Market analysis of April 17, 2019

Market analysis of April 17, 2019


Marketcap


The marketcap has been moving up (2.08% ) since yesterday. The total capitalization is 176.492.935.484 USD.

Bitcoin totals 92.375.978.871 USD of capitalization for a dominance of 52.3% .

Ethereum's marketcap is 17.606.080.751 USD , followed by Ripple with 13.610.289.568 USD of market capitalization.


Market sentiment


How to read the Market Sentiment ?


Bitcoin


We were talking about a possible increase in yesterday's update and it is now done! Indeed, Bitcoin broke its resistance at $5,200 during the end of the previous session and scored a high of $5,275.


What is the current situation?


  • The daily technical indicators show positive signals with a StochRSI crossing from its oversold zone and the MACD crossing higher. On a 4-hour horizon, things are a little different, the MACD being for the moment still oriented upwards while the StochRSI is about to cross downwards.

  • This situation is not necessarily negative because BTC is currently in an upward triangle configuration and is closer to its resistance than its support. A small corrective wave could therefore occur and this would bring the Bitcoin back between $5,050 and $5,100 before a rebound if the scenario occurs.


What to do about it?


If you are in position, keep it with a stopwatch always well positioned below $5,000 to allow your position to breathe in case of a return on support. If you are not yet in position, we advise you to wait for a return on the oblique support before positioning yourself for purchase.


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

The resistances of the day are to 5350$ - 5465$




Ethereum



Over a horizon of 1 h to 4 h, the technical trend shows a struggle between buyer and seller at the range level, which could cause the price to fall back to the support (Support 1) after a few attempts at breaking near resistance 1.

If you wish to enter the position, wait until you are close to one of the range limits. If you are in position, do not hesitate to take your profit aggressively.


It should be noted, however, that the ranges are narrowing as the initial range was 162-171 USD and now 163-168 USD. As volatility decreases, we could expect a larger movement.


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

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


Concerning the daily situation - three scenarios remain possible


  • 1. A resumption of growth at a higher peak is equivalent to a rise in the BTC to around 5800-6000 USD, followed by a possible relapse and rebound forming the second shoulder before returning to a lower level.



  • 2. We are in a bullish consolidation triangle, with an oblique support corresponding to the level of support 1 at 163 USD. Once the triangle is broken, which may correspond to a rise to 5800 USD of the BTC, a stabilization in the range could occur or a new bullish consolidation triangle pushing the market towards a bullish trend in confirmation.



  • 3. We could see a correction on the Kijun (155 USD - Support 2) followed by a break of the latter if the BTC broke the 4800 USD of its support. In case of a confirmed rebound on this support, a strong rise is quite likely.




Conclusion


BTC: If you are already in position, keep it by placing your stop-loss under $5,000 to let your position breathe in the case of a return on the oblique support.

If you are not yet in position, we advise you to wait for a return on the oblique support ($5050-5100) before taking up your position.


ETH: The market is stabilizing and ETH is testing boundaries of its current range. Do not enter the position at the moment or put your stops loss according to the limits of the range (stop loss under the support and picks because of the volatile liquidity of the order book). If you want to enter a broken range, consider a full candle out of the range at least in 30 min -1 h and avoid short purchases in pull backs thinking that the break is confirmed when it is not.



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See you tomorrow for a new market analysis !

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