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Market analysis of July 10, 2019

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Marketcap

The marketcap has been moving up (+0.34%) since yesterday. The total capitalization is 352.950.124.518 USD.

Bitcoin totals 229.189.825.929 USD of capitalization for a dominance of 64.9%.

Ethereum’s marketcap is 32.916.290.979 USD, followed by Ripple with 16.815.778.523 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

The King Bitcoin resurfaces. After breaking his resistance to $12800 dollars, he now flirts with $13000.

The RSI still has a lot of space above it, so the Bitcoin could very easily and quickly seal a new higher one? The area we are monitoring, based on Elliottism, corresponds to the orange rectangle on the graph ($13300-13500). A confirmed break with large volume of $13500, which corresponds to the 100% zone using the Fibonacci extension would be a sign of a new surge. And maybe a new ATH for this year! In the case of a resistance on the orange zone, a return to $12700 and then $12400 is possible.

What to do about it?

If you are in position, place your stop-loss above your purchase price. If you are not yet in position, wait for a clean break with a volume of $13,500.

  • The supports of the day are at 12700$ – 12400$
  • The resistances of the day are at 13300$ -13500$

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Ethereum

The situation is rather different for ETH. The latter does not enjoy going to get a new ATH. Still above $300, his RSI seems to be going down. The retracement of Fibonacci seems to indicate resistance towards $315. It should also be noted that ETH is currently in an upward channel. As a result, a net break of 38.20% ($304) with high volume, could find support for the $294-$296.

What to do about it?

If you are in position, place your stop-loss above your purchase price, if you are still not in position, wait until you are back on the stand at $294 before positioning yourself.

  • The supports of the day are at 304$ – 294$
  • The resistances of the day are at 315$ – 320$

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Conclusion

BTC and ETH are not in a similar situation. Currently the BTC dominates the whole market. Be careful, especially in the Altcoins market, which is suffering enormously from this rapid increase in BTC.
BTC: Wait and see how he reacts to the $13300-$13500.
ETH: position upwards if a return to the channel support occurs. position downwards if the channel resistance is re-tested.


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See you tomorrow for a new market analysis!

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