Market Analysis of March 06, 2020

The marketcap has been moving up (+2.04%) since yesterday. The total capitalization is 261 271 454 940 USD.

Bitcoin totals 166 389 374 311 USD of capitalization for a dominance of 63.70%. Ethereum’s marketcap is 25 909 611 782 USD, followed by Ripple with 10 586 826 403 USD.

Bitcoin Analysis

Bitcoin closed higher (+3.59%) at around $9,128. We can think that the old resistance of $8969 is becoming a support.

The daily technical situation is rather positive, but the MACD still hasn’t crossed higher. On a reduced time horizon of 4 hours, the technical situation is very positive.

What to do about it?

We are in a reaction zone. A test of the 8969s would allow us to confirm its support role. Place your supports and resistors and be patient.

  • The supports of the day are at 8969$ — 8500$
  • The resistances of the day are at 9150$ — 9500$

Ethereum Analysis

ETH closed higher in the inverted hammer shape which is usually a bullish sign, and indeed ETH is still rising today and trading around $236.

The daily technical situation is rather positive with the WaveTrends just crossed higher. The situation is also positive on a horizon of 4h and 1h.

What to do?

If ETH breaks the resistance of the 238, we can be bullish but we must remain cautious.

  • The supports of the day are at 217$ — 209$
  • The resistances of the day are at 238$ — 250$

Conclusion

The daily technical situation is rather positive for ETH and BTC.

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