Market Analysis of November 21st, 2019
The marketcap has been moving down (-0.50%) since yesterday. The total capitalization is 220 873 878 337 USD. Bitcoin totals 146 278 182 388 USD of capitalization for a dominance of 66.20%. Ethereum’s marketcap is 19 004 731 737 USD, followed by Ripple with 10 798 527 978 USD.
Market Sentiment
Bitcoin Analysis
The Bitcoin made an attempt to pass the $8200 by reaching the $8239 but it was a failure and that’s why it is found on the $7900 support
Although the indicators are in an over-sold zone, they are still falling. The price has gone back to the 7900$ level but if this support does not resist, then we could see the price go down to the 7400$ level.
What to do about it?
The 7900$ are to be watched because in case of break of this level, the price could drop very quickly to 7400$. For the time being, it is advisable to wait and wait for a real reaction.
- The supports of the day are at 7900$ — 7770$
- The resistances of the day are at 8300$ — 8600$
Ethereum Analysis
The decrease in buying power was felt several times at the $177 level. This resulted in a rejection for a return to the $170 support.
This level is very important, if a real rebound takes place at this level, we could see a bullish trend again. However, if the support breaks, then we could even go back to the $150 level
What to do about it?
It is not advisable to return to position for the moment, red dominates for the moment, as long as green does not reappear, you must remain cautious and return to position when the conditions are right.
- The supports of the day are at 170$ — 165$
- The resistances of the day are at 177$ — 182$
Conclusion
The daily technical situation is negative for ETH and BTC.
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