Market Analysis of March 16, 2020

The marketcap has been moving down (-13.34%) since yesterday. The total capitalization is 133 153 316 277 USD.

Bitcoin totals 87 185 767 683 USD of capitalization for a dominance of 63.90%. Ethereum’s marketcap is 11 900 469 568 USD, followed by Ripple with 6 030 218 455 USD.

Bitcoin Analysis

Bitcoin closed higher with an inverted hammer but after a further drop today it is trading around $4600.

The daily technical situation is still negative and remains rather negative in a reduced time horizon.

What to do about it?

The situation remains uncertain and volatility is high. The cautious trader will stay away from the BTC for the time being.

  • The supports of the day are at 4350$ — 3596$
  • The resistances of the day are at 4950$ — 5650$

Ethereum Analysis

ETH also closed higher in the form of an inverted hammer but has since dropped to around $108.

The daily technical situation is negative and remains rather negative even in a short time frame.

What can be done?

The situation is too uncertain for any prudent trader. Observation is still the best thing to do.

  • The supports of the day are at 100$ — 85$
  • The resistances of the day are at 123$ — 136$

Conclusion

The daily technical situation is negative for ETH and BTC.

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