Market analysis of June 10, 2019


Marketcap


The marketcap has been moving down (-1.01%) since yesterday. The total capitalization is 253.241.802.006 USD.

Bitcoin totals 140.540.538.561 USD of capitalization for a dominance of 55.50%.

Ethereum's marketcap is 26.018.933.003 USD, followed by Ripple with 17.364.433.279 USD.


Market sentiment


How to read the Market Sentiment ?





Bitcoin


After breaking the 7700$ zone, the BTC effectively returned to the next 7500$ support. Fortunately, the latter resisted and the price rebounded to currently stand at $7710.



What is the current situation?


  • From a technical point of view, the technical situation is rather positive. The indicators are in an over-sold area, so the price could rise up the channel. However, over a daily horizon, the indicators are always bearish, so a fall is always possible over the longer term.

What to do about it?


  • If the price goes back to around $8,000, we could see the price break the resistance and go up, if the 8150$ zone is really broken, we could see the BTC price reach another high point. However, if the price were to rebound on the $8,000 area, then the price could drop and we would see a Head and shoulders configuration that is bearish sign and in this case, the price could actually reach the lower supports around $7,200, or even $6,800.

The supports of the day are at 7650$ - 7500$

The resistances of the day are at 8000$ - 8500$




Ethereum



  • ETH's daily technical situation remains negative, with a bearish MACD and WaveTrends. Signs of bullish curves are less visible.

  • On a 4-hour horizon, the technical situation is positive with a MACD, a WaveTrends and a CCI which all gave a buying signal. As with BTC, a test of the next resistance is possible for ETH.


What to do about it?


If you are already in position, place your stop-loss above your purchase price. If you are not yet in position, wait for a break of the 245$ resistance before positioning yourself.


The supports of the day are at 230$ - 215$

The resistances of the day are at 245$ - 260$


Conclusion


BTC: Bitcoin is in a bearish channel and a head & shoulders may be forming. We advise you to wait until you are back on a support or a resistance break before reassessing the situation.


ETH: Ethereum has bounced back on its support and is about to test its next resistance. Nevertheless, we advise you to wait for a return to the support or a break in the resistance before reassessing the situation.


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