Market Analysis of July 29, 2020

The marketcap has been moving up (+0.33%) since yesterday. The total capitalization is 327 413 546 204 USD.

Bitcoin totals 205 094 067 794 USD of capitalization for a dominance of 62.6%. Ethereum’s marketcap is 36 311 292 509 USD, followed by XRP with 10 752 366 356 USD.

Bitcoin Analysis

The BTC closed lower after a very bullish candle on Monday and is trading around $11,000, right in the middle of a resistance that may become a support.

The daily technical situation is positive and remains rather positive in 4 hours despite the WaveTrends down.

What to do about it?

To continue the bullish trend, it is absolutely necessary that the 10500 level holds its support role and that the 11600 level is broken!

  • The supports of the day are at 10450$ — 9800$
  • The resistances of the day are at 11050$ — 11600$

Ethereum Analysis

ETH closed lower and is currently trading higher at around $321.

The daily technical situation is positive but we can see signs of a bearish reversal and besides the MACD is bearish in 4 hours but the WaveTrends has just crossed higher.

What can we do?

If the $314 level holds, we will remain bullish for the moment.

  • The supports of the day are at 314$ — 280$
  • The resistances of the day are at 346$ — 366$

Conclusion

The daily technical situation is still positive for ETH and BTC and XRP passed TETHER.

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