Market Analysis of October 29, 2019

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The marketcap has been moving up (+1.25%) since yesterday. The total capitalization is 251 558 766 570 USD.

Bitcoin totals 170 261 183 904 USD of capitalization for a dominance of 67.70%. Ethereum’s marketcap is 20 165 423 272 USD, followed by Ripple with 12 882 155 250 USD.

Bitcoin Analysis

The Bitcoin closed down for the first time since its recent rise and is trading at around $9430. It is currently evolving between the Weekly and Monthly Open.

The technical situation is positive, the indicators are all on the rise. Over a time horizon of 4 hours, the technical situation is rather negative. The indicators are starting to move down.

What to do about it?

The BTC still consolidates around 9400, and seems to take the Weekly Open as resistance. There is also a divergence in time horizons. Be aware of a breakage or rejection.

  • The supports of the day are at 9200$ — 8300$
  • The resistances of the day are at 9600$ — 10700$

Ethereum Analysis

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ETH closed with a bearish movement and is currently trading around $185.5, above its Weekly Open. The daily technical situation is positive, the indicators are bullish.

Over a time horizon of 4 hours, the technical situation remains rather positive, the indicators are still slightly upwards except for the CCI which is starting to move down.

What to do about it?

ETH is consolidating and could continue its downward movement if it passes the Weekly Open.

  • The supports of the day are at 181$ — 176$
  • The resistances of the day are at 188$ — 192$

Conclusion

BTC and ETH consolidate and can be bearish as yesterday.

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