Market Analysis of August 11, 2020

The marketcap has been moving down (-1.08%) since yesterday. The total capitalization is 360 190 112 682 USD.

Bitcoin totals 217 337 377 060 USD of capitalization for a dominance of 60.4%. Ethereum’s marketcap is 43 828 259 457 USD, followed by XRP with 13 375 724 799 USD.

Bitcoin Analysis

The BTC closed higher and is currently trading around $11737. It fell after testing the $12,100 level.

The daily technical situation is still neutral with a bullish MACD but showing signs of bearish curves and an already bearish WaveTrends. In 4 hours, the situation is negative.

What to do about it?

The BTC has been pushed out of the $12,000 zone, so what we need to do for now is to be patient and wait for the $10,300 to go long.

  • The supports of the day are at 11600$ — 11000$
  • The resistances of the day are at 12000$ — 13100$

Ethereum Analysis

ETH closed higher in a doji shape showing some market uncertainty and is now trading lower around $389.

The daily technical situation is the same for ETH as for BTC, neutral but with the MACD showing signs of downward curves and the situation is bearish in 4 hours.

What to do?

Well ETH has been rejected by testing the resistance of $410 so we must be patient and wait for a better entry point.

  • The supports of the day are at 360$ — 314$
  • The resistances of the day are at 410$ — 500$

Conclusion

The daily technical situation is neutral for ETH and BTC but bearish on the short term

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