Market Analysis of February 5th, 2020
The marketcap has been moving up (+1.53%) since yesterday. The total capitalization is 260 913 254 509 USD.
Bitcoin totals 168 503 533 272 USD of capitalization for a dominance of 64.30%. Ethereum’s marketcap is 20 953 554 688 USD, followed by Ripple with 12 173 777 666 USD.
Market Sentiment
Bitcoin Analysis
Bitcoin closed lower for the 3rd time in a row and is trading around $9243 below its Weekly Open.
The daily technical situation is negative but shows signs of a bullish recovery in the shorter term.
What to do about it?
A test of the Weekly Open would allow us to give it a role of resistance or not.
- The supports of the day are at 9050$ — 8600$
- The resistances of the day are at 9600$ — 10000$
Ethereum Analysis
ETH closed lower like the BTC this time around $191. The supports and resistances remain in place.
The daily technical situation is rather positive but with WaveTrends on the verge of a bearish cross. The technical situation remains however rather positive even over a time horizon of 4 hours.
What can be done?
We have to be patient and wait for a test of a support or resistance to position ourselves.
- The supports of the day are at 184$ — 179$
- The resistances of the day are at 193$ — 196$
Conclusion
BTC and ETH have different daily technical situations
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