Market Analysis of January 21, 2020

The marketcap has been moving up (+0.32) since yesterday. The total capitalization is 237 921 167 813 USD.

Bitcoin totals 156 739 763 631 USD of capitalization for a dominance of 65.9%. Ethereum’s marketcap is 18 225 981 984 USD, followed by Ripple with 10 254 331 658 USD.

Bitcoin Analysis

Bitcoin is still evolving under its weekly open with a negative daily technical situation.

On a 4 hour horizon, technical indicators are also negative but show signs of bullish curves.

What to do about it?

The BTC is flat for the moment and even if it will be tempting to go short given the technical situation, the current structure is reminiscent of “Bart Simpsons” formations.

This is why it is preferable to wait for a return on support or a break of resistance.

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

Ethereum Analysis

A similar situation exists for ETH, which is just below its weekly opening level with a negative daily technical situation.

The 4h technical indicators are also negative with signs of bullish curvature.

What can be done?

As for the BTC, even if the daily situation is negative, the current formation is also reminiscent of the famous “Bart Simpsons”.

We will therefore wait for a return to support or a break in resistance 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

Wait for a return on support or resistance

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1 thought on “Market Analysis of January 21, 2020”

  1. I have been absent for a while, but now I remember why I used to love this site. Thanks, I will try and check back more often. How frequently you update your site?

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