Market Analysis of June 16, 2020

The marketcap has been moving up (+4.46%) since yesterday. The total capitalization is 268 101 935 095 USD.

Bitcoin totals 174 966 929 519 USD of capitalization for a dominance of 65.30%. Ethereum’s marketcap is 25 857 927 894 USD, followed by Tether with 9 196 145 770 USD.

Bitcoin Analysis

The BTC closed higher in a hammershaped form, which is generally bullish and is trading around $9485. The BTC has therefore fallen back below its Weekly and Monthly Open.

The daily technical situation is negative but positive in 4 hours. There is an absence of correlation.

What to do about it?

The BTC tested the 9600$ before going back down to around 9485$. If you have short or if you short pay attention to your stop loss because there is still a lot of bullish sign in the short term.

Ethereum Analysis

ETH closed lower in the hammer form as well, and is trading around $234 as mentioned in the previous analysis.

The daily technical situation is negative but becomes positive in 4 hours.

What to do?

Yesterday I had suggested that you should go short if the $230 zone was hit, but we should remain cautious as there are several bullish signs.

Conclusion

The daily technical situation is negative for ETH and BTC but positive in 4h. 

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