Market Analysis of July 06, 2020

The marketcap has been moving up (+1.5%) since yesterday. The total capitalization is 263 840 287 798 USD.

Bitcoin totals 169 265 970 715 USD of capitalization for a dominance of 64%. Ethereum’s marketcap is 25 903 533 974 USD, followed by Tether with 9 183 927 522 USD.

Bitcoin Analysis

The BTC closed lower in the form of a hammer and is currently trading higher today at around $9197. Bitcoin’s volatility has rarely been so low and we can expect big moves.

The daily technical situation is rather positive with a WaveTrends which has just crossed higher and remains positive in 4 hours.

What to do about it?

Well the 9500$ short remains in the news. We can hope to go up a little more today but I would advise to remain patient and cautious.

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

Ethereum Analysis

ETH closed lower almost in the shape of a hammer like the BTC and is trading around $233.

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

What to do?

If ETH stays above $230, we can hope to see the $243 that would be a good entry point for a short.

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

Conclusion

The daily technical situation is now positive for ETH and BTC !

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