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Market Analysis of August 20, 2019

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Marketcap

The marketcap has been moving up (+0.47%) since yesterday. The total capitalization is 280.147.278.426 USD.

Bitcoin totals 193.517.864.824 USD of capitalization for a dominance of 69.10%.

Ethereum’s marketcap is 21.527.060.746 USD, followed by Ripple with 12.012.682.192 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

Bitcoin closed the previous session up after breaking its configuration into an ascending triangle. The daily technical situation remains positive but the CCI is beginning to show signs of reversal.

On a 4-hour time horizon, the situation is different. Indeed, the indicators are moving close to their oversold zone and are about to cross downward. A return to the upper boundary of the triangle is therefore possible.

What to do about it?

We recommend that you wait for a return on support before opening a position.

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

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Ethereum

We are still facing a bullish divergence between prices and the MACD over a daily time horizon. Moreover, Ethereum’s technical situation remains positive on this horizon.
On a 4-hour horizon, the technical situation is negative and a return to the weekly opening level is very likely.

What to do about it?

As with the BTC, wait for a return on support before taking action.

  • 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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