Market Analysis of June 30, 2020

The marketcap has been moving up (+0.75%) since yesterday. The total capitalization is 260 104 222 978 USD.

Bitcoin totals 168 297 030 140 USD of capitalization for a dominance of 64.7%. Ethereum’s marketcap is 25 277 535 513 USD, followed by Tether with 9 200 817 038 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher and is currently trading around $9144. The Weekly Open is taking a supporting role.

The daily technical situation is negative but we can see signs of a bullish turnaround on the WaveTrends. In 4 hours, the situation is positive.

What to do about it?

The likely scenario is that the BTC will rise slightly in the short term, but launching a long one now would be too risky. The supporting role of the Weekly Open is also weak and should be confirmed by another test.

  • The supports of the day are at 9000$ — 8600$
  • The resistances of the day are at 9250$ — 9400$

Ethereum Analysis

ETH closed higher like the BTC and its Weekly also serves as a support at the moment. ETH is trading around $227.

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

What can we do about it?

The expected scenario would be a small rally as we are at the bottom of the range but it remains risky. ETH is just below the $228 level which sometimes plays a role of support or resistance. Therefore it is not advisable to trade in this position.

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

Conclusion

The daily technical situation is still negative for ETH and BTC but bullish on the short term. But too risky to long!

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