Market Analysis of September 11, 2019

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Marketcap

The marketcap has been moving down (-0.02%) since yesterday. The total capitalization is 259 752 767 578 USD.

Bitcoin totals 180 900 066 331 USD of capitalization for a dominance of 69.64%.

Ethereum’s marketcap is 19 291 421 358 USD, followed by Ripple with 11 084 217 1714 USD.

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HOW TO READ THE MARKET SENTIMENT ?

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Bitcoin

The previous day’s closing confirms a downward trend, putting an end to the uncertainty of the previous doji-shaped closing. The Bitcoin is around $10,050 and the daily technical situation is negative.

 
WaveTrends and CCI have already given their sales signals since yesterday, while the MACD is still very close to crossing downward.
On a 4-hour horizon, the situation remains negative also with the bearish indicators nevertheless we can see signs of recovery on the CCI and WaveTrends.

What to do about it?

We recommend waiting for a return to the monthly opening level or a break in the resistance before positioning yourself.

  • The supports of the day are at 10000$ – 9800$
  • The resistances of the day are at 10400$ – 10700$

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Ethereum

ETH closed by transforming the inverted hammer into a new doji, leaving room for uncertainty. The closing remains under the weekly open and ETH is around $178.
The daily situation remains rather positive unlike the BTC. However, the CCI is bearish, the WaveTrends and the MACD show signs of curvature.
On a 4-hour horizon, the indicators are all bearish. As a result, a return to the monthly open is always possible, but caution is advised as long as the different time horizons do not converge.
We will therefore wait for a return on support or a resistance break before positioning.

  • The supports of the day are at 172.1$ – 165$
  • The resistances of the day are at 185$ – 195$

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Conclusion

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


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See you tomorrow for a new market analysis!

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