Days Analysis 16

Market Analysis of December 24, 2019

The marketcap has been moving down (-1.91%) since yesterday. The total capitalization is 194 846 048 062 USD.

Bitcoin totals 134 230 140 894 USD of capitalization for a dominance of 68.9%. Ethereum’s marketcap is 14 106 673 421 USD, followed by Ripple with 8 344 813 691 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The $7,200 announced the day before is not far off. Indeed, the price has been pushed back from the distribution area due to lack of volume.

We can still think that the BTC has resumed an upward trend over the medium term, for that, the price will have to rebound to the $7100 – $7200 level. If we have this rebound, we can expect the possibility of breaking the $7,800 level.

Otherwise, a return to $6800 could happen. However, the 6800$ has already been tested several times. Liquidity at this level is no longer as abundant. We are not there yet, but we will be watching to see if this scenario comes true.

  • The supports of the day are at 7100$ — 6500$
  • The resistances of the day are at 7800$ — 8000$

Ethereum Analysis

The situation for ETH is different, we cannot see an upward trend at the moment.

On the contrary, the price of ETH is in the zone before the April 2019 bullrun. Given the situation, it is possible to imagine a return to the former low point of ETH at around $80.

What can we do?

Until a confirmation of the trend takes place, it is not advisable to return to the position.

  • The supports of the day are at 121$ — 100$
  • The resistances of the day are at 135$ — 155$

Conclusion

Waiting for a trend confirmation

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