Market Analysis of January 27, 2020

Days Analysis 16

The marketcap has been moving up (2.88%) since yesterday. The total capitalization is 238 683 031 097 USD.

Bitcoin totals 157 033 233 443 USD of capitalization for a dominance of 65.8%. Ethereum’s marketcap is 18 331 758 156 USD, followed by Ripple with 9 945 914 982 USD.

Bitcoin Analysis

Bitcoin closed higher and after testing last week’s Weekly Open, it is trading around $8626.

The daily technical situation is negative despite signs of recovery in CCI and WaveTrends. However, the situation is positive over a time horizon of 4 hours. We also have a bearish divergence.

What to do about it?

Bitcoin could come and test the support of the 8300-8200$.
We have to wait for a return to support or resistance before positioning ourselves.

  • The supports of the day are at 8250$ — 8000$
  • The resistances of the day are at 8600$ — 9050$

Ethereum Analysis

ETH closed higher as well, trading around $165.75. Last week’s support and resistance remains valid.

The daily technical situation is negative but is positive over a 4 hour time horizon.

What to do?

Wait for a test of a support or a resistance.

  • The supports of the day are at 163$ — 159$
  • The resistances of the day are at 166$ — 169$

Conclusion

Wait for a return on support or resistance.

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