Market Analysis of June 17, 2020

The marketcap has been moving up (+0.49%) since yesterday. The total capitalization is 269 415 952 082 USD.

Bitcoin totals 175 140 714 722 USD of capitalization for a dominance of 65%. Ethereum’s marketcap is 26 145 625 109 USD, followed by Tether with 9 194 478 440 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed higher and is now trading around 9497$ with a hammer-shaped candle. The $9400 zone holds up well as a resistance.

The daily technical situation is still negative but we can see that the WaveTrends is getting closer to crossing on the upside. In 4 hours the technical situation is positive.

What to do about it?

Bitcoin doesn’t seem to go above $9600 but is also not capable of going below $9400. We have to wait for a better point of entry. There are short-term bullish signs. Shorts could be thrown if we get close to 9900-10,000.

  • The supports of the day are at 9400$ — 9000$
  • The resistances of the day are at 10000$ — 10500$

Ethereum Analysis

ETH closed higher and is moving towards $234 in hammer form as well.

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

What can I do?

ETH doesn’t seem to be dropping below $230 at the moment, so don’t trade just above a resistance but also wait for a better entry point.

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

Conclusion

The daily technical situation is still negative for ETH and BTC but bullish on the short term

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