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Market Analysis of July 23, 2019

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Market-cap

The marketcap has been moving down (-5.22%) since yesterday. The total capitalization is 275 084 644 485 USD.

Bitcoin totals 179 148 406 371 USD of capitalization for a dominance of 65.10%.

Ethereum’s marketcap is 22 725 851 920 USD, followed by Ripple with 13 450 400 938 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

Before starting the analysis of the Bitcoin, I would like to draw your attention to a configuration that is repeated a lot on different time frames: the H&S – head and shoulder. This is a relatively simple configuration to trade: you have to play the break of the neck line. The H&S exists in its classic form but also in reverse form (as you can see on the purple graph).

Concerning the BTC, on a 4h timeframe it broke down a small H&S. The $10163 resistance zone seems to be failing. We will wait for confirmation with the fence of the candle 4h below this area, which would become a resistance. A potential rebound could occur in the $9420 – $9750 area, in case of no rebound, the next support is at $8930.

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, play the bounce break in the $9420 – $9750 area, don’t forget to place a stop-loss if you try to play the bounce!

  • The supports of the day are at 9500$ – 8900$
  • The resistances of the day are at 10170$ – 10815$

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Ethereum

A similar configuration for the ETH. On a 4-hour time frame, a bearish continuation seems to be in the works. The area for a rebound potential would be between 61.80% and 78.60% of Fibonacci this corresponds to an area between $199-206. In case of a failed rebound, ETH will have to review the $188.65, key support for ETH.

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, play the bounce break in the $199-206 area. Don’t forget to place a stop-loss if you try to play the rebound!

  • The supports of the day are at 202$ – 190$
  • The resistances of the day are at 226$ – 232$

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Conclusion

BTC and ETH are in a continuation of a downward trend.
What to do about it?
Monitor the BTC and ETH to play a possible rebound as specified above.
Note: breaks must be accompanied by a high volume, otherwise it could indicate false breaks whose sole purpose is to trap traders!


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See you tomorrow for a new market analysis!

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