Market Analysis of August 23, 2019

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Marketcap

The marketcap has been moving up (+2.20%) since yesterday. The total capitalization is 26.6 27.8 00.3 51 USD.

Bitcoin totals 18.2 50.1 00.9 14 USD of capitalization for a dominance of 68.40%.

Ethereum’s marketcap is 2.0 71.6 31.6 18 USD, followed by Ripple with 11 .662 .673 .612 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

The Bitcoin closed the previous session in the form of a candlestick resembling a hanging above its monthly opening level. The technical situation remains negative on a daily basis but there are signs of a reversal on the CCI.

On a 4-hour horizon, the technical situation is positive as evidenced by the WaveTrends and the MACD which have already crossed the rise. If BTC continues to rise, the next level of interest will be the weekly opening level at $10,318.

What to do about it?

We are between two important levels, so we advise you to wait until prices leave the area between 10096$ and 10318$.

  • The supports of the day are at 10096$ – 9800$
  • The resistances of the day are at 10318$ – 10800$

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Ethereum

The technical situation of the Ethereum is much more positive than that of the BTC, with a still visible upward divergence between the MACD and prices and a buying signal on the CCI and WaveTrends.

On a 4-hour horizon, the situation is also positive, so a break in the weekly opening level is not impossible.

What to do about it?

We advise you to wait for a break in the weekly open before positioning yourself on the rise.

  • The supports of the day are at 190$ – 180$
  • The resistances of the day are at 194.75$ – 200$

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Conclusion

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


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See you tomorrow for a new market analysis!

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