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Market Analysis of September 06, 2019

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Marketcap

The marketcap has been moving up (+1.01%) since yesterday. The total capitalization is 270 291 769 583 USD.

Bitcoin totals 192 146 661 914 USD of capitalization for a dominance of 71.10%.

Ethereum’s marketcap is 18 906 376 166 USD, followed by Ripple with 11 015 392 461 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

The Bitcoin closed the previous session without any real movement and is currently around $10,750. The daily technical situation is positive.

Over a 4-hour horizon, the indicators, although in an overbought zone, show signs of upward continuation.

What to do about it?

The Bitcoin is approaching an oblique resistance and we will therefore wait for a return on support or a break of this resistance before opening a buying position.

  • The supports of the day are at 10500$ – 10080$
  • The resistances of the day are at 10800$ – 11000$

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Ethereum

ETH’s technical situation is also positive on a daily basis with purchase signals visible on the MACD, CCI and WaveTrends indicators.
On a 4-hour horizon, the indicators, unlike the BTC, are not in an overbought zone and a buy signal is also given. In addition, prices are currently breaking the upper boundary of the downward narrowing bevel.

What to do about it?

We’ll wait for confirmation of a break and position ourselves on a possible pullback.

  • 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 or a resistance break for BTC and a confirmation of the bevel break for ETH.


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See you tomorrow for a new market analysis!

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