horizon, the situation is also positive with nevertheless a CCI which is moving towards the level of 100 downwards.

What to do about it?

If you are already in position, place a stop-loss above your purchase price. If you are not yet in position, wait for a retracement to the $11800 level before positioning yourself for the purchase.

  • The supports of the day are at 11800$ – 10986$
  • The resistances of the day are at 12500$ – 13000$

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Ethereum

The situation of Ethereum is rather similar to that of Bitcoin, with a positive daily technical situation. Nevertheless, the CCI seems more negative for ETH than for BTC.

On a 4-hour horizon, the technical situation is beginning to show signs of reversal with a CCI and a WaveTrends that have already given a sales signal.

What to do about it?

If you are in position, place your stop sign above your purchase price. If you are not in position, wait for a confirmed $235 break or a return on support before reassessing the situation.

  • The supports of the day are at 220$ – 205$
  • The resistances of the day are at 235$ – 240$

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Conclusion

BTC and ETH are in bullish extension and are exposed to a possible shortness of breath in the short term
We advise you to wait for the return on the support for BTC and ETH before positioning yourself.


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See you tomorrow for a new market analysis!

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