Market Analysis of February 04, 2020

The marketcap has been moving down (-0.68%) since yesterday. The total capitalization is 256 983 497 515 USD.

Bitcoin totals 167 818 505 075 USD of capitalization for a dominance of 65.3%. Ethereum’s marketcap is 20 497 063 874 USD, followed by Ripple with 10 893 980 883 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed lower and continues to decline, trading around $9,165. We’ll see today if the $9200 support is holding up and if there is a rebound. We might even test the $9050 support.

The daily technical situation is negative, the MACD has just crossed down. The technical situation remains negative over a short time horizon.

What to do about it?

In case of a rebound, we could hope for a test of the 9500$ resistance, in case the support breaks, we could review the 8700$.

  • The supports of the day are at 9050$ — 8700$
  • The resistances of the day are at 9500$ — 10000$

Ethereum Analysis

ETH closed higher for the second time against the BTC but is beginning to fall and is trading around $185.

The daily technical situation is rather positive with signs of bearish curves. Over a 4-hour time horizon, the situation is already negative.

What to do?

Without rebound, we can see the $179, with rebound we can hope for a resistance test.

  • The supports of the day are at 184$ — 179$
  • The resistances of the day are at 193$ — 196$

Conclusion

Will BTC and ETH fall or bounce back?

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