Market Analysis of July 24, 2020

The marketcap has been moving down (-0.12%) since yesterday. The total capitalization is 284 686 513 604 USD.

Bitcoin totals 175 159 094 712 USD of capitalization for a dominance of 61.5%. Ethereum’s marketcap is 30 250 594 849  USD, followed by Tether with 9 999 165 666 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher with a doji indicating indecision in the market and is trading around $9511. Its dominance continues to decline.

The daily technical situation is positive but rather negative in 4 hours with a WaveTrends down and a MACD about to cross lower.

What to do about it?

Well as long as the 9470 level holds, there’s no reason to be bearish. And that means we can throw a long one with our eyes closed, no! If the level doesn’t hold, we can hope to see the $9380 again.

  • The supports of the day are at 9450$ — 9000$
  • The resistances of the day are at 9800$ — 10050$

Ethereum Analysis

ETH closed higher and is trading around $272. This is just above the old resistance of $270 which has become a support.

The daily technical situation is positive and remains rather positive in 4 hours despite a WaveTrends that crosses lower.

What can we do about it?

Well ETH remains bullish but the $280 level would have to break before we can confirm a bullish trend.

  • The supports of the day are at 270$ — 253$
  • The resistances of the day are at 280$ — 314$

Conclusion

The daily technical situation is still positive for ETH and BTC. 

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