Days Analysis 10

Market Analysis of January 17, 2020

The marketcap has been moving up (+4.2%) since yesterday. The total capitalization is 245 591 577 173 USD.

Bitcoin totals 161 997 359 494 USD of capitalization for a dominance of 66.00%. Ethereum’s marketcap is 18 754 212 973 USD, followed by Ripple with 10 250 885 297 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Ignoring its heavily overbought technical situation, Bitcoin broke the 8900 level during the first part of the session and is now approaching the 9000 level.

Before moving upwards, a break in the 9050 – 9100 range will leave the door open for a 9400 – 9500 test.

What to do about it?

There is no entry point with a good risk/return ratio, therefore one will either wait for a break and retest of the 9100s or a return to the 8300 support zone to initiate a buy position.

If the daily closing shows a rejection of the 9000, then a short position can be initiated on shorter time horizons.

  • The supports of the day are at 8600$ — 8300$
  • The resistances of the day are at 9100$ — 9400$

Ethereum Analysis

ETH closed lower and after rebounding on the $159 support, it is trading around $170.9.

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

After testing the $159 support, a test of the $173 resistance will be interesting.

 

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

Conclusion

Waiting for a return on support or a test and retest on resistance

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