Market Analysis of February 26th, 2020
The marketcap has been moving down (-5.63%) since yesterday. The total capitalization is 260 688 847 272 USD.
Bitcoin totals 167 917 132 967 USD of capitalization for a dominance of 64.4%. Ethereum’s marketcap is 26 298 136 767 USD, followed by Ripple with 10 575 901 862 USD.
Market Sentiment
Bitcoin Analysis
Bitcoin closed lower for the 2nd consecutive day and is trading around $9135. It is in an interesting area and could rebound. We need to review the supports and resistances.
The daily technical situation is negative and stays negative over a time horizon of 4 hours.
What to do about it?
The BTC is in an interesting zone but seems to have difficulty bouncing back. You have to be prepared for several scenarios. We could go back up to $9300, or we could go down to $8800.
- The supports of the day are at 9100$ — 8800$
- The resistances of the day are at 9300$ — 9500$
Ethereum Analysis
ETH closed lower and is now trading around $236.6 and continues to fall. The continuation triangle has broken down.
The daily technical situation is negative and remains quite negative over a 4 hour time horizon.
What can we do about it?
It’s too late to go short, but it would be interesting to wait for a test of $228 before taking a position.
- The supports of the day are at 228$ — 179.8$
- The resistances of the day are at 250$ — 276$
Conclusion
The daily technical situation is still negative for ETH and BTC.
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