Days Analysis 9

Market Analysis of January 16, 2020

The marketcap has been moving down (-2.56%) since yesterday. The total capitalization is 235 724 108 764 USD.

Bitcoin totals 157 253 386 450 USD of capitalization for a dominance of 66.7%. Ethereum’s marketcap is 17 586 538 206 USD, followed by Ripple with 9 853 882 944 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed lower and is currently trading around $8630 testing support at $8600.

The daily technical situation is positive but with signs of bearish curves. There is also a bearish divergence on the RSI.

Over a 4 hour time horizon, the technical situation is negative and remains negative over a 1 hour horizon.

What to do about it?

If the $8600 support doesn’t hold, a good opportunity to short would be offered.

  • The supports of the day are at 8600$ — 8200$
  • The resistances of the day are at 8800$ — 9400$

Ethereum Analysis

ETH closed higher with an evening star candle, which is a sign of a bearish reversal. ETH is trading around $160.

The daily technical situation is positive but is turning negative over a short time horizon.

What can we do about it?

If the $159 support doesn’t hold, we can prepare to shorten as well.

  • The supports of the day are at 159$ — 152$
  • The resistances of the day are at 173$ — 180$

Conclusion

A test of the support is necessary before positioning.

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