Market Analysis of July 17, 2020

The marketcap has been moving down (-0.06%) since yesterday. The total capitalization is 268 867 448 917 USD.

Bitcoin totals 167 692 112 742 USD of capitalization for a dominance of 62.4%. Ethereum’s marketcap is 26 017 392 575 USD, followed by Tether with 9 177 717 407 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed lower just above its Monthly Open but is currently trading below around $9101. Its dominance remains fairly weak.

The daily technical situation is still negative and remains negative in 4 hours.

What to do about it?

The BTC is still in the middle of the range and it is therefore not recommended to trade it. It would take a daily close below $9000 to hope to see the $8600.

  • 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 $232 in the middle of the range, so it is not advisable to trade it as well.

The daily technical situation is negative but in 4 hours WaveTrends has crossed higher.

What to do?

To launch a short, you would need a fence below $228. To launch a long, you would need to fence above $234.

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

Conclusion

The daily technical situation is still negative for ETH and BTC, we need to wait for a better entry point.

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