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Market Analysis of August 08, 2019

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Marketcap

The marketcap has been moving down (-3.14%) since yesterday. The total capitalization is 307.697.294.087 USD.

Bitcoin totals 211.815.985.552 USD of capitalization for a dominance of 68.80%.

Ethereum’s marketcap is 24.185.666.013 USD, followed by Ripple with 13.260.354.396 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

BTC closed the previous session just below the $12,000 level and is currently trading around $11,950 with a still quite positive daily technical situation. Nevertheless, we can see that the WaveTrends is showing increasing signs of curvature and the CCI is moving towards the 100 level.

In 4 hours, the situation is rather negative, only the WaveTrends has still not crossed down.

What to do about it?

If you are in position, place your stop-loss above your purchase price. If you are not in position, we advise you to wait for a return on support before proceeding to purchase.

  • The supports of the day are at 11475$ – 10986$
  • The resistances of the day are at 12000$ – 12500$

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Ethereum

ETH’s daily technical situation remains positive for the time being, although signs of curvature can also be seen on the WaveTrends, as on the BTC.
On a 4-hour horizon, the situation is different, the indicators are all positive unlike the BTC.

What to do about it?

ETH has bounced twice on its weekly opening level, we recommend waiting for a return to this level or a resistance break before reassessing the situation.

  • The supports of the day are at 220$ – 205$
  • The resistances of the day are at 235$ – 240$

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Conclusion

BTC and ETH are located in an important area between a support and a resistance.
We advise you to wait for a return to the support or a break in the resistance for BTC and ETH before positioning yourself.


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See you tomorrow for a new market analysis!

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