Market Analysis of April 07, 2020

The marketcap has been moving up (+6.14%) since yesterday. The total capitalization is 208 885 580 939 USD.

Bitcoin totals 134 236 616 087 USD of capitalization for a dominance of 64.30%. Ethereum’s marketcap is 19 055 889 048 USD, followed by Ripple with 8 805 871 665 USD.

Bitcoin Analysis

Bitcoin closed higher, trading around $7364.

The daily technical situation is positive and remains positive in 4 hours but with the WaveTrends about to cross lower.

What to do about it?

BTC has stalled against the 7500 and the technical situation is still uncertain, we must wait for a retest of support or resistance and position ourselves according to the reaction.

  • The supports of the day are at 7000$ — 6500$
  • The resistances of the day are at 7500$ — 7900$

Ethereum Analysis

ETH closed higher (+20.05%) and is currently trading around $172.

The daily technical situation is also still positive and remains rather positive in 4 hours despite a WaveTrends which has just crossed lower.

What can be done?

ETH has ricocheted off its $177 resistance and is stagnating around 172, below a weak resistance at $174. We can expect a small correction but the situation remains quite uncertain.

  • The supports of the day are at 154.7$ — 146.4$
  • The resistances of the day are at 174$ — 177$

Conclusion

The daily technical situation remains positive for ETH and BTC but could be about to change.

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