Market analysis of July 9, 2019
Marketcap
The marketcap has been moving up (+4.87%) since yesterday. The total capitalization is 351.740.189.599 USD. Bitcoin totals 225.290.504.992 USD of capitalization for a dominance of 64%. Ethereum’s marketcap is 33.705.836.437 USD, followed by Ripple with 17.130.066.064 USD.
Market Sentiment
How to read the Market Sentiment?
Bitcoin
Bitcoin broke the $12,000 level in the previous session with a closing at the $12,398 level. Currently at around $12,480, the BTC’s technical situation is rather positive with a WaveTrends that has crossed over again, a CCI in its overbought area and a MACD that is about to cross.
On a 4-hour horizon, the technical situation is positive, but shows signs of downward curvature on the CCI and WaveTrends.
What to do about it?
If you are in position, place your stop-loss above your purchase price. If you are not yet in position, wait for a $12,900 break or a return to the $12,000 support before positioning yourself.
- The supports of the day are at 12000$ — 11700$
- The resistances of the day are at 12900$ — 13900$
Ethereum
ETH has been evolving above $300 for 2 sessions with a positive daily technical situation. Indeed, the WaveTrends and the CCI are bullish while the MACD is about to cross.
Over a shorter time horizon, in 4 hours, the technical indicators show signs of possible decline with a CCI that has dropped below the 100 level and a WaveTrends that shows signs of curvature from its overbought area.
What to do about it?
If you are in position, place your stop-loss above your purchase price, if you are still not in position, wait for a $320 break or a return on the $300 support before positioning yourself.
- The supports of the day are at 300$ — 280$
- The resistances of the day are at 320$ — 330$
Conclusion
BTC and ETH have broken their resistance, but the 4-hour technical situation is at risk
BTC: we advise you to wait for a break of $12900 or a return on the $12000 before positioning yourself
ETH: we advise you to wait for a break of $320 or a return on $300 before taking a position.
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