Market Analysis of March 02, 2020

The marketcap has been moving up (+1.07) since yesterday. The total capitalization is 247 739 578 127 USD. 

Bitcoin totals 158 243 858 534 USD of capitalization for a dominance of 63.9%. Ethereum’s marketcap is 24 438 548 497 USD, followed by Ripple with 10 218 953 817 USD.

Market Sentiment

Bitcoin Analysis

Bitcoin closed higher with a doji showing market indecision and is trading around $8688. The $8500 seems to be holding up well for now.

The daily technical situation is negative but becomes positive over a 4 hour time horizon and remains positive in 1 hour as well.

What to do about it?

The BTC is moving in a range for the moment and we need to see if the $8500 level still holds. If so, we can hope for a rebound and maybe a test of resistance.

Ethereum Analysis

ETH also closed higher with a doji indicating market indecision and is trading around $224.

The daily technical situation is negative but becomes positive under a reduced time horizon.

What to do?

We must wait for a support or resistance test before taking a position.

Conclusion

The daily technical situation is negative for ETH and BTC but becomes positive in shorter time horizon.

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