Market Analysis of February 07, 2020

The marketcap has been moving up (+2.26%) since yesterday. The total capitalization is 279 101 600 093 USD.

Bitcoin totals 178 371 731 420 USD of capitalization for a dominance of 63.9%. Ethereum’s marketcap is 24 226 212 961 USD, followed by Ripple with 12 369 672 959 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed higher, trading around $9810. Its dominance continues to decline.

The daily technical situation is still positive and the rest is on a 4 hour time horizon.

What to do about it?

However, we have bearish signs, so we must be cautious and wait for a support or resistance test.

  • The supports of the day are at 9500$ — 9050$
  • The resistances of the day are at 9850$ — 10400$

Ethereum Analysis

ETH closed higher and continues to soar, trading around $222.

The daily technical situation is positive and remains rather positive over a 4 hour time horizon but the WaveTrends has crossed lower.

What to do?

ETH is already too high to send a long, we must wait for a better entry point.

  • The supports of the day are at 212$ — 200$
  • The resistances of the day are at 224$ — 236$

Conclusion

The daily technical situation is positive for ETH and BTC

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