Market Analysis of 8th December 2020

The marketcap has been Moving down (-0.76%) since yesterday. The total capitalization is 566 301 705 225 USD.

Bitcoin totals 355 181 012 701 USD of capitalization for a dominance of 62.7%. Ethereum’s marketcap is 66 869 350 807 USD, followed by Ripple with 27 195 670 512 USD.

 

Market Sentiment

Latest Crypto Fear & Greed Index

Bitcoin Analysis

The BTC continue its consolidation between 19000$ and 19400$

 The daily technical situation is negative and if we zoom in 4H timeframe, the situation is also negative with a bearish MACD and WaveTrend.

What to do about it?

The BTC does not manage to pass the 20000$ mark, there is also a drop in volume. The best thing to do is to wait for a better entry point, either long or short given the direction of the coming breakout. 

  • The supports of the day are at 18200$ — 18800$
  • The resistances of the day are at 19400$ — 20000$

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Ethereum Analysis

ETH is following BTC as volume dries up on both coin and is currently trading at around 584$.

The daily as well as the 4h technical situation are both bearish with MACD and WaveTrend negative.

  • The supports of the day are at 570$ — 580$
  • The resistances of the day are at 600$ — 620$

What to do about it?

Unfortunately the same thing as the last few sessions my dear community, not much! Indeed, we certainly have a volume that is decreasing accompanied by higher and lower highs in a zone of consolidation. But we also have BTC which refuses to lose any of its support zones.
 

So the situation is rather delicate and we will wait for a break on one side or the other, in order to open a retracement position based on the structure that will then be created. 

Conclusion

We have to wait for something to happen, we won’t short blindly a resistance as you know if you follow our stream. For now we’ll have to be patient!

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