Market Analysis of June 29, 2020

The marketcap has been moving up (+0.56%) since yesterday. The total capitalization is 258 179 823 797 USD.

Bitcoin totals 167 768 523 874 USD of capitalization for a dominance of 64.9%. Ethereum’s marketcap is 24 976 308 850 USD, followed by Tether with 9 194 478 440 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher and is trading around $9075 just above the $9000 support. Not much new after this week. The BTC is still trading in range and volume is decreasing.

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

What to do about it?

The situation is quite uncertain, we have to see if the Weekly Open will take a support or a resistance role. For now we just have to be patient.

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

Ethereum Analysis

ETH closed higher after dropping this week and is trading around $222.

The daily technical situation is negative and uncertain in 4h, indeed the MACD is bullish but the WaveTrends has just crossed lower.

So what can we do?

The $228 support has become a resistance and a test of this zone would give us a clue on the direction that ETH will take. The $217 remains a good support for now.

  • The supports of the day are at 217$ — 207$
  • The resistances of the day are at 228$ — 253$

Conclusion

The daily technical situation is negative for ETH and BTC. 

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