Market Analysis of March 18, 2020

The marketcap has been moving down (-1.46%) since yesterday. The total capitalization is 147 418 880 516 USD.

Bitcoin totals 93,586,482,654 USD of capitalization for a dominance of 63.50%. Ethereum’s marketcap is 12 391 041 633 USD, followed by Ripple with 6 281 472 420 USD.

Bitcoin Analysis

Bitcoin closed higher, trading around $5124. The BTC is struggling to break above $5600.

The daily technical situation is rather negative but with signs of bullish recovery.

What to do about it?

If the BTC stays at this level, the scenario will be bearish.

  • The supports of the day are at 4350$ — 3596$
  • The resistances of the day are at 5650$ — 6000$

Ethereum Analysis

ETH closed higher in inverted hammer form and is trading around $112.

The daily technical situation is negative, and remains rather negative under a time horizon of 4 hours.

What can we do about it?

The situation is still uncertain, the cautious trader will stay away from ETH for now.

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

Conclusion

The daily technical situation is negative for ETH and BTC.

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