Market analysis of May 1, 2019


Marketcap


The marketcap has been moving up (4.05%) since yesterday. The total capitalization is 175.784.384.549 USD.

Bitcoin totals 95.221.814.051 USD of capitalization for a dominance of 54.2%.

Ethereum's marketcap is 17.186.158.848 USD, followed by Ripple with 12.930.139.758 USD.


Market sentiment


How to read the Market Sentiment ?





Bitcoin


The Bitcoin bounced back on the oblique support of its ascending channel during yesterday's session after trying to break it down without success for several sessions. BTC is currently trading around $5,300 and is approaching its resistance at $5,360.


What is the current situation?


  • The daily technical situation is rather positive with a WaveTrends and a MACD that seem ready to cross upwards while the CCI is moving towards the 100 level, while on a 4-hour horizon, technical indicators such as the CCI and StochRSI show signs of possible correction.

  • On an even shorter horizon, in 1 hour, we can see a downward divergence between prices and the CCI.


What to do about it?


If you are already in position, place your stop-loss under $5050. If you are not yet in position, we advise you to wait for a return on the support at 5250$ before reassessing the situation.


The supports of the day are at 5250$ - 5050$

The resistances of the day are at 5360$ - 5500$




Ethereum



Ethereum tested its resistance at $157 for much of yesterday's session before finally breaking it. ETH is currently trading at around $160.


The daily technical situation is very encouraging with a WaveTrends, a CCI and a StochRSI that have already given a buy signal while the MACD shows signs of upward curvature. As with Bitcoin, the technical indicators over a 4-hour time horizon show signs of possible correction.


A downward divergence is also visible between the CCI and prices over a 1-hour horizon.


What to do about it?


If you are in position, place your stop-loss under $150. If you are not yet in position, we advise you to wait for a return on the support 1 to $157 before reassessing the situation.


The supports of the day are located at 157$ - 150$

The resistances of the day are to 163$ - 168$


Conclusion


BTC: Bitcoin bounced back on the daily bullish channel and a short-term downward divergence can be observed. If you are still in position, we recommend that you place your stop-loss under $5050. If you are not yet in position, we recommend that you wait for a return on support 1 before reassessing the situation.


ETH : Ethereum also shows us a short-term downward divergence. We also recommend to wait for a return on support 1 before making a possible purchase decision.



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