Market Analysis of November 22nd, 2019
The marketcap has been moving down (-10.07%) since yesterday. The total capitalization is 198 609 815 540 USD. Bitcoin totals 131 387 451 095 USD of capitalization for a dominance of 66.00%. Ethereum’s marketcap is 16 673 537 629 USD, followed by Ripple with 10 302 267 769 USD.
Market Sentiment
Bitcoin Analysis
This had been going on for several days and it is now done, the fateful $8,000 barrier has been broken on the Bitcoin. As we were talking earlier this week on our channels, there is no real obstacle between $8,000 and $7,300 and it is therefore not surprising that Bitcoin fell all at once to this area.
The technical indicators are at their lowest without showing any signs of reversal for the moment, either on a daily or 4-hour horizon.
What to do about it?
For the time being, if you are not in a short position, we recommend that you wait for a stabilization before proceeding with the purchase. Indeed, if the 7300$ does not hold, there are only a few obstacles left before the 6000$ zone.
- The supports of the day are at 7000$ — 6200$
- The resistances of the day are at 7850$ — 8000$
Ethereum Analysis
The situation is the same for ETH, a technical situation at half mast and no sign of improvement so far.
You will have to be patient and not try to find the bottom absolutely, we recommend that you be aware of potential signs of reversal before considering the purchase.
- The supports of the day are at 150$ — 123$
- The resistances of the day are at 166$ — 170$
Conclusion
The daily technical situation is negative for ETH and BTC.
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