Market Analysis of June 08, 2020

The marketcap has been moving up (+0.15%) since yesterday. The total capitalization is 275 425 437 794 USD.

Bitcoin totals  178 268 588 970 USD of capitalization for a dominance of 64.70%. Ethereum’s marketcap is 27 100 227 959 USD, followed by Ripple with 9 198 014 350 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed higher and is trading around $9715 after testing support in the $9300 zone. Not much new after this w-e.

The daily technical situation is rather positive but with signs of bearish curves and becomes positive in 4 hours.

What to do about it?

In the absence of a higher high, we cannot expect an uptrend, nevertheless we can wait for a small rise to have a better entry point for a short.

  • The supports of the day are at 9300$ — 8600$
  • The resistances of the day are at 10000$ — 10500$

Ethereum Analysis

ETH closed higher and is currently trading around $244.

The daily technical situation is rather positive but the WaveTrends has crossed lower but the situation becomes very positive again in 4 hours.

What to do?

The situation is rather uncertain but a small pump is possible.

  • The supports of the day are at 230$ — 217$
  • The resistances of the day are at 253$ — 270$

Conclusion

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

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