Market Analysis of March 09, 2020

The marketcap has been moving down (-8.72%) since yesterday. The total capitalization is 229 309 553 576 USD.

Bitcoin totals 145 430 241 081 USD of capitalization for a dominance of 63.40%. Ethereum’s marketcap is 22 594 897 118 USD, followed by Ripple with 9 229 856 468 USD.

Bitcoin Analysis

Bitcoin closed lower (-10.72%) and is trading below its Monthly Open at around $7900. The BTC rebounded on a long term support.

The daily technical situation is negative and the rest on a 4 hour time horizon before becoming rather positive on a 1 hour time horizon.

What to do about it?

The BTC, like the rest of the market, has fallen a lot. If it holds at $7900 we could have a good buy opportunity for a possible rally. If it drops below $7,800, without rebounding to the $7,600 level, the drop would continue to $7,200.

  • The supports of the day are at 7800$ — 7600$
  • The resistances of the day are at 8100$ — 8500$

Ethereum Analysis

ETH closed lower as well (-19.06%) and is trading below its Monthly Open at $205.

The daily technical situation is negative and the rest in 4 hours before becoming positive in 1 hour.

What to do?

If the $195 level holds, we could go up. A test of the Monthly Open could also be interesting as the situation is quite uncertain.

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

Conclusion

The daily technical situation is negative for ETH and BTC.

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