Market Analysis of June 19, 2020

The marketcap has been moving down (-1.47%) since yesterday. The total capitalization is 263 658 628 174 USD.

Bitcoin totals 171 542 734 561 USD of capitalization for a dominance of 65.1%. Ethereum’s marketcap is 25 308 911 462 USD, followed by Tether with 9 194 323 236 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed lower and is now trading around $9297 below its Monthly and Weekly Open after rebounding to $9200.

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

What to do about it?

If the BTC moves back towards $9800, this is still a good entry point for a short. If it closes below $9200, a test of $8600 might be possible.

  • The supports of the day are at 9000$ — 8600$
  • The resistances of the day are at 9400$ — 10000$

Ethereum Analysis

ETH closed lower as well, trading around the former $230 support.

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

What can we do about it?

It will be interesting to see ETH’s reaction at the $230 level. If we close below $230, we can hope to see the $218 back.

  • 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 and the volume is decreasing. 

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