Market analysis of June 5, 2019


Marketcap


The marketcap has been moving down (-1.96%) since yesterday. The total capitalization is 247.608.177.612 USD.

Bitcoin totals 138.001.989.542 USD of capitalization for a dominance of 55.80%.

Ethereum's marketcap is 25.881.109.293 USD, followed by Ripple with 16.833.041.450 USD.


Market sentiment


How to read the Market Sentiment ?





Bitcoin


After reaching a low of $7,432, BTC rose above its support level of $7,650. The Bitcoin is currently around $7,750. However, the daily technical situation remains negative with a WaveTrends and a MACD still firmly on the decline.



What is the current situation?


  • Over a 4-hour time horizon, the technical indicators show a possibility of a short-term rebound that could bring the BTC back to its key level of $8,500.

What to do about it?


  • If you are still in position, place your stop-loss above your entry price. If you are not yet in position, wait for a break of the key resistance at $8,500 before positioning yourself.


The supports of the day are at 7650$ - 7500$

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




Ethereum



  • ETH's daily technical situation remains negative, with a bearish MACD and WaveTrends. Like the BTC, the 4-hour technical indicators show a possibility of a short-term rebound.


What to do about it?


If you are in position, secure your winnings with a stop-loss above your entry price. If you are still not in position, however, we advise you to wait for a breakage of the 245$ resistance before proceeding with the purchase.


The supports of the day are at 230$ - 220$

The resistances of the day are at 245$ - 260$


Conclusion


BTC and ETH evolved under significant resistance. We advise you to wait for the return on a support or the breakage of a resistance to reassess the situation.


You can join us on Telegram for a follow-up of the market throughout the day.

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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