Market analysis of June 10, 2019
Marketcap
The marketcap has been moving down (-1.01%) since yesterday. The total capitalization is 253.241.802.006 USD.
Bitcoin totals 140.540.538.561 USD of capitalization for a dominance of 55.50%.
Ethereum’s marketcap is 26.018.933.003 USD, followed by Ripple with 17.364.433.279 USD.
Market sentiment
Bitcoin
After breaking the 7700$ zone, the BTC effectively returned to the next 7500$ support. Fortunately, the latter resisted and the price rebounded to currently stand at $7710.
What is the current situation?
- From a technical point of view, the technical situation is rather positive. The indicators are in an over-sold area, so the price could rise up the channel. However, over a daily horizon, the indicators are always bearish, so a fall is always possible over the longer term.
What to do about it?
- If the price goes back to around $8,000, we could see the price break the resistance and go up, if the 8150$ zone is really broken, we could see the BTC price reach another high point. However, if the price were to rebound on the $8,000 area, then the price could drop and we would see a Head and shoulders configuration that is bearish sign and in this case, the price could actually reach the lower supports around $7,200, or even $6,800.
The supports of the day are at 7650$ — 7500$
The resistances of the day are at 8000$ — 8500$
Ethereum
- ETH’s daily technical situation remains negative, with a bearish MACD and WaveTrends. Signs of bullish curves are less visible.
- On a 4-hour horizon, the technical situation is positive with a MACD, a WaveTrends and a CCI which all gave a buying signal. As with BTC, a test of the next resistance is possible for ETH.
What to do about it?
If you are already in position, place your stop-loss above your purchase price. If you are not yet in position, wait for a break of the 245$ resistance before positioning yourself.
The supports of the day are at 230$ — 215$
The resistances of the day are at 245$ — 260$
Conclusion
BTC: Bitcoin is in a bearish channel and a head & shoulders may be forming. We advise you to wait until you are back on a support or a resistance break before reassessing the situation.
ETH: Ethereum has bounced back on its support and is about to test its next resistance. Nevertheless, we advise you to wait for a return to the support or a break in the resistance before reassessing the situation.
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