Market Analysis of February 14, 2020

The marketcap has been moving up (+1.21%) since yesterday. The total capitalization is 301 299 264 449 USD.

Bitcoin totals 185 589 477 653 USD of capitalization for a dominance of 61.6%. Ethereum’s marketcap is 29 417 789 375 USD, followed by Ripple with 14 305 317 942 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed lower and is trading just above its Weekly Open around $10,200. Dominance continues to fall.

The daily technical situation is rather negative and WaveTrends has just crossed lower. The technical situation remains negative under a time horizon of 4 hours.

What to do about it?

Bitcoin is in correction and continues to close above its Weekly, we are in a dangerous zone and must prepare for several scenarios.

  • The supports of the day are at 10000$ — 9700$
  • The resistances of the day are at 10500$ — 11000$

Ethereum Analysis

ETH closed higher in a doji shape indicating some market indecision and is trading around $268.

The daily technical situation is still positive but becomes negative over a shorter time horizon.

What to do?

The situation is uncertain as for the BTC, so we will wait for a support or resistance test as well as a pull back to position ourselves.

  • The supports of the day are at 249$ — 228$
  • The resistances of the day are at 281$ — 321$

Conclusion

BTC and ETH are in an uncertain situation and a test of the supports or resistances would be interesting.

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