Market Analysis of November 7th, 2019

Julie
Julie
Nov 7 · 3 min read

The marketcap has been moving down (-0.69%) since yesterday. The total capitalization is 249 781 192 035 USD. Bitcoin totals 166,873,228,877 USD of capitalization for a dominance of 66.80%. Ethereum’s marketcap is 20 443 174 072 USD, followed by Ripple with 12 810 678 088 USD.


Market Sentiment


Bitcoin Analysis

The weakness seen the day before was well felt. A reduction in price until the Weekly Open at $9205.

Despite a nice rebound on the Weekly Open, it is not said that the price will not test this level again in order to go even lower. The technical situation is still negative, the indicators are decreasing in different timeframes.

What to do about it?

If you are out of your positions, for the moment it is best to be patient. Nothing is certain at the moment. If you are still in position, place your stop loss at the $9200 level because if the price goes back to that level, there is a good chance it will go lower.

  • The supports of the day are at 9000$ — 8600$
  • The resistances of the day are at 9400$ — 9800$

Ethereum Analysis

The weakness felt good on ETH also dropping the price to $186.70. Indicators are also declining and a close below $188 could mean a return to $182. In the short term, we could also see a ETE, if it is confirmed, then the return of the old media is very likely.

What to do about it?

For the moment, it is not advisable to return to the position.
If you are already in position, place your stop at the 186.70 level to secure your profits.

  • The supports of the day are at 182$ — 173$
  • The resistances of the day are at 193$ — 202$

Conclusion

BTC and ETH have risen close to their resistance, wait for a break or a return on support.


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4C-Trading

4C-Trading is a team of professional market analysts, lawyers and marketing veterans with years of experience in the cryptocurrency and financial markets. We provide qualitative signals, information, analytics and advice on cryptocurrencies.

Julie

Written by

Julie

Chief Brand Officer at Crypto-Addicts | Content Writer about Blockchain and Cryptos |

4C-Trading

4C-Trading is a team of professional market analysts, lawyers and marketing veterans with years of experience in the cryptocurrency and financial markets. We provide qualitative signals, information, analytics and advice on cryptocurrencies.

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