Market Analysis of April 16, 2020
The marketcap has been moving up (+2.73%) since yesterday. The total capitalization is 201 108 559 440 USD.
Bitcoin totals 128 753 309 495 USD of capitalization for a dominance of 64.00%. Ethereum’s marketcap is 18 623 008 823 USD, followed by Ripple with 8 356 326 216 USD.
Market Sentiment
Bitcoin Analysis
The BTC closed lower but after testing the area of its 6500 support, rallied to trade around $7058.
The daily technical situation is rather negative but becomes positive in 4 hours.
What to do about it?
We have to observe the reaction at the $7000 level, if it stays above that, we can hope for a test at the $7400–7500 level. If it goes below $7000, a return to 6800 is more than likely.
- The supports of the day are at 7000$ — 6500$
- The resistances of the day are at 7500$ — 7800$
Ethereum Analysis
ETH closed lower before testing its $174 resistance without managing to break it. ETH is trading around $168.
The daily technical situation is positive and remains positive.
What can I do?
Given the positive situation, we can hope for a retest of the $174.
- The supports of the day are at 154.7$ — 146.4$
- The resistances of the day are at 174$ — 177$
Conclusion
The daily technical situation is rather negative for BTC and positive for ETH.
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