Market analysis of April 23, 2019
Marketcap
The marketcap has been moving up (4.07%) since yesterday. The total capitalization is 184.898.873.747 USD.
Bitcoin totals 98.296.379.570 USD of capitalization for a dominance of 51.9% .
Ethereum's marketcap is 18.590.468.562 USD, followed by Ripple with 13.720.445.459 USD.
Market Sentiment
How to read the Market Sentiment?
Bitcoin
Today we can say it, BTC has indeed broken the resistance of its rising triangle at $5,360. Bitcoin reached a high of $5,627 at the beginning of the session on Bitstamp, a level that had not been reached since November 18.
See on Trading View
What is the current situation?
- The daily technical situation is rather positive with a MACD showing signs of imminent crossing and a StochRSI still on the rise. On a shorter horizon, in 1 hour, the CCI and StochRSI technical indicators evolve in their oversold zone and we can notice a downward divergence between prices and the CCI.
- We do not believe that this will have a huge impact on the current increase, but a slight correction after this break is not impossible.
What to do about it? If you were already in position before the break, keep it by raising your stop-loss under the last lows, around $5,200. If you are still not in position, we recommend waiting for a return on the support at $5,450 before reassessing the situation again.
- The supports of the day are located at 5450$ - 5360$
- The resistances of the day are to 5625$ - 5800$
Ethereum
See on Trading View
It seems that ETH is currently testing its resistance at $176.5, the technical situation is rather positive in daily and 12-hour time horizons. Over a shorter time horizon, in 1 hour, the StochRSI and CCI indicators show signs of overbought and a small correction could occur.
Nevertheless, unlike the BTC, we do not distinguish any downward divergence in a 1-hour time horizon.
What to do about it? If you are already in position, we recommend that you place your stop-loss under bracket 2. If you are not yet in position, it will be more prudent to wait for a return on support 1 before proceeding to purchase.
- The supports of the day are located at 173$ - 168$
- The resistances of the day are to 176.5$ - 182$
Conclusion
BTC: the Bitcoin consolidates after the break of its ascending triangle. If you are already in position, keep it and leave your stop-loss under $5,200. If you are not yet in position, we advise you to wait for a return on support 1.
ETH: Ethereum is currently testing its resistance at $176. If you are already in position, we recommend that you place your stop-loss under bracket 2. If you are not yet in position, it is preferable to wait for a return on support 1 before proceeding to purchase.
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