Market Analysis of September 17, 2019

The marketcap remained flat (+0.00%) since yesterday. The total capitalization is 266 378 102 086 USD.

Bitcoin totals 184 032 829 145 USD of capitalization for a dominance of 57.20%.

Ethereum’s marketcap is 21 462 258 156 USD, followed by Ripple with 11 432 551 862 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin

The BTC closed on a downward trend and is trading around $10,200. The weekly open seems to have become a resistance close to $10,300. The shape of the candles indicates a battle between sellers and buyers, but none seems to be taking over at the moment.

The daily technical situation is rather negative. The MACD shows downward curves and is close to crossing. The CCI is down while the WaveTrends has already crossed down. Over a horizon of 4 hours, the 3 indicators are slightly down.

What to do about it?

We recommend to wait and see if the weekly open has become a resistance. But we advise you to remain cautious because a break in the resistance or a return to the monthly open is both possible.

  • The supports of the day are at 10000$ – 9500$
  • The resistances of the day are at 10300$ – 10500$

Ethereum

ETH closed on a bullish trend and is trading around $198. The former resistance of $195 seems to have become a support.

 

The daily technical situation is positive. The MACD, WaveTrends are on the rise while the CCI is on the decline. Over a horizon of 4 hours, the CCI is still down, the MACD and the WaveTrends are up, despite a slight sign of curvature in the latter indicator. There is a convergence of time horizons.

 

What to do about it?

The weekly open seems to serve as support for the moment and we can wait to see if the old $195 resistance has become support as well.

  • The supports of the day are at 195$ – 178$
  • The resistances of the day are at 200$ – 211$
 

Conclusion

We advise you to wait and be attentive to the evolution of ETH and BTC which seem to diverge in their movement for the moment.

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