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Market analysis of June 24, 2019

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Marketcap

The marketcap has been moving up (+0.70%) since yesterday. The total capitalization is 331.713.813.017 USD.

Bitcoin totals 191.982.960.819 USD of capitalization for a dominance of 59%.

Ethereum’s marketcap is 32.800.747.801 USD, followed by Ripple with 19.591.113.432 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

Bitcoin continues to rise and has reached a top at a price of $1,247. Currently it is evolving at the $10830 level while showing positive signs.

  • On a 4-hour horizon, the technical situation seems negative but a bullish crossover of the indicators cannot be ruled out under the conditions in which the BTC is located.
  • Despite the desire to continue to climb even higher, the BTC still shows signs of running out of steam and if it does not succeed in breaking the 11700$ resistance, it could correct itself and return to lower levels which could fill the gab encountered in recent weeks.

What to do about it?

After a rise as we know it now, it is possible to review the BTC at lower levels. Two important levels, the $10,000 and $8,500. These levels would be good entry points.
However, if the BTC continues to rise, the big resistance is at the $11700 level, if a break in this zone is confirmed, the price could go even higher.

  • The supports of the day are at 10000$ – 9450$
  • The resistances of the day are at 11700$ – 12500$

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Ethereum

It seems that the $300 zone is used to support the current ETH price. If this level is broken, ETH could return to its lower support at the $280 level.
ETH is always strongly correlated to the BTC, the latter will give the direction of ETH.

  • The supports of the day are at 300$ – 280$
  • The resistances of the day are at 320$ – 335$

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Conclusion

BTC and ETH are in ranges.
We advises you to wait for a return on the supports or a confirmation of resistance breakage.

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See you tomorrow for a new market analysis!

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