Market Analysis of July 22, 2020

The marketcap has been moving up (+0.23%) since yesterday. The total capitalization is 276 537 868 458 USD.

Bitcoin totals 171 936 798 063 USD of capitalization for a dominance of 62.2%. Ethereum’s marketcap is 27 153 152 818 USD, followed by Tether with 9 198 674 059 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher and is currently trading around $9326 above its Weekly Open after testing without breaking the $9450 resistance level.

The daily technical situation is positive and remains rather positive in 4 hours but the WaveTrends has just crossed lower.

What to do about it?

If we break the $9450 resistance, a test of the $9600 is possible. If we don’t close above 9450, a return to the Monthly Open is possible.

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

Ethereum Analysis

ETH closed higher and is trading around $243 in the upper part of the range, a level that was a former resistance.

The daily technical situation is positive and remains rather positive in 4 hours but like the BTC, WaveTrends has just crossed lower.

What to do?

If ETH holds at the 243 level and closes at or above this level, we can hope to see the top of the range again, $253.

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

Conclusion

The daily technical situation is positive for ETH and BTC, let’s wait for the closing to see which direction they will take. 

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