Updated: Apr 10, 2019
The marketcap has been moving down since yesterday. The total capitalization is 179.321.603.192 USD .
Bitcoin totals 91.953.834.692 USD of capitalization for a dominance of 51.2% .
Ethereum's marketcap is 18.636.060.999 USD , followed by Ripple with 14.648.098.468 USD of market capitalization.
We were talking to you a few days ago about the similarities between the mid-November dump and the April 2 pump. We thought then that a second pump was possible but this scenario did not come true in the end. However, the BTC has increased with a test of 5350$ again.
What is the current situation?
The daily technical indicators are still in the oversold zone, which suggests a downside risk. Nevertheless, over a shorter time horizon, such as 4 hours and 1 hour, the technical situation shows signs of a possible increase. BTC evolves in an ascending triangle configuration, which has an empirical 62% chance of a bullish break.
What to do about it?
If you are already in position on BTC, we advise you to keep it while monitoring your stop-loss by placing it under the triangle. If you are not yet in position, however, we recommend that you wait until the area between $5300 and $5350 is broken before making the purchase.
The supports of the day are located at 5200$ - 5100$
The resistances of the day are to 5350$ - 5800$
As the correlation between Euthereum and BTC is important, Euthereum will follow the trend of BTC. Nevertheless, its as the volatility is higher, the amplitude of these variations will have a greater impact on its value. If the first support is passed, a sharp drop of USD 11 on its value could be very rapid.
The supports of the day are located at 173$ - 162$
The resistances of the day are to 182$ - 200$
As you can see in this analysis, the market is in a downside risk position. We recommend that you wait until the area between $5300 and $5350 is broken before making a purchase and always use stoploss.
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See you tomorrow for a new market analysis !