Market analysis of April 11, 2019
Marketcap
The marketcap has been moving down (- 3.32% ) since yesterday. The total capitalization is 176.144.882.783 USD .
Bitcoin totals 91.548.413.124 USD of capitalization for a dominance of 52% .
Ethereum's marketcap is 17.914.703.475 USD , followed by Ripple with 14.121.813.000 USD of market capitalization.
Market Sentiment
How to read the Market Sentiment?
Bitcoin
Yesterday, we were in an ascending triangle configuration. We were expecting an upward breach, if the $5,300 resistance was broken.
Yesterday around 6pm, the bulls pushed the price of BTC above the resistance of $5300 with a peak at $5475. However, this increase did not last. We can therefore say it was a "fakeout". At around 00:30, BTC re-tested the 5320 resistance, without success. Indeed, the volume of purchase being too low, the shorts took over.
What is the current situation?
At the moment, we can no longer talk about an ascending triangle configuration. Now we are moving to a rising narrowing wedge configuration, which is a downward configuration.What to do about it?
Our analysis is as follows: if the BTC breaks the oblique resistance, we will certainly see the prices reach the 5050$ then the 4800$ area. Otherwise, in case of a resistance of the oblique support, we will see a return in the rising narrowing wedge configuration with targets at 5250$ and then the 5400$ area.
The supports of the day are located at 5200$ - 5100$
The resistances of the day are to 5350$ - 5800$
Ethereum
We are now slightly below the resistance of the 172-173 in the range. If the resistance does not break again, we will find ourselves in a situation where the return to the support of 162 or 141 will really be possible. In addition, be careful with liquidity in order books, especially if you want to take leveraged positions.
The supports of the day are located at 162$ - 141$
The resistances of the day are to 173$ - 182$
Conclusion
As you can see in this analysis, the trend is bearish. If you are in USDT position then do not enter new positions. If, on the other hand, you are in the BTC or ETH position, then put your stoploss slightly below Support 1 for ETH and Support 2 for BTC. You can also cut your position if you want to secure your USD value. Avoid scalp Altcoins as there is a high risk of liquidity spikes. If you still decide to enter trades of this type, put stoplosses low enough to swing.
If you want to use leverage, use the support and resistance points for your entry points and take a good look at the liquidity of the order book because volatility is very important there.
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