Market analysis of May 17, 2019


Marketcap


The marketcap has been moving down (-9.39%) since yesterday. The total capitalization is 231.762.270.574 USD.

Bitcoin totals 130.676.074.076 USD of capitalization for a dominance of 56.4%.

Ethereum's marketcap is 25.747.308.386 USD, followed by Ripple with 16.285.355.840 USD.


Market sentiment


How to read the Market Sentiment ?





Bitcoin


After having evolved a few days below its major resistance level of $8,500, the Bitcoin dropped very heavily to reach a low point of $6,178 before bouncing back. BTC is currently trading at around $7,300.



What is the current situation?


  • The daily technical situation is rather negative with a WaveTrends that crossed downwards and a CCI that fell below the 100 level. The MACD has not yet crossed downward but shows signs of curvature. A continuation of the correction is therefore not impossible.


What to do about it?


  • If you buy at the lowest price, place your stop-loss above your purchase price. If you are not yet in position, we advise you to wait for a return on the support at $6,800 or a break of $8,500.


The supports of the day are at 7200$ - 6800$

The resistances of the day are at 7500$ - 8500$




Ethereum



The ETH trend closely follows that of Bitcoin and has therefore very logically dropped to a low of $191 before rebounding, ETH trade currently stands at around $240.


The daily technical situation is also rather downward, which does not exclude a more significant correction.


What to do about it?


Caution should be exercised for the time being, so we recommend waiting for a return to the $220 support or a $270 break before proceeding with the purchase.



The supports of the day are at 220$ - 200$

The resistances of the day are at 245$ - 270$


Conclusion


BTC: If you buy at the lowest price, place your stop-loss above your purchase price. If you are not yet in position, we advise you to wait for a return on the support at 6800$ or a break of 8500$.


ETH: Caution should be exercised at this time, so we recommend waiting for a return to the $220 support or a $270 break before proceeding with the purchase.


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