Market Analysis of November 05, 2019

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The marketcap has been moving up (+0.69%) since yesterday. The total capitalization is 249 622 610 484 USD.

Bitcoin totals 167 512 438 821 USD of capitalization for a dominance of 67.10%. Ethereum’s marketcap is 20 058 811 272 USD, followed by Ripple with 12 958 168 786 USD.

Market Sentiment

Capture d’écran 2019 11 05 à 11.04.53
HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC broke its triangle to reach $9617 and returned to the resistance level of this triangle and the Weekly Open. It is currently evolving at the $9249 level.

From a technical point of view we see that the indicators cross-referenced downward. If Weekly support resists, then we could see the indicators cross up.

What to do about it?

For the time being, wait, if the price is supposed to rise, it is necessary to see a real rebound in the area in which the BTC is currently operating. The most logical thing for the moment is to go into a long position but with a small capital and a small stop loss because the direction is not yet sure for the moment.

  • The supports of the day are at 9000$ — 8600$
  • The resistances of the day are at 9400$ — 9800$

Ethereum Analysis

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Also a triangle break on ETH with a pullback on the resistance

The technical situation is the same, for the moment we are seeing downward crossings. If the $182 zone resists, there is a good chance that the price will increase sharply.

What to do about it?

We had the break and the pullback. A long position is possible but with a small stop loss for the moment because the direction is not yet sure for the moment.

  • The supports of the day are at 182$ — 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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