Market Analysis of March 31st, 2020
The marketcap has been moving up (+3.59%) since yesterday. The total capitalization is 188 492 092 847 USD.
Bitcoin totals 118 531 619 540 USD of capitalization for a dominance of 65.30%. Ethereum’s marketcap is 14 673 685 222 USD, followed by Ripple with 7 611 775 739 USD.
Market Sentiment
Bitcoin Analysis
After having reached a high point around 6650, the BTC has fallen slightly and now stands at 6460 in a context of a technical situation 4h and daily again positive
Does that mean we’re buying?
No, a little more patience, we will only open a long position if the 6900 breaks. A break of this level would indeed mark a higher high and validate a bullish reversal structure.
- The supports of the day are at 6300$ — 5900$
- The resistances of the day are at 6900$ — 7400$
Ethereum Analysis
The same goes for the Ethereum, we have a suite of higher lows, which is obviously quite positive. However, we don’t have a higher high yet because ETH seems to evolve in a kind of symmetrical triangle.
We will therefore wait for ETH to break its resistance zone between 146.4 and 154.7 before opening a buy position.
- The supports of the day are at 124.25$ — 116$
- The resistances of the day are at 146.4$ — 154.7$
Conclusion
BTC and ETH under a zone of high resistance. We will await the reaction as these levels approach. A rejection would be synonymous with future short opportunities, which we will be sure to share with you!
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