Market analysis of April 19, 2019

Market analysis of April 19, 2019


Marketcap


The marketcap has been moving down (0.54% ) since yesterday. The total capitalization is 178.918.217.112 USD.

Bitcoin totals 92.975.821.396 USD of capitalization for a dominance of 51.9% .

Ethereum's marketcap is 18.273.977.623 USD, followed by Ripple with 13.932.909.954 USD.


Market sentiment


How to read the Market Sentiment ?


Bitcoin


During the previous session, the Bitcoin came to test its resistance at $5,300, with a peak at $5,325 before finally retracing under this level. BTC then reached a low point of $5,180, thus validating the downward divergence that was present on the MACD in 1h horizon.


What is the current situation?


  • Since then, BTC has rebounded and now stands at around $5,250. The question now is whether the discrepancy is over or not. We can find some answers by passing over a 4-hour horizon where we clearly see that the StochRSI is bearish and shows no signs of imminent reversal while the MACD is about to cross downward.

  • Moreover, we are in an ascending triangle configuration and in this type of figures, prices statistically break their resistance to 2/3 of the triangle. This should therefore happen around April 22nd. That is why, at the time of writing, we are still favouring our oblique return scenario before a potential recovery of the rise. The latter could take the form of a direct or two-count drop with a new $5,300 test.


What to do about it?


If you are already in position and your stop is below $5,000, do nothing. If you are not yet in position, however, we advise you to wait for a return to the oblique support or a confirmed break of the resistance before opening a long position.


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

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




Ethereum



A divergence was visible between the ICC and prices over a 4-hour period and the latter now seems to be activated. We can also notice the presence of a head and shoulders configuration in 4h horizon, which is typically bearish. If this figure materializes, ETH could decrease until it reaches its first support initially and then $165.


What to do about it?


If you are already in position, you can keep it but we advise you to put your stop under bracket 2. If you are not yet in position, we recommend that you wait for a return on holder 2 before proceeding to purchase.



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 consolidation into an 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 ($5050-5100$) or a confirmed break of resistance 1 before positioning yourself.


ETH: Ethereum is in the process of consolidation in the head & shoulders. If you are already in position, we recommend that you place your stop-loss under bracket 2. If you are not yet in position, it is preferable to wait for a return on support 2 before proceeding to purchase.



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See you on Monday for a new market analysis !

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