Market Analysis of March 06, 2020

The marketcap has been moving up (+2.04%) since yesterday. The total capitalization is 261 271 454 940 USD.

Bitcoin totals 166 389 374 311 USD of capitalization for a dominance of 63.70%. Ethereum’s marketcap is 25 909 611 782 USD, followed by Ripple with 10 586 826 403 USD.

Bitcoin Analysis

Bitcoin closed higher (+3.59%) at around $9,128. We can think that the old resistance of $8969 is becoming a support.

The daily technical situation is rather positive, but the MACD still hasn’t crossed higher. On a reduced time horizon of 4 hours, the technical situation is very positive.

What to do about it?

We are in a reaction zone. A test of the 8969s would allow us to confirm its support role. Place your supports and resistors and be patient.

Ethereum Analysis

ETH closed higher in the inverted hammer shape which is usually a bullish sign, and indeed ETH is still rising today and trading around $236.

The daily technical situation is rather positive with the WaveTrends just crossed higher. The situation is also positive on a horizon of 4h and 1h.

What to do?

If ETH breaks the resistance of the 238, we can be bullish but we must remain cautious.

Conclusion

The daily technical situation is rather positive for ETH and BTC.

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