Market Analysis of February 11, 2020

The marketcap has been moving down (-0.27%) since yesterday. The total capitalization is 281 650 057 137 USD.

Bitcoin totals 178 200 758 606 USD of capitalization for a dominance of 63.30%. Ethereum’s marketcap is 14 178 220 204 USD, followed by Ripple with 11 850 257 429 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed lower, trading around $9790. Its dominance continues to decline. A test by the Weekly would confirm its role as a resistance.

The daily technical situation is negative with a WaveTrends that just crossed lower. There is also a bearish divergence on the CCI. Over a reduced time horizon, the technical situation remains negative.

What to do about it?

Despite the negative technical situation, the BTC seems to rebound to the $9700 level. A resistance test is therefore quite possible.

  • The supports of the day are at 9700$ — 9050$
  • The resistances of the day are at 9900$ — 10172.5$

Ethereum Analysis

ETH closed lower and traded around $221 between the Weekly Open and Monthly Open.

The daily technical situation is negative as for the BTC and remains negative over a time horizon of 4 hours. We can observe a bearish divergence via the CCI as well.

What can we do?

We have to wait for a test of a support or resistance before positioning ourselves.

  • The supports of the day are at 216$ — 200$
  • The resistances of the day are at 231$ — 242$

Conclusion

The daily technical situation is negative for ETH and BTC.

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