Cryptocurrency

Cryptocurrency Market Analysis of the April 23, 2019

The market capitalization is on the rise (4,07 %) since yesterday. The total capitalization is 184,898,898,873,747 USD.
Bitcoin total 98,296,379,570 USD funding for a prevalence of 51.9%.
The market capitalization of Ethereum is to 18,590,468,562 USD, followed by Ripple with 13,720,445,459 USD.

Market Sentiment

Bitcoin

Today we can say that BTC has indeed broken the resistance of the ascending triangle at $5360. The Bitcoin reached a high point at $5627 at the beginning of the session on Bitstamp, a level that had not been achieved since November 18.

What is the current situation?

  • The technical situation every day is rather positive with a MACD that is showing signs of crossing imminent, and a StochRSI still tilted to the upside. On a shorter time horizon, in 1h, the technical indicators are CCI and StochRSI is evolving in their overbought zone and we can notice that a bearish divergence between price and the CCI.
  • We do not believe that this can affect sustainably the increase in the current but a slight correction after this break is not impossible.

What to do?

If you were already in position before the break, keep-up your stop-loss under the last more low, around$ 5,200. If you are still not in a position, we recommend that you wait for a return on the support at 5450$ before buying.

    • The media of the day are to $5450 – $5360
    • The resistances of the days are at $5625 – $5800

Ethereum

It would seem that the ETH is currently testing its resistance at 176.5$, the technical situation is rather positive in the horizon daily, and 12 noon. On time horizon shorter, 1h, indicators StochRSI and CCI are showing signs of overbought and a small correction could take place. However, unlike the BTC, we do not distinguish of bearish divergence in time frame 1h.

What to do?

If you are already in position, we advise that you put your stop loss under the support 2. If you are not yet in a position, it will be more prudent to wait for a return on carrier 1 before moving on to the purchase.

      • The media of the day are $173 – $168
      • The resistances of the days are at $176.5 – $182

Conclusion

BTC : the Bitcoin is consolidating after the break of its ascending triangle. If you are already in position, keep it there, leaving your stop-loss below $5200. If you are not yet in a position, we advise you to wait for a return on the support 1.

ETH : Ethereum is currently testing its resistance to $176. If you are already in position, we recommend that you place your stop loss under the support 2. If you are not yet in a position, it is preferable to wait for a return on the support 1 before proceeding with the purchase.