Market Analysis of March 10, 2020

The marketcap has been moving down (-1.48%) since yesterday. The total capitalization is 225 904 607 132 USD.

Bitcoin totals 144 686 252 871 USD of capitalization for a dominance of 64.10%. Ethereum’s marketcap is 21 983 227 852 USD, followed by Ripple with 9 123 637 823 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed lower (-1.37%) at around $7,876 after rebounding to the $7,630 level.

The daily technical situation is negative but we can observe a bullish divergence on the CCI. The technical situation shows signs of bullish recovery in 4 hours but remains uncertain.

What to do about it?

The BTC is just above its $7,800 support. We would have to wait for a test of this support or its resistance to be positioned. The situation remains rather uncertain.

  • The supports of the day are at 7800$ — 7600$
  • The resistances of the day are at 8100$ — 8500$

Ethereum Analysis

ETH closed higher with a doji indicating indecision in the market and a battle between buyers and sellers. ETH is trading around $199.

The daily technical situation is negative but shows signs of bullish recovery in 4 hours, but not in 1 hour. The situation is therefore also uncertain.

What can we do about it?

ETH has bounced back to the 190.5 level but can’t break $209, old support turned resistance. A new test would also be interesting because the situation is very uncertain.

  • The supports of the day are at 189.9$ — 178$
  • The resistances of the day are at 209$ — 217$

Conclusion

The daily technical situation is negative and quite uncertain for ETH and BTC.

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