Market Analysis of January 23, 2020

The marketcap has been moving down (-1.93%) since yesterday. The total capitalization is 235 622 839 826 USD.

Bitcoin totals 155 262 655 944 USD of capitalization for a dominance of 66.00%. Ethereum’s marketcap is 17 984 803 658 USD, followed by Ripple with 10 000 083 376 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed lower and is trading below its Weekly Open at around $8,458. A test of the $8300 seems possible.

The daily technical situation is negative, the MACD has crossed lower. The technical situation remains negative under a time horizon of 4 hours and 1 hour.

What to do about it?

Wait for a return to the 8300$ support and observe the reaction to position yourself afterwards. If there is a rebound we can hope to see the Weekly Open’s $8700 back.

  • The supports of the day are at 8300$ — 8000$
  • The resistances of the day are at 9050$ — 9400$

Ethereum Analysis

ETH closed lower and is trading under its Weekly Open also at around $162.8. Testing support at $162.25 is more than likely.

The daily technical situation is negative but MACD has not yet crossed lower. The technical situation remains negative under a short time horizon.

What can be done?

Wait for the reaction on the $162.25 support, if it holds we can review the Weekly Open, as for the BTC.

  • The supports of the day are at 162.25$ — 158.45$
  • The resistances of the day are at 169.4$ — 177.15$

Conclusion

Wait for the reaction on the support for BTC and ETH

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