Market Analysis of February 06, 2020

The marketcap has been moving up (4.61%) since yesterday. The total capitalization is 272 949 341 474 USD.

Bitcoin totals 175 205 139 615 USD of capitalization for a dominance of 64.2%. Ethereum’s marketcap is 22 836 732 016 USD, followed by Ripple with 12 257 133 962 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed higher (+4.91%) by breaking the Weekly Open. It continues to lose its dominance which is now at 64.2%. It evolves around $9636.

The daily technical situation is positive with WaveTrends and MACD just crossed higher. It remains positive over a 4 hour time horizon but not over a 1 hour time horizon.

What to do about it?

The BTC is likely to move in a range, you have to wait for a major resistance break or a return to support to open a buy position.

  • The supports of the day are at 9500$ — 9050$
  • The resistances of the day are at 9800$ — 10400$

Ethereum Analysis

ETH closed higher as well and is trading around $209 on an uptrend.

The daily technical situation is positive and remains positive over a 4-hour time horizon.

What can we do about it?

ETH has already risen well and we must wait for a return to support or resistance if we want to remain cautious before positioning ourselves.

  • The supports of the day are at 200$ — 184$
  • The resistances of the day are at 212$ — 224$

Conclusion

The daily technical situation is positive for ETH and BTC.

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