Market Analysis of October 31, 2019

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The marketcap has been moving down (-0.51%) since yesterday. The total capitalization is 246 361 465 041 USD.

Bitcoin totals 166 466 256 245 USD of capitalization for a dominance of 67.30%. Ethereum’s marketcap is 20 003 813 190 USD, followed by Ripple with 12 855 127 347 USD.

Bitcoin Analysis

The Bitcoin closed with a bearish movement and is trading around $9100. It evolves in range between the Weekly Open and the Monthly Open.

The daily technical situation is rather positive. The MACD and WaveTrends are on the rise but the CCI is on the decline. Over a time horizon of 4 hours, the technical situation is negative. The indicators are down.

What to do about it?

The BTC takes a downward triangle turn, prepare to be bearish in case of breakage.

  • The supports of the day are at 8300$ — 7800$
  • 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 between the Weekly Open and Monthly Open at around $181.5.

The technical situation is however rather positive, the MACD and WaveTrends are on the rise but show signs of downward curvature while the CCI is already on the decline. Over a time horizon of 4 hours, the technical situation is negative. All indicators are bearish.

What to do about it?

ETH is coming to test the Monthly Open. You have to be prepared in case of breakage or upward rebound.

  • The supports of the day are at 181$ — 173$
  • The resistances of the day are at 193$ — 202$

Conclusion

BTC and ETH are still in consolidation, close to support and resistance. We do not recommend trading while they are in this position.

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