Market Analysis of August 29, 2019

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Marketcap

The marketcap has been moving down (-7.28%) since yesterday. The total capitalization is 244 762 269 339 USD.

Bitcoin totals 168 971 618 213 USD of capitalization for a dominance of 69.00%.

Ethereum’s marketcap is 18 129 478 545 USD, followed by Ripple with 10 782 525 258 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

What can I say? We expected an impulsive movement after this period of consolidation around the monthly opening, it is done.

The daily technical situation is totally negative and no signs of reversal are visible. The situation is similar on a 4-hour horizon, although there are signs of bullish curves on the WaveTrends.

What to do about it?

We are waiting for a stabilization, it is too dangerous to open a position on current price levels.

  • The supports of the day are at 9300$ – 9060$
  • The resistances of the day are at 9500$ – 10096$

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Ethereum

Same opinion as for the Bitcoin, a negative daily technical situation without any sign of reversal. The ETH still evolves in a downward bevelled configuration with an oblique support around $150.

On a 4-hour horizon, the indicators were oversold but there are signs of reversals on the WaveTrends and the CCI.

What to do about it?

As with the BTC, we will wait for a stabilization before opening a position.

  • The supports of the day are at 165$ – 145$
  • The resistances of the day are at 188$ – 194.75$

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Conclusion

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


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See you tomorrow for a new market analysis!

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