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Market Analysis of August 19, 2019

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Marketcap

The marketcap has been moving up (+5.64%) since yesterday. The total capitalization is 278.811.910.396 USD.

Bitcoin totals 191.419.980.143 USD of capitalization for a dominance of 68.40%.

Ethereum’s marketcap is 21.499.192.366 USD, followed by Ripple with 12.304.921.199 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

After consolidating for several sessions, Bitcoin starts this week on the rise, currently trading around $10,700. The daily technical situation shows positive signs with a WaveTrends and a MACD that are about to cross upward. The CCI has already turned around and is now on the rise as well.

Over a time frame of 4 hours, the technical situation is positive but is beginning to show signs of shortness of breath. The BTC having just broken a chartist configuration into an ascending triangle, a pullback on the upper boundary of the triangle is not impossible.

What to do about it?

If you are already in a position, place your stop-loss above your purchase price in order to secure part of your profits. If you are still not in position, wait for a return to the support or a break in the resistance around $11,000.

  • The supports of the day are at 10500$ – 9750$
  • The resistances of the day are at 11000$ – 11250$

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Ethereum

The daily technical situation of the Ethereum seems better than that of the BTC with a WaveTrends and a CCI which have already given a purchase signal while the MACD is about to cross. In addition, we can see an upward divergence between prices and the MACD.
Over a time horizon of 4 hours, the indicators are close to their overbought zone and are starting to turn around like the ITC which is heading towards its level of 100 downwards.

What to do about it?

On a shorter horizon, prices could move towards the monthly opening level of $194.75, so we recommend placing a stop-loss in profit if you are still in position or waiting for a return on the support before positioning yourself.

  • The supports of the day are at 194.75$ – 170$
  • The resistances of the day are at 205$ – 235$

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Conclusion

We advise you to wait for the return on support or a resistance break for BTC and ETH before positioning yourself.


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See you tomorrow for a new market analysis!

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