Market Analysis of February 14th, 2020
The marketcap has been moving up (+1.21%) since yesterday. The total capitalization is 301 299 264 449 USD.
Bitcoin totals 185 589 477 653 USD of capitalization for a dominance of 61.6%. Ethereum’s marketcap is 29 417 789 375 USD, followed by Ripple with 14 305 317 942 USD.
Market Sentiment
Bitcoin Analysis
Bitcoin closed lower and is trading just above its Weekly Open around $10,200. Dominance continues to fall.
The daily technical situation is rather negative and WaveTrends has just crossed lower. The technical situation remains negative under a time horizon of 4 hours.
What to do about it?
Bitcoin is in correction and continues to close above its Weekly, we are in a dangerous zone and must prepare for several scenarios.
- The supports of the day are at 10000$ — 9700$
- The resistances of the day are at 10500$ — 11000$
Ethereum Analysis
ETH closed higher in a doji shape indicating some market indecision and is trading around $268.
The daily technical situation is still positive but becomes negative over a shorter time horizon.
What to do?
The situation is uncertain as for the BTC, so we will wait for a support or resistance test as well as a pull back to position ourselves.
- The supports of the day are at 249$ — 228$
- The resistances of the day are at 281$ — 321$
Conclusion
BTC and ETH are in an uncertain situation and a test of the supports or resistances would be interesting.
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