Market Analysis off January 20, 2020

Days Analysis 11

The marketcap has been moving down (-4.42%) since yesterday. The total capitalization is 237 159 360 913 USD.

Bitcoin totals 157 371 532 130 USD of capitalization for a dominance of 66.4%. Ethereum’s marketcap is 18 070 231 384 USD, followed by Ripple with 10 088 626 376 USD.

Bitcoin Analysis

The technical situation of Bitcoin had already been showing risks of a downturn for several sessions, but it continued to rise to the 9190 level before plunging down to 8400.

The daily technical situation is now negative while over a 4-hour horizon, signs of bullish curves are visible.

What to do about it?

For the time being we will wait for a return to support before reassessing the situation or a confirmed break in the 8950 – 9050 zone on a daily basis.

  • The supports of the day are at 8300$ — 8000$
  • The resistances of the day are at 9050$ — 9400$

Ethereum Analysis

The situation is similar for the ETH, with a daily technical situation that has just turned negative, while on a 4-hour horizon, potential upward signs are visible.

As for BTC, we will wait either for a break in the resistance zone or a support test before positioning ourselves.

  • The supports of the day are at 162.25$ — 158.45$
  • The resistances of the day are at 167.85$ — 177.15$

Conclusion

Waiting for a return on support or a test and retest on resistance

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