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Market Analysis of September 02, 2019

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Marketcap

The marketcap has been moving up (+1.40%) since yesterday. The total capitalization is 251 582 854 643 USD.

Bitcoin totals 174 900 345 247 USD of capitalization for a dominance of 69.50%.

Ethereum’s marketcap is 18 398 474 249 USD, followed by Ripple with 10 948 382 737 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

In recent hours, the BTC has suffered a buying force that has pushed it up to the $9900 resistance by reaching the $9844 price.

Following last week’s drop, it is not impossible to see the BTC move in a bullish channel that represents a continuation of the bearish trend.
However, the BTC may still want to reach resistance before being rejected. The $10k level remains a fairly powerful psychological resistance.

  • The supports of the day are at 9530$ – 9200$
  • The resistances of the day are at 9900$ – 10088$

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Ethereum

ETH has touched the support of its bevel once again but it could touch it again by reaching the price of $160 which is a quite important support.
In the short term, ETH operates in a channel between $175 and $165, it could still operate for some time in this channel before seeing a significant movement giving it a very specific direction.

  • The supports of the day are at 160$ – 141.35$
  • The resistances of the day are at 180$ – 195$

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Conclusion

Bitcoin: wait for stabilization, potential re-test on the $9100 area to play. In case of lack of buying power, the 8500 shorts are preferred as an objective.
Ethereum: breakage of the descending bevel to play. A rebound on the $160 area then upward break is a possible scenario.
And don’t forget your stop-loss, the market is still looking for each other, the stabilization is not finished.


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