Market Analysis of February 25, 2020

The marketcap has been moving down (-2.19%) since yesterday. The total capitalization is 276 237 298 831 USD.

Bitcoin totals 174 818 984 044 USD of capitalization for a dominance of 63.3%. Ethereum’s marketcap is 28 560 296 215 USD, followed by Ripple with 11 659 034 882 USD.

Bitcoin Analysis

Bitcoin closed lower following the rejection at the level of its previous Weekly Open and is trading around $9595. The $9500 support still seems to be holding, so supports and resistances remain unchanged.

The daily technical situation remains unchanged and is still negative. It remains negative under a time horizon of 4 hours.

What to do about it?

Following the rebound on the 9500$ support, we can expect a test of the new Weekly Open at around 9966$, if it confirms its role of resistance, a short could be launched.

  • The supports of the day are at 9500$ — 9300$
  • The resistances of the day are at 10000$ — 10500$

Ethereum Analysis

ETH closed lower and follows the trend of the BTC, trading around $259. One can notice the formation of a continuation triangle.

The daily technical situation is negative and the rest of the day is under a 4 hour time horizon.

What can be done?

We can hope for a return on the resistance of the triangle and see if it still holds.

  • The supports of the day are at 250$ — 228$
  • The resistances of the day are at 288$ — 321$

Conclusion

The daily technical situation is still negative for ETH and BTC.

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