Market Analysis of August 21, 2019

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Marketcap

The marketcap has been moving up (-5.40%) since yesterday. The total capitalization is 264.997.280.101 USD.

Bitcoin totals 182.524.235.448 USD of capitalization for a dominance of 68.90%.

Ethereum’s marketcap is 20.212.593.546 USD, followed by Ripple with 11.456.837.553 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

Bitcoin started this session with a decrease of more than $600 and came to test its monthly opening level at $10096. The daily technical situation, which had been showing signs of improvement in recent days, is now completely negative again.

The technical situation over a 4-hour time horizon is also negative and a break in the monthly open would not be surprising.

What to do about it?

Wait until the Bitcoin stabilizes before reassessing the situation.

  • The supports of the day are at 10096$ – 9750$
  • The resistances of the day are at 10500$ – 10800$

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Ethereum

Ethereum has fallen below its weekly opening level and the daily technical situation is showing signs of a downward turn. However, the downward divergence between the MACD and prices is still visible.

On a 4-hour horizon, the technical indicators are negative, which makes a continuation of the decline very likely. Prices could test the oblique support of the divergence.

What to do about it?

As with BTC, unless you are an expert and want to shorten the market, we advise you to stay away during this turbulent period.

  • The supports of the day are at 185$ – 170$
  • The resistances of the day are at 194.75$ – 200$

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Conclusion

We advise you to wait for a stabilization for BTC and ETH before positioning yourself.

What to do about it?

BTC: Wait for the 9350$ to be returned on support or broken before positioning
ETH: wait for a $274 break before buying

Note: breaks must be accompanied by a high volume, otherwise it could indicate false breaks whose sole purpose is to trap traders!


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See you tomorrow for a new market analysis!

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