Market Analysis of April 16, 2020

The marketcap has been moving up (+2.73%) since yesterday. The total capitalization is 201 108 559 440 USD.

Bitcoin totals 128 753 309 495 USD of capitalization for a dominance of 64.00%. Ethereum’s marketcap is 18 623 008 823 USD, followed by Ripple with 8 356 326 216 USD.

Market Sentiment

Bitcoin Analysis

The BTC closed lower but after testing the area of its 6500 support, rallied to trade around $7058.

The daily technical situation is rather negative but becomes positive in 4 hours.

What to do about it?

We have to observe the reaction at the $7000 level, if it stays above that, we can hope for a test at the $7400-7500 level. If it goes below $7000, a return to 6800 is more than likely.

Ethereum Analysis

ETH closed lower before testing its $174 resistance without managing to break it. ETH is trading around $168.

The daily technical situation is positive and remains positive.

What can I do?

Given the positive situation, we can hope for a retest of the $174.

Conclusion

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

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