Market analysis of April 12, 2019


Marketcap


The marketcap has been moving down (- 3.18% ) since yesterday. The total capitalization is 170.542.168.921 USD .

Bitcoin totals 88.888.218.978 USD of capitalization for a dominance of 52.10% .

Ethereum's marketcap is 17.331.122.317 USD , followed by Ripple with 13.552.421.897 USD of market capitalization.


Market sentiment


How to read the Market Sentiment ?


Bitcoin


Bitcoin broke its configuration into an upward narrowing wedge during yesterday's session and was tested the $4,900 zone with a low point of $4,912. The buyers defended this level and BTC now forms a hammer configuration over a 12-hour time horizon.



What is the current situation?


This type of configuration usually signals a future bullish reversal, which could therefore be a good buying opportunity. In addition, the 12-hour and 4-hour technical indicators are in the oversold territory. Nevertheless, prices are still below the 12-hour Tenkan, acting as resistance around $5,080.

We can also note the presence of a possible inverted head and shoulders configuration in the shorter term as well as a bullish divergence between the MACD and prices.


What to do about it?


If you are still in position, place your stop-loss around $4,900, which is the lowest you can find on the last candle. If you are not yet in position, however, we recommend waiting for a test at the $5,075 level. Indeed, if BTC were to form an inverted head and shoulders configuration, this price level would act as resistance and it would then be wiser to wait for the bottom of the second shoulder before positioning.


The supports of the day are located at 4960$ - 4800$

The resistances of the day are to 5080$ - 5225$


Ethereum



We are now close to the support of the 162 USD of the current range which is between 162-173 USD. We might see some stabilization in the current range today. Nevertheless, the environment remains relatively unstable, so beware of false rebounds and analyze the stabilization that is taking shape since yesterday 4 pm GMT +1.


The supports of the day are located at 162$ - 141$

The resistances of the day are to 173$ - 182$


Conclusion


As you can see in this analysis, the market is trying to stabilize in an environment where the trend is changing and liquidity is relatively low. If you are in the USDT position, do not enter the position and wait for the BTC resistance 1 break (the break is a solid candle above the resistance). If you are in BTC or ETH position, put your stoploss slightly below Support 1 for ETH (beware the lowest peak before pull back at 159 USD) and Support 1 (beware the lowest peak before pull back at 4900 USD) for BTC. You can also cut your position if you want to secure your USD value and wait for a clear stabilisation of the market. In the event that the range stabilizes, we could see bullish rebounds in the Altcoins. In addition, we must not forget the fundamental news about the underlying projects that make it possible to create growth independently of the rest of the market. Example: The hard fork linked to Waves yesterday.

If you want to use the levers, use the support and resistance points for your entry points and take a good look at the liquidity of the order book, because volatility is important there.



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See you Monday for a new market analysis !

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