Market analysis of April 16, 2019

Market analysis of April 16, 2019


Marketcap


The marketcap has been moving down (-2.27% ) since yesterday. The total capitalization is 172.829.732.295 USD.

Bitcoin totals 90.063.520.175 USD of capitalization for a dominance of 52.1% .

Ethereum's marketcap is 17.245.721.825 USD , followed by Ripple with 13 245.721.825 USD of market capitalization.


Market sentiment


How to read the Market Sentiment ?


Bitcoin


In the last few hours, Bitcoin dropped to a low of $4,948 before buyers finally managed to keep the price above $5,000.


What is the current situation?


  • From a Fibonacci point of view, we see that prices are currently around 23.6% retracement. This zone also corresponds to the Tenkan 4h and will have to be exceeded for BTC to come back to test the $5,200 again.

  • From a technical point of view, we see that the indicators on a 4-hour horizon are starting to show signs of a possible bullish reversal, the StochRSI is also in the oversold zone on a daily horizon. On a shorter horizon, in 1 hour, the StochRSI is already in an overbought zone, which encourages caution.


What to do about it?


If you are already in position and your stop-loss is still in place, keep your position and put your stop-loss below the $4,950 level. If you are not yet in position, we recommend that you wait until the $5,200 breakage before opening a long position.


The supports of the day are located at 5000$ - 4800$

The resistances of the day are to 5200$ - 5350$


Ethereum



Over a 4-hour horizon, we can detect a bullish divergence between prices and the MACD. In addition, the StochRSI and MACD technical indicators show signs of possible bullish reversals.

Caution, however, because on a daily horizon, we can detect a head and shoulders configuration, which is very often the sign of a reversal of the downward trend.


The supports of the day are located at 158$ - 155$

The resistances of the day are to 163$ - 168$


Conclusion


As you can see from this analysis, Bitcoin is under its short-term resistance and waiting for breakage.

For BTC, if you are already in position, keep it by placing your stop-loss under bracket 1. If you are not yet in position, wait for the confirmed break of resistance 1 before positioning yourself on BTC in order to target resistance 2.

Concerning ETH, the latter is currently breaking its resistance 1, if it is confirmed, it could move towards resistance 2. If you are already in position, keep it by placing your stop under bracket 1. Otherwise, wait until the breakage is confirmed before proceeding with the purchase.



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See you tomorrow for a new market analysis !

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