Market Analysis of October 17, 2019

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The marketcap has been moving down (-1.41%) since yesterday. The total capitalization is 219 305 396 500 USD.

Bitcoin totals 145 101 234 792 USD of capitalization for a dominance of 66.20%. Ethereum’s marketcap is 19 118 094 477 USD, followed by Ripple with 12 780 607 449 USD.

Bitcoin Analysis

Bitcoin has continued to drop to a low of $7912 and is currently trading at $8062.

The daily technical situation is rather positive. The indicators are beginning to show signs of reversal.

On a 4-hour horizon, the technical situation is positive. The indicators cross upward and the price shows a sign of rebound.

What to do about it?

If the price confirms its rise, it is necessary to see a break of the 8300$ level in order to be able to review the 8800$. for the moment, it is better to wait to see how the situation evolves.

  • The supports of the day are at 8000$ — 7800$
  • The resistances of the day are at 8300$ — 8500$

Ethereum Analysis

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ETH has approached $170 by reaching $171.60. Currently it is evolving at the level of 176.25$.

Like Bitcoin, ETH sees its indicators showing a trend reversal and we could therefore see ETH reach higher levels.

What to do about it?

If the $170 level holds, then we could see the price go back to around $181 and if only that level is broken, then we could think about starting on an upward trend.

  • The supports of the day are at 170$ — 165$
  • The resistances of the day are at 181$ — 188$

Conclusion

BTC and ETH are quite unstable at the moment, if you are a prudent trader, you should be interested in other corners or be patient.

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