Market analysis of June 4, 2019


Marketcap


The marketcap has been moving down (-6.31%) since yesterday. The total capitalization is 252.565.862.726 USD.

Bitcoin totals 140.942.039.200 USD of capitalization for a dominance of 55.80%.

Ethereum's marketcap is 26.250.375.340 USD, followed by Ripple with 17.431.263.953 USD.


Market sentiment


How to read the Market Sentiment ?





Bitcoin


After testing its resistance at $8,800, the BTC has dropped heavily and now stands at $7,885, above its support at $7,800. The daily technical situation is now definitively bearish with a MACD and a WaveTrends that crossed downwards and a CCI that is moving towards the -100 level.


What is the current situation?


  • On a 4-hour horizon, the technical situation is also negative but is starting to show signs of upward curvature.

What to do about it?


  • If you are still in position despite the drop, place your stop-loss above your entry price if it is far from the current price, take your profits otherwise. If you are not yet in position, be patient to determine if the $7,800 support will hold.


The supports of the day are at 7800$ - 7500$

The resistances of the day are at 8000$ - 8500$




Ethereum



  • The ETH situation is also negative, with a MACD and a bearish WaveTrends.

  • ETH is currently evolving between its resistance at $260 and its support at $245. Given the technical situation, a continuation of the decline seems more likely than a rebound.


What to do about it?


The $245 support resists for the moment but we advise you to wait for confirmation before opening a long position.


The supports of the day are at 245$ - 220$

The resistances of the day are at 260$ - 270$


Conclusion


Given the ongoing correction and the evolution of Bitcoin and Ethereum under their resistance, we advise you to wait for the return on a support before reassessing the situation.


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For any question, our team will be happy to answer you on our support which is open 7/7 days.

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See you tomorrow for a new market analysis!

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