Market Analysis of August 28, 2019

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Marketcap

The marketcap has been moving up (-0.19%) since yesterday. The total capitalization is 264 002 985 965 USD.

Bitcoin totals 181 966 294 299 USD of capitalization for a dominance of 68.90%.

Ethereum’s marketcap is 20 048 392 201 USD, followed by Ripple with 11 432 358 080 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

The technical situation of Bitcoin remains negative on a daily basis with no sign of a bullish reversal for the moment. However, the BTC is able to maintain itself above its monthly opening level at the time of writing.

 

On a shorter horizon, in 4 hours, the technical situation remains negative but with visible signs of a bullish reversal on the CCI and WaveTrends.

What to do about it?

We recommend waiting for the bevelled compression figure to exit before positioning yourself.

  • The supports of the day are at 10096$ – 9800$
  • The resistances of the day are at 10400$ – 10800$

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Ethereum

The technical situation of the Ethereum on a daily horizon is similar to that of the BTC, negative without signs of reversal for the moment.

Over a 4-hour horizon, the technical indicators show signs of a potential reversal.

What to do about it?

Like the BTC, the Ethereum is currently in a bevelled configuration, so we recommend waiting for this figure to exit before opening any position.

  • The supports of the day are at 185$ – 180$
  • The resistances of the day are at 194.75$ – 200$

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Conclusion

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

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


You can join us on Telegram for a follow-up of the market throughout the day.

For any question, our team will be happy to answer you on our support which is open 7/7 days.

For any information about our subscriptions, please visit our website or contact @butler_4c_bot directly to get all the information you need.

See you tomorrow for a new market analysis!

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