Market analysis of April 9, 2019
Marketcap
The marketcap has been moving down since yesterday. The total capitalization is 179.321.603.192 USD .
Bitcoin totals 91.953.834.692 USD of capitalization for a dominance of 51.2% .
Ethereum’s marketcap is 18.636.060.999 USD , followed by Ripple with 14.648.098.468 USD of market capitalization.
Market sentiment
Bitcoin
We were talking to you a few days ago about the similarities between the mid-November dump and the April 2 pump. We thought then that a second pump was possible but this scenario did not come true in the end. However, the BTC has increased with a test of 5350$ again.
What is the current situation?
The daily technical indicators are still in the oversold zone, which suggests a downside risk. Nevertheless, over a shorter time horizon, such as 4 hours and 1 hour, the technical situation shows signs of a possible increase. BTC evolves in an ascending triangle configuration, which has an empirical 62% chance of a bullish break.
What to do about it?
If you are already in position on BTC, we advise you to keep it while monitoring your stop-loss by placing it under the triangle. If you are not yet in position, however, we recommend that you wait until the area between $5300 and $5350 is broken before making the purchase.
The supports of the day are located at 5200$ — 5100$
The resistances of the day are to 5350$ — 5800$
Ethereum
As the correlation between Euthereum and BTC is important, Euthereum will follow the trend of BTC. Nevertheless, its as the volatility is higher, the amplitude of these variations will have a greater impact on its value. If the first support is passed, a sharp drop of USD 11 on its value could be very rapid.
The supports of the day are located at 173$ — 162$
The resistances of the day are to 182$ — 200$
Conclusion
As you can see in this analysis, the market is in a downside risk position. We recommend that you wait until the area between $5300 and $5350 is broken before making a purchase and always use stoploss.
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