Market Analysis of March 16, 2020

The marketcap has been moving down (-13.34%) since yesterday. The total capitalization is 133 153 316 277 USD.

Bitcoin totals 87 185 767 683 USD of capitalization for a dominance of 63.90%. Ethereum’s marketcap is 11 900 469 568 USD, followed by Ripple with 6 030 218 455 USD.

Bitcoin Analysis

Bitcoin closed higher with an inverted hammer but after a further drop today it is trading around $4600.

The daily technical situation is still negative and remains rather negative in a reduced time horizon.

What to do about it?

The situation remains uncertain and volatility is high. The cautious trader will stay away from the BTC for the time being.

Ethereum Analysis

ETH also closed higher in the form of an inverted hammer but has since dropped to around $108.

The daily technical situation is negative and remains rather negative even in a short time frame.

What can be done?

The situation is too uncertain for any prudent trader. Observation is still the best thing to do.

Conclusion

The daily technical situation is negative for ETH and BTC.

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