Market Analysis of November 8th, 2019
The marketcap has been moving down (-2.13%) since yesterday. The total capitalization is 244 455 345 132 USD. Bitcoin totals 163 177 053 306 USD of capitalization for a dominance of 66.80%. Ethereum’s marketcap is 20 048 017 096USD, followed by Ripple with 12 107 943 805 USD.
Market Sentiment
Bitcoin Analysis
The Bitcoin closed the previous session at the weekly open level and broke its monthly opening level today. BTC is currently trading at around $8975.
What are the implications?
The daily technical situation is negative and a return to $8,600 first and $8,300 second is now very likely. We do not recommend opening a long position before reaching these levels. In addition, if you decide to open a position at $8,600, keep a stop-loss tight and take your profits quickly.
- The supports of the day are at 8600$ — 8300$
- The resistances of the day are at 9158$ — 9300$
Ethereum Analysis
The same goes for ETH, with the difference that it is always above its weekly and monthly open. The technical indicators are negative and it is likely that these levels will be broken down in the near future.
A return to the $168–170 zone is therefore not impossible and we recommend that you wait for a return to this zone before initiating a long position.
- The supports of the day are at 182$ — 170$
- The resistances of the day are at 193$ — 202$
Conclusion
The daily technical situation is negative for ETH and BTC, so we recommend waiting for a return to support areas before opening a long position.
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