Market Analysis of March 31, 2020

The marketcap has been moving up (+3.59%) since yesterday. The total capitalization is 188 492 092 847 USD.

Bitcoin totals 118 531 619 540 USD of capitalization for a dominance of 65.30%. Ethereum’s marketcap is 14 673 685 222 USD, followed by Ripple with 7 611 775 739 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

After having reached a high point around 6650, the BTC has fallen slightly and now stands at 6460 in a context of a technical situation 4h and daily again positive

Does that mean we’re buying?

No, a little more patience, we will only open a long position if the 6900 breaks. A break of this level would indeed mark a higher high and validate a bullish reversal structure.

  • The supports of the day are at 6300$ — 5900$
  • The resistances of the day are at 6900$ — 7400$

Ethereum Analysis

The same goes for the Ethereum, we have a suite of higher lows, which is obviously quite positive. However, we don’t have a higher high yet because ETH seems to evolve in a kind of symmetrical triangle.

We will therefore wait for ETH to break its resistance zone between 146.4 and 154.7 before opening a buy position.

  • The supports of the day are at 124.25$ — 116$
  • The resistances of the day are at 146.4$ — 154.7$

Conclusion

BTC and ETH under a zone of high resistance. We will await the reaction as these levels approach. A rejection would be synonymous with future short opportunities, which we will be sure to share with you!

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