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Market Analysis of September 12, 2019

Marketcap

The marketcap has been moving down (-0.0033%) since yesterday. The total capitalization is 258 891 621 887 USD.

Bitcoin totals 181 276 810 389 USD of capitalization for a dominance of 70%.

Ethereum’s marketcap is 19 193 250 029 USD, followed by Ripple with 10 907 161 462 USD.

 

HOW TO READ THE MARKET SENTIMENT ?

 

Bitcoin

The BTC closed again with a bearish movement with a form that reflects uncertainty. It is always between the weekly open and the monthly open. The BTC is around $10,100 and the daily technical situation is rather negative.

The MACD is still very close to crossing downward, the CCI and the WaveTrends both curve downward, suggesting that the downward movement will continue.
Over a 4-hour horizon, the MACD crossed downwards while the WaveTrends and the CCI are recovering. The situation is rather positive. There is a lack of convergence between the different time horizons.

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$

 

Ethereum

ETH closed by leaving room for uncertainty due to the shape of its candle and its position between the weekly open and monthly open. It is around $178. The daily situation is rather negative and is similar to that of the BTC.
The WaveTrends is very close to crossing downward while the MACD is recovering. The ICC is stabilizing.
Over a horizon of 4 hours, we can see a slight recovery of the CCI while the MACD and WaveTrends are still bearish. This last indicator is likely to cross upward.
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$

 

Conclusion

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


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