Market Analysis of January 31, 2020

The marketcap has been moving up (+0.86%) since yesterday. The total capitalization is 258 737 791 870 USD.

Bitcoin totals 170 634 814 999 USD of capitalization for a dominance of 65.9%. Ethereum’s marketcap is 19 993 062 572 USD, followed by Ripple with 10 491 449 113 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher and is trading around $9371 after testing the $9500 level. Supports and resistances remain unchanged.

The daily technical situation is still positive but becomes negative over a 4 hour time horizon.

What to do about it?

The BTC is still consolidating, we have to wait for a return to the 9500$ or 9200$ level.

  • The supports of the day are at 9200$ — 9050$
  • The resistances of the day are at 9500$ — 10000$

Ethereum Analysis

ETH closed higher as well and is trading around $182.65 after testing the $187 area.

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

What can we do about it?

You should wait for a support or resistance test before positioning yourself to buy or sell.

  • The supports of the day are at 173$ — 169$
  • The resistances of the day are at 187$ — 194$

Conclusion

The daily technical situation is positive for ETH and BTC.

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