Market Analysis of February 12, 2020
The marketcap has been moving up (+5.98%) since yesterday. The total capitalization is 298 500 158 456 USD.
Bitcoin totals 187 075 526 130 USD of capitalization for a dominance of 62.70%. Ethereum’s marketcap is 27 467 237 950 USD, followed by Ripple with 12 499 163 323 USD.
Market Sentiment
Bitcoin Analysis
Bitcoin closed higher, trading around $10,291. The Weekly Open went from resistance to support. Dominance continues to fall.
The daily technical situation is back positive and remains positive over a short time horizon.
What to do about it?
The BTC rebounded well yesterday and broke one of its resistances. A test to confirm the Weekly Open’s role as a resistance would be useful to position itself.
- The supports of the day are at 10172.5$ — 9700$
- The resistances of the day are at 10500$ — 11000$
Ethereum Analysis
ETH closed higher and continues its ascent by evolving around $254.25.
The daily technical situation has returned to positive with a WaveTrends that just crossed higher. This remains positive over a short time horizon.
What to do?
ETH is already quite high, a correction would allow us to find a good entry point.
- The supports of the day are at 249$ — 228$
- The resistances of the day are at 281$ — 321$
Conclusion
The daily technical situation is positive for ETH and BTC.
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