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Market Analysis of September 03, 2019

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Marketcap

The marketcap has been moving up (+5.15%) since yesterday. The total capitalization is 251 582 854 643 USD.

Bitcoin totals 185 570 430 644 USD of capitalization for a dominance of 70.10%.

Ethereum’s marketcap is 19 096 826 633 USD, followed by Ripple with 11 140 395 590 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

Bitcoin rose sharply in the previous session and closed at around $10,400. The daily technical situation is positive with a MACD and a WaveTrends which have already crossed upwards.

Over a 4-hour horizon, the indicators are approaching their oversold zone and may give sales signals in the near future, making a correction likely.

What to do about it?

Given the 4h technical situation, a return to the old monthly opening level of around 10080$ is possible, so we will wait for a return on this support level before reassessing the situation.

  • The supports of the day are at 10080$ – 9900$
  • The resistances of the day are at 10500$ – 11000$

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Ethereum

ETH’s technical situation is similar to that of Bitcoin, which is positive. In addition, the Ethereum is currently in a downslope bevel configuration after a long period of increase. Prices are just below the oblique resistance.
On a 4-hour horizon, the technical situation is rather negative and a drop towards the weekly opening level of $171.2 cannot be ruled out.

What to do about it?

Wait for feedback on the weekly open before reassessing the situation.

  • The supports of the day are at 171.2$ – 160$
  • The resistances of the day are at 180$ – 195$

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Conclusion

We advise you to wait for a return on support for BTC and ETH.


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See you tomorrow for a new market analysis!

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