Market Analysis of February 28, 2020

The marketcap has been moving down (-1.27%) since yesterday. The total capitalization is 248 011 319 782 USD.

Bitcoin totals 159 131 695 435 144 USD of capitalization for a dominance of 64.20%. Ethereum’s marketcap is 14 629 435 144 USD, followed by Ripple with 10 286 424 806 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed higher and is currently trading around $8648 after testing the $8900 level.

The daily technical situation is negative, with no sign of bullish recovery and the rest of the day’s trading on a 4 hour time horizon, with WaveTrends just crossed lower.

What to do about it?

The Bitcoin is below its Monthly Open and its evolution is uncertain at the moment. If the $8500 doesn’t hold, we can hope to see the $7800 back.

  • The supports of the day are at 8500$ — 8100$
  • The resistances of the day are at 8950$ — 9100$

Ethereum Analysis

ETH closed higher with a doji indicating the indecision of the market and is currently trading around $219.75.

The daily technical situation is negative with no sign of recovery as well and the rest in a reduced time horizon.

What to do?

We are at a critical level and it is important to see if the support of the 217s holds before positioning ourselves.

  • The supports of the day are at 217$ — 179.8$
  • The resistances of the day are at 250$ — 276$

Conclusion

The daily technical situation is negative for ETH and BTC. 

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