Market Analysis of July 27, 2020

The marketcap has been moving up (+2.4%) since yesterday. The total capitalization is 305 077 327 573 USD.

Bitcoin totals 187 511 673 178 USD of capitalization for a dominance of 61.4%. Ethereum’s marketcap is 35 794 200 795  USD, followed by Tether with 10 028 097 582 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher and is trading around $10208, at the upper end of the range in the resistance zone. We had a nice pump this w-e.

The daily technical situation is positive and remains positive in 4 hours.

What to do about it?

The BTC has gone above $10,000 but it needs to go above $10,450 to remain bullish, otherwise the rejection and correction scenario is likely.

  • The supports of the day are at 10000$ — 9800$
  • The resistances of the day are at 10450$ — 11000$

Ethereum Analysis

ETH closed higher for the 6th day in a row and is trading around $322 after a fairly bullish w-e.

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

What to do?

ETH has not stopped rising and has exceeded the resistance of $314 and is still moving up for the moment. A correction could happen and it would be interesting to test the $314 resistance to see if it has become a support.

  • The supports of the day are at 314$ — 270$
  • The resistances of the day are at 335$ — 367$

Conclusion

The daily technical situation is still positive for ETH and BTC after a beautiful bullish w-e 

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