Market Analysis of February 24, 2020

The marketcap has been moving down (-1.73%) since yesterday. The total capitalization is 282 418 074 941 USD.

Bitcoin totals 177 398 784 332 USD of capitalization for a dominance of 62.9%. Ethereum’s marketcap is 29 256 552 621 USD, followed by Ripple with 11 935 127 648 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed higher than its previous Weekly Open and suffered an immediate rejection, creating a new lower high. It is currently trading around $9730.

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

What to do about it?

The situation is negative and there are no signs of bullish recovery at this time. The BTC is in a dangerous zone, so patience is what we still need today.

  • The supports of the day are at 9500$ — 9300$
  • The resistances of the day are at 10000$ — 10500$

Ethereum Analysis

ETH closed higher at around $266.7, having experienced a similar rejection to BTC.

The daily technical situation is negative and remains negative in 1h and 4h.

What can be done?

As for the BTC, the situation is negative but ETH is in a zone too dangerous to trade.

  • The supports of the day are at 250$ — 228$
  • The resistances of the day are at 288$ — 321$

Conclusion

The daily technical situation is negative for ETH and BTC.

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