Market analysis of April 18, 2019

Market analysis of April 18, 2019


Marketcap


The marketcap has been moving up (1.92% ) since yesterday. The total capitalization is 179.895.462.771 USD.

Bitcoin totals 93.424.097.531 USD of capitalization for a dominance of 51.9% .

Ethereum's marketcap is 18.211.830.685 USD, followed by Ripple with 14.282.785.337 USD of market capitalization.


Market sentiment


How to read the Market Sentiment ?


Bitcoin


During the previous session, Bitcoin briefly dropped below $5,200, marking a low of $5,170, before buyers were able to push the price to around $5,300.


What is the current situation?


  • The daily technical situation is similar to yesterday's, with prices still evolving in an upward triangle configuration with a StochRSI that crossed upward from its oversold zone. The CCI is in positive territory and is on an upward trend while the MACD has still not given a buy signal.

  • On a 4-hour horizon, we can see a downward divergence between prices and the CCI while the StochRSI is overbought. It is also interesting to look at the last candlestick. Indeed, it takes the form of a doji which, after a full candle, can mean the imminence of an imminent reversal.

  • Given the presence of a downward divergence as well as a doji, we believe that BTC could test its oblique support in the near future. Don't panic, however, this doesn't mean you have to close your position.


What to do about it?


If you are in position, keep it in position, making sure that your stop is placed under support 1. If you are not in position, it is preferable to wait for a return on the oblique support (~ 5100$) before opening a position, which will offer you a better risk/return ratio.


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

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




Ethereum



Yesterday we proposed 3 possible evolution scenarios for the Ethereum:


  1. A bullish continuation and new peaks in a context of head & shoulders in formation. https://www.tradingview.com/x/Tub5l5z5/

  2. An ascending triangle waiting for a break, which could lead to a more pronounced upward trend. https://www.tradingview.com/x/pU5E9pJc/

  3. A correction and a return to the $155. https://www.tradingview.com/x/LUku7ppy/


ETH increased yesterday, thereby giving more probability to both bullish scenarios, but it is still too early, in our opinion, to completely exclude the bearish scenario. Indeed, just like on the BTC, a downward divergence is visible between the ICC and prices over a 4-hour horizon. ETH could therefore evolve in its range and a decrease towards support 1 cannot be ruled out.


The supports of the day are located at 168$ - 163$

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


Conclusion


BTC: Bitcoin is still in the process of consolidating the ascending triangle. If you are already in position, keep it and leave your stop-loss under $5,000 to let your position breathe in the event of a return to 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 positioning yourself.


ETH: The Ethereum stabilizes and tests the boundaries of its current range. If you are already in position, we recommend that you place your stop-loss under bracket 1 at least. If you are not yet in position, it is preferable to wait for a return on support 1 before proceeding to purchase.



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