Market Analysis of July 14, 2020

The marketcap has been moving down (-1.16%) since yesterday. The total capitalization is 271 027 382 232 USD.

Bitcoin totals 169 509 458 971 USD of capitalization for a dominance of 62.5%. Ethereum’s marketcap is 26 666 983 441 USD, followed by Tether with 9 189 295 840 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed lower and is trading around $9194. The CTS is condensing and the volume is still very low, indicating a big move soon. Its dominance is also very low.

The daily technical situation is negative even though the MACD has not yet crossed lower, and remains negative in 4 hours.

What to do about it?

The daily trend is bearish but the Monthly Open seems to be playing a resistant role for the moment. If the BTC passes the Monthly Open, we can hope to test the $9000.

  • The supports of the day are at 9000$ — 8600$
  • The resistances of the day are at 9450$ — 9800$

Ethereum Analysis

ETH closed lower and is trading around $238. There is some indecision in the market. ETH is still at the top of the range.

The daily technical situation is rather negative, the WaveTrends has just crossed lower. The situation remains negative in 4 hours.

What can we do about it?

If the situation remains negative as now a test of the Weekly Open is quite possible.

  • The supports of the day are at 228$ — 217$
  • The resistances of the day are at 253$ — 270$

Conclusion

The daily technical situation is negative for ETH and BTC but you should focus on the alt. Join our Trade Room to check all our analysis !!

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