Market Analysis of November 20th, 2019

Julie
Julie
Nov 20 · 3 min read

The marketcap has been moving down (-1.97%) since yesterday. The total capitalization is 222 357 543 595 USD. Bitcoin totals 146 160 147 840 USD of capitalization for a dominance of 65.80%. Ethereum’s marketcap is 19 354 824 141 USD, followed by Ripple with 10 923 465 597 USD.

Market Sentiment

Bitcoin Analysis

Bitcoin is still not showing any bullish strength at the moment. A new $8,000 test has been done, the rejection is not very powerful at the moment. Currently the BTC is evolving at a price of $8084.

The price has also come very close to the support of the wedge that has been broken, if the price fails to break it, we can think that we are dealing with a pullback and therefore the price could go even lower.

What to do about it?

Always dangerous to take a position for the moment, waiting for a return on a support at the 7400$ level or a break of 8300$ is necessary.

  • The supports of the day are at 8000$ — 7770$
  • The resistances of the day are at 8300$ — 8600$

Ethereum Analysis

Yesterday we saw a possibility to go up for ETH, after testing the support several times, the price finally reached a top level of $177.35.

The bullish force is not very powerful for the moment, however, it is necessary to have a real increase in volume if we want to see the price rise above $182.

What to do about it?

If you have returned to the position, already recovered profit and move your stop loss to your entry price. If you are not in a position, expect a real price reaction.

  • The supports of the day are at 175$ — 170$
  • The resistances of the day are at 182$ — 188$

Conclusion

The daily technical situation is negative for ETH and BTC. A possible rebound on ETH is expected, but with a small stop to avoid a bearish continuation.

You can join us on Telegram for a follow-up of the market throughout the day.

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Julie

Written by

Julie

Chief Brand Officer at Crypto-Addicts | Content Writer about Blockchain and Cryptos |

4C-Trading

4C-Trading is a team of professional market analysts, lawyers and marketing veterans with years of experience in the cryptocurrency and financial markets. We provide qualitative signals, information, analytics and advice on cryptocurrencies.

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