Market Analysis of February 17, 2020

The marketcap has been moving down (-4.01%) since yesterday. The total capitalization is 282 062 081 795 USD.

Bitcoin totals 178 755 386 350 USD of capitalization for a dominance of 63.4%. Ethereum’s marketcap is 27 591 357 476 USD, followed by Ripple with 12 372 303 400 USD.

Bitcoin Analysis

Bitcoin closed higher with a doji indicating market indecision and is trading around $9825 below its past Weekly Open. The BTC regains some dominance.

The daily technical situation is negative and remains negative under a horizon of 4 hours to become positive over a horizon of 1 hour.

What to do about it?

The BTC still evolves in a zone of indecision, between its Weekly Open and its Monthly Open. Once again, it is advisable to wait for a test of support or resistance before taking position.

  • The supports of the day are at 9700$ — 9300$
  • The resistances of the day are at 10000$ — 10500$

Ethereum Analysis

ETH closed lower at around $249.25 but remains above its previous Weekly Open.

The daily technical situation is negative and remains negative under a reduced time horizon.

What can we do about it?

ETH is also in a zone of indecision and a test of support or resistance is necessary before positioning itself.

  • The supports of the day are at 240$ — 228$
  • The resistances of the day are at 288$ — 321$

Conclusion

The daily technical situation is negative for ETH and BTC.

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