Market Analysis of February 19, 2020

The marketcap has been moving up (+3.33%) since yesterday. The total capitalization is 295 735 115 274 USD.

Bitcoin totals 184 527 927 951 USD of capitalization for a dominance of 62.40%. Ethereum’s marketcap is 30 759 480 716 USD, followed by Ripple with 12 901 728 394 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed higher, passing above its Weekly Open, trading around $10,140.

The daily technical situation is negative but is still positive over a 4 hour time horizon.

What to do about it?

Indecision is still present in the market, but the BTC seems to be holding above 10,000. A test of the Weekly Open could interest us as to the direction to take to position ourselves.

  • The supports of the day are at 10000$ — 9650$
  • The resistances of the day are at 10500$ — 11000$

Ethereum Analysis

ETH also closed higher despite a daily technical situation and is trading around $280.

The daily technical situation is rather negative with a visible bearish divergence on the ITC. On a short time horizon the situation is positive but the WaveTrends is close to a bearish cross.

What to do?

ETH is still very volatile and the market is still uncertain. A test of supports and resistances is therefore necessary before positioning.

  • The supports of the day are at 260$ — 240$
  • The resistances of the day are at 288$ — 321$

Conclusion

The daily technical situation is negative for ETH and BTC and the market is uncertain.

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