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Market Analysis of June 30, 2020

The marketcap has been moving up (+0.75%) since yesterday. The total capitalization is 260 104 222 978 USD.

Bitcoin totals 168 297 030 140 USD of capitalization for a dominance of 64.7%. Ethereum’s marketcap is 25 277 535 513 USD, followed by Tether with 9 200 817 038 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher and is currently trading around $9144. The Weekly Open is taking a supporting role.

The daily technical situation is negative but we can see signs of a bullish turnaround on the WaveTrends. In 4 hours, the situation is positive.

What to do about it?

The likely scenario is that the BTC will rise slightly in the short term, but launching a long one now would be too risky. The supporting role of the Weekly Open is also weak and should be confirmed by another test.

  • The supports of the day are at 9000$ — 8600$
  • The resistances of the day are at 9250$ — 9400$

Ethereum Analysis

ETH closed higher like the BTC and its Weekly also serves as a support at the moment. ETH is trading around $227.

The daily technical situation is negative but positive in 4 hours.

What can we do about it?

The expected scenario would be a small rally as we are at the bottom of the range but it remains risky. ETH is just below the $228 level which sometimes plays a role of support or resistance. Therefore it is not advisable to trade in this position.

  • The supports of the day are at 217$ — 207$
  • The resistances of the day are at 228$ — 253$

Conclusion

The daily technical situation is still negative for ETH and BTC but bullish on the short term. But too risky to long!

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Market Analysis of June 29, 2020

The marketcap has been moving up (+0.56%) since yesterday. The total capitalization is 258 179 823 797 USD.

Bitcoin totals 167 768 523 874 USD of capitalization for a dominance of 64.9%. Ethereum’s marketcap is 24 976 308 850 USD, followed by Tether with 9 194 478 440 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher and is trading around $9075 just above the $9000 support. Not much new after this week. The BTC is still trading in range and volume is decreasing.

The daily technical situation is negative but positive in 4 hours.

What to do about it?

The situation is quite uncertain, we have to see if the Weekly Open will take a support or a resistance role. For now we just have to be patient.

  • The supports of the day are at 9000$ — 8600$
  • The resistances of the day are at 9400$ — 10000$

Ethereum Analysis

ETH closed higher after dropping this week and is trading around $222.

The daily technical situation is negative and uncertain in 4h, indeed the MACD is bullish but the WaveTrends has just crossed lower.

So what can we do?

The $228 support has become a resistance and a test of this zone would give us a clue on the direction that ETH will take. The $217 remains a good support for now.

  • The supports of the day are at 217$ — 207$
  • The resistances of the day are at 228$ — 253$

Conclusion

The daily technical situation is negative for ETH and BTC. 

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Market Analysis of June 26, 2020

The marketcap has been moving down (-0.78%) since yesterday. The total capitalization is 261 407 581 401 USD.

Bitcoin totals 168 666 692 660 USD of capitalization for a dominance of 64.4%. Ethereum’s marketcap is 25 654 173 591 USD, followed by Tether with 9 196 876 532 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

BTC closed down in the form of a hammer with its Weekly Open now serving as resistance. It is trading lower for the 4th day in a row and is around $9129.

The daily technical situation is negative and remains negative in 4h and also in 1h.

What to do about it?

The BTC is below a resistance, this is not the time to throw a long or a short, you have to wait for a better entry point. In case of retest of the 9250 zone, a short could be considered but it remains risky.

  • The supports of the day are at 9000$ — 8600$
  • The resistances of the day are at 9250$ — 9450$

Ethereum Analysis

ETH closed lower as well and is just above support, hovering around $229.

The daily technical situation is negative and remains negative in 4 hours and 1 hour.

What to do?

The situation is bearish, if the $228 support doesn’t hold we can expect to see the $217 back.

  • The supports of the day are at 228$ — 217$
  • The resistances of the day are at 253$ — 270$

Conclusion

The daily technical situation is negative for ETH and BTC and the volume is increasing. 

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Newsflash of June 26, 2020

Market Cap at 7:50 (UTC) – $261,407,581,401

Bitcoin dominance: 64.4 % 

BTC $9,166.25 (-0.26%)

ETH $230.65 (-1.02%)

XRP $0.180841 (-0.99%)

PayPal is said to hire crypto engineers

PayPal recently posted (https://jobsearch.paypal-corp.com/search?missing_job=true) job offerings stating that the company is hiring crypto engineer and blockchain research engineer. Both offers indicate that PayPal is looking to expand its service by studying, developing blockchain and crypto products. However, PayPal later removed crypto engineer offering.

Chinese official confirms finishing Digital Yuan’s backend

According to the post on Sina (https://finance.sina.com.cn/blockchain/coin/2020-06-22/doc-iirczymk8284602.shtmlhttps://finance.sina.com.cn/blockchain/coin/2020-06-22/doc-iirczymk8284602.shtml), former Chinese central bank vice president announced that the country had completed China’s CBDC backend and the currency is in its testing phase.

Bithumb to launch IPO

A recent article (https://news.mt.co.kr/mtview.php?no=2020062410552616540&MTS_P) by MoneyToday said that Bithumb would launch an IPO soon. However, Bithumb might encounters various issues related to its shareholders, CEO and tax.

Stay safe and happy trading.

Yours,

4C-Trading

You can join us on Telegram for a follow-up of the market throughout the day.

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Market Analysis of June 24, 2020

The marketcap has been moving down (-0.36%) since yesterday. The total capitalization is 271 781 556 750 USD.

Bitcoin totals 175 505 279 683 USD of capitalization for a dominance of 64.6%. Ethereum’s marketcap is 27 075 270 049 USD, followed by Tether with 9 198 389 874 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed lower and continues its descent today to trade around $9380.We’ve gone below the $9450 resistance level but not below its Weekly.

The daily technical situation is uncertain but with bullish signs.In 4 hours, the situation is negative.

What to do about it?

As long as we are below $9285 we can’t yet consider a return to a bearish trend. The BTC has returned to the middle of the range and is therefore difficult to trade.

  • The supports of the day are at 9250$ — 9400$
  • The resistances of the day are at 9800$ — 10000$

Ethereum Analysis

ETH closed higher in a doji shape indicating the market’s indecision and is now trading lower after trading close to the $250 mark.

The daily technical situation is rather positive with a WaveTrends which has just crossed higher. In 4 hours the situation is also negative.

What to do?

As long as we stay above $238, we can always hope to see the $250 again. Which could be an entry point for shorts.

  • The supports of the day are at 228$ — 217$
  • The resistances of the day are at 253$ — 270$

Conclusion

The daily technical situation is still quite uncertain. 

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Market Analysis of June 23, 2020

The marketcap has been moving up (+1.87%) since yesterday. The total capitalization is 272 766 638 288 USD.

Bitcoin totals 176 557 540 009 USD of capitalization for a dominance of 64.7%. Ethereum’s marketcap is 26 934 471 798 USD, followed by Tether with 9 187 784 980 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher to 9780 but did not reach 9800 and is trading around 96010$. Its dominance remains below 65%.

The daily technical situation is uncertain, indeed the MACD is still bearish but the WaveTrends has just crossed higher. In 4 hours, the situation remains positive.

What to do about it?

Well the short around 9800 remains valid, we must wait for a retest of this zone and hope to touch it this time, be careful with your Stop Loss and manage your risk well.

  • The supports of the day are at 9295$ — 9450$
  • The resistances of the day are at 9800$ — 10000$

Ethereum Analysis

ETH closed higher and is trading around $243, it hasn’t yet hit $250 as announced yesterday but it is still likely to do so.

The daily technical situation is rather positive and remains positive in 4 hours.

What to do?

As long as ETH remains above 238, we can expect to test the $250.

  • The supports of the day are at 228$ — 217$
  • The resistances of the day are at 253$ — 270$

Conclusion

The daily technical situation is uncertain for ETH and BTC. 

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Market Analysis of June 22, 2020

The marketcap has been moving up (+0.39%) since yesterday. The total capitalization is 267 766 896 593 USD.

Bitcoin totals 173 147 481 182 USD of capitalization for a dominance of 64.6%. Ethereum’s marketcap is 26 204 344 121 USD, followed by Tether with 9 195 290 762 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed lower but is trading around $9420. It is still trading in a range and without much movement. Its dominance has fallen back below 65%.

The daily technical situation is negative but very positive in 4 hours.

What to do about it?

If the BTC manages to pass the Monthly Open we can still hope to see the 9800$ which would still be a good entry point for shorts.

  • The supports of the day are at 9280$ — 9000$
  • The resistances of the day are at 9450$ — 9800$

Ethereum Analysis

ETH closed lower in doji indicating market indecision and is trading higher today at around $235.

The daily technical situation is negative with signs of recovery for WaveTrends but is positive in 4 hours.

What to do?

The situation is still uncertain and ETH is still moving in range. If we go over $238 we can hope for a $250 test.

  • The supports of the day are at 228$ — 217$
  • The resistances of the day are at 253$ — 270$

Conclusion

The daily technical situation is still negative for ETH and BTC but quite uncertain.

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Newsflash of June 19, 2020

Market Cap at 7:30 (UTC) – $264,062,666,393

Bitcoin dominance: 65 % 

BTC $9,322.49 (-1.19%)

ETH $228.45 (-2.15%)

XRP $0.190137 (-0.88%)

Koreans will be taxed for trading crypto

The finance minister of Korea said (https://koreajoongangdaily.joins.com/2020/06/17/business/finance/tax-cryptocurrency-bitcoin/20200617192900260.html) on Wednesday that the country will soon impose tax on crypto-related activities. Additionally, it is expected that additional details about the crypto tax will be released next month.

Stay safe and happy trading.

Yours,

4C-Trading

You can join us on Telegram for a follow-up of the market throughout the day.

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Market Analysis of June 19, 2020

The marketcap has been moving down (-1.47%) since yesterday. The total capitalization is 263 658 628 174 USD.

Bitcoin totals 171 542 734 561 USD of capitalization for a dominance of 65.1%. Ethereum’s marketcap is 25 308 911 462 USD, followed by Tether with 9 194 323 236 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed lower and is now trading around $9297 below its Monthly and Weekly Open after rebounding to $9200.

The daily technical situation is negative and remains negative in 4 hours.

What to do about it?

If the BTC moves back towards $9800, this is still a good entry point for a short. If it closes below $9200, a test of $8600 might be possible.

  • The supports of the day are at 9000$ — 8600$
  • The resistances of the day are at 9400$ — 10000$

Ethereum Analysis

ETH closed lower as well, trading around the former $230 support.

The daily technical situation is negative and remains negative in 4 hours.

What can we do about it?

It will be interesting to see ETH’s reaction at the $230 level. If we close below $230, we can hope to see the $218 back.

  • The supports of the day are at 230$ — 217$
  • The resistances of the day are at 253$ — 270$

Conclusion

The daily technical situation is still negative for ETH and BTC and the volume is decreasing. 

You can join us on Telegram for a follow-up of the market throughout the day.

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Market Analysis of June 18, 2020

The marketcap has been moving down (-0.67%) since yesterday. The total capitalization is 267 601 264 814 USD.

Bitcoin totals 173 755 491 028 USD of capitalization for a dominance of 64.9%. Ethereum’s marketcap is 26 027 555 464 USD, followed by Tether with 9 190 369 990 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed lower and is trading around $9430 below its Monthly Open. There is still no trend, Bitcoin is moving in a row.

The daily technical situation is negative but remains positive in 4 hours.

What to do about it?

After testing the 9600 as  we told yesterday, we  went down to the 9200 and then back up to the 9400. The $9800-9900 is still the best entry point for shorts.

  • The supports of the day are at 9400$ — 9000$
  • The resistances of the day are at 10000$ — 10500$

Ethereum Analysis

ETH closed lower as well and is trading around $233, still above $230.

The daily technical situation is negative but still remains positive in 4 hours.

What can I do?

We still have to be patient and wait for a better point of entry. The situation is uncertain today.

  • The supports of the day are at 230$ — 217$
  • The resistances of the day are at 253$ — 270$

Conclusion

The daily technical situation is still negative for ETH and BTC but bullish on the short term

You can join us on Telegram for a follow-up of the market throughout the day.

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