Market Analysis of February 25, 2020

The marketcap has been moving down (-2.19%) since yesterday. The total capitalization is 276 237 298 831 USD.

Bitcoin totals 174 818 984 044 USD of capitalization for a dominance of 63.3%. Ethereum’s marketcap is 28 560 296 215 USD, followed by Ripple with 11 659 034 882 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed lower following the rejection at the level of its previous Weekly Open and is trading around $9595. The $9500 support still seems to be holding, so supports and resistances remain unchanged.

The daily technical situation remains unchanged and is still negative. It remains negative under a time horizon of 4 hours.

What to do about it?

Following the rebound on the 9500$ support, we can expect a test of the new Weekly Open at around 9966$, if it confirms its role of resistance, a short could be launched.

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

Ethereum Analysis

ETH closed lower and follows the trend of the BTC, trading around $259. One can notice the formation of a continuation triangle.

The daily technical situation is negative and the rest of the day is under a 4 hour time horizon.

What can be done?

We can hope for a return on the resistance of the triangle and see if it still holds.

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

Conclusion

The daily technical situation is still negative for ETH and BTC.

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