Market Analysis of July 07, 2020

The marketcap has been moving up (+1.66%) since yesterday. The total capitalization is 268 223 254 719 USD.

Bitcoin totals 171 320 399 588 USD of capitalization for a dominance of 63.8%. Ethereum’s marketcap is 26 357 757 816 USD, followed by Tether with 9 106 537 231 USD.

Market Sentiment

Bitcoin Analysis

The BTC closed higher (+2.97%) at around $9269. It went above its Monthly and Weekly Open. Its dominance continues to decrease.

The daily technical situation is positive, the MACD crossed higher as did the WaveTrends yesterday. In 4 hours the technical situation remains positive but the WaveTrends is about to cross lower.

What to do about it?

A small correction took place but the goal is still to reach $9500 to send a short.

Ethereum Analysis

ETH closed higher as well, trading around $236 after rising to $244 as announced yesterday.

The daily technical situation is positive and remains rather positive in 4 hours despite a WaveTrends that crosses lower.

What to do?

We went back up to the upper end of the range and a small correction is taking place. If we stay in this part a test of $253 is possible.

Conclusion

The daily technical situation is still positive for ETH and BTC but a small correction is taking place.

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