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Market analysis of July 18, 2019

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Marketcap

The marketcap has been moving up (+3.99%) since yesterday. The total capitalization is 269.262.861.931 USD.

Bitcoin totals 176.047.626.371 USD of capitalization for a dominance of 65.40%.

Ethereum’s marketcap is 23.266.292.756 USD, followed by Ripple with 13.462.940 814$ USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

After reaching a low of $9,049 in the previous session, Bitcoin then rebounded to a high of $9993. BTC is currently trading around $9850 with a still relatively negative daily technical situation even if we can see signs of curvature on the WaveTrends and the CCI.

On a 4-hour horizon, the technical situation is rather positive with indicators on the rise.

What to do about it?

For the moment, Bitcoin continues to evolve in a succession of lower high and lower low, which is why we recommend that you wait for a short-term trend reversal before positioning yourself for the purchase.

  • The supports of the day are at 9400$ – 9000$
  • The resistances of the day are at 10000$ – 10800$

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Ethereum

The Ethereum also closed the previous session in the green and is currently trading at $217.50. ETH’s daily technical situation is negative but there are signs of more pronounced curvatures than on the BTC.
On a 4-hour horizon, the technical situation is also positive with a WaveTrends, a CCI and a bullish MACD.

What to do about it?

Like the BTC, ETH is still following a downward trend and we recommend waiting for a turnaround before positioning yourself.

  • The supports of the day are at 200$ – 190$
  • The resistances of the day are at 220$ – 235$

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Conclusion

BTC and ETH are in slight rebound from counter-trend.
What to do about it?
We recommend waiting until the downtrend is invalidated before opening a long position.


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See you tomorrow for a new market analysis!

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