Market Analysis of december 16, 2019

Days Analysis 10

The marketcap has been moving down (-0.81%) since yesterday. The total capitalization is 193 373 081 986 USD.

Bitcoin totals 128 527 445 619 USD of capitalization for a dominance of 66.5%. Ethereum’s marketcap is 15 426 605 193 USD, followed by Ripple with 9 303 551 975 USD.

Bitcoin Analysis

The Bitcoin closed up, without much movement and continues its evolution in range towards $7050. Buyers can’t take over the sellers.

The daily technical situation is rather negative and the indicators are rather flat.

Over a time horizon of 4 hours, the technical situation remains rather negative, but the indicators are also rather flat.

 

BTC 10
What to do about it?

The BTC remains in consolidation and does not offer any good trade for the moment. Be patient. A test of the 6800$ is still possible.

  • The supports of the day are at 7000$ — 6500$
  • The resistances of the day are at 7600$ — 7800$

Ethereum Analysis

ETH 10

ETH closed with an upward movement by a doji with market uncertainty and is currently trading at around $140.6. Just like the BTC it continues its evolution in range.

The daily technical situation is rather negative without any sign of recovery.

Over a time horizon of 4 hours, the situation remains negative.

What to do about it?

Wait to see if the $140 level still plays its supporting role and if a rebound is possible. If it doesn’t hold we can expect a $136 test before we see the $132.

  • The supports of the day are at 140$ — 132$
  • The resistances of the day are at 151.5$ — 157$

Conclusion

The BTC and ETH are more likely to be bearish than bullish for the moment.

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