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Market Analysis of September 09, 2019

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Marketcap

The marketcap has been moving down (-2.27%) since yesterday. The total capitalization is 264 152 968 482 USD.

Bitcoin totals 184 861 102 025 USD of capitalization for a dominance of 70%.

Ethereum’s marketcap is 19 227 321 859 USD, followed by Ripple with 11 144 455 658 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

After approaching its oblique resistance at around $11,000 last week, the Bitcoin has stalled and is currently evolving at around $11,100. The BTC continues to operate in a triangular configuration and the daily technical situation shows signs of a downward turn.

On a 4-hour horizon, the situation is also negative, which makes a return to the support represented by the monthly open, possible.

What to do about it?

The BTC is now evolving between its weekly open and monthly open, the technical situation being negative, we recommend patience and a return on support before opening a long position.

  • The supports of the day are at 10080$ – 9800$
  • The resistances of the day are at 10800$ – 11000$

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Ethereum

ETH’s daily technical situation remains positive for the moment despite some signs of a reversal on the CCI. ETH has broken its narrowing bevel going up and now seems to be making a pullback.
The technical situation on a 4-hour horizon is negative, which makes a pullback up to the level of the likely weekly open.

What to do about it?

As with the BTC, the Ethereum is in the middle of a range and it is preferable to wait for a return on support before proceeding to purchase.
 

  • 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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