Market Analysis of July 02, 2020

The marketcap has been moving up (+0.91%) since yesterday. The total capitalization is 262 978 278 646 USD.

Bitcoin totals 169 950 410 102 USD of capitalization for a dominance of 64.6%. Ethereum’s marketcap is 25 681 669 314 USD, followed by Tether with 9 207 172 782 USD.

Bitcoin Analysis

Bitcoin closed higher, trading around $9211. The $9250 seems to be taking a resistance role.

The daily technical situation is uncertain, the MACD is still down but WaveTrends has just crossed higher. In 4 hours it’s the opposite, the MACD is up but WaveTrends has crossed lower.

What to do about it?

In 4h we can see a sequence of higher high and higher low but we can’t confirm a bullish trend. The plan hasn’t changed, wait for a good entry point for a short.

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

Ethereum Analysis

ETH closed higher and is trading around $228.8, it also forms higher high and higher low in 4 hours.

The daily technical situation is rather positive but WaveTrends also crosses lower in 4 hours.

What can be done?

Last month’s Monthly Open still plays a role of resistance, if it is broken ETH could well rise a bit more.

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

Conclusion

The daily technical situation is quite uncertain for ETH and BTC but bullish on the short term

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