Market Analysis of July 19, 2019
The marketcap has been moving up (+5.82%) since yesterday. The total capitalization is 284.934.054.196 USD.
Bitcoin totals 187.526.676.258 USD of capitalization for a dominance of 65.80%.
Ethereum’s marketcap is 23.819.248.891 USD, followed by Ripple with 13.716.352.795 USD.
How to read the Market Sentiment?
The previous session was rather surprising for Bitcoin, with a low point reached at 9280$ and a high point at 10797$ for a fence around 10650$. The BTC is currently trading around $10,500 with a daily technical situation that is beginning to show signs of reversal.
On a shorter horizon, we can see that the BTC is still evolving in a succession of lower high and lower low. The last high point reached yesterday is no exception and we will therefore wait for the emergence of a higher low to consider the bullish recovery with more conviction.
In addition, the 4-hour technical situation is beginning to show signs of a bearish reversal with a potential hidden bearish divergence on the CCI.
What to do about it?
We are waiting, nothing more to do at the moment unless you are really a risk lover. If the BTC does indeed turn around, the $9400 level will then be a critical area of importance that we will closely monitor.
- The supports of the day are at 9400$ – 9000$
- The resistances of the day are at 10800$ – 11800$
As is often the case in this market, the situation in Ethereum is similar to that in Bitcoin. The daily technical situation at ETH is therefore starting to improve very logically.
Over a 4-hour horizon, the same applies to the technical indicators, which show downside risks as for the BTC.
What to do about it?
Be patient, a slight correction is possible in the short term and will provide us with a better entry point.
- The supports of the day are at 220$ – 200$
- The resistances of the day are at 235$ – 250$
BTC and ETH awaiting confirmation for a reversal. We recommend to wait until the bearish trend is invalidated before going long, the first index will be a higher low point than the previous one.
See you tomorrow for a new market analysis ! 🚀