Market analysis of May 10, 2019
Marketcap
The marketcap has been moving up (+2.45%) since yesterday. The total capitalization is 188.742.846.215 USD.
Bitcoin totals 112.167.339.238 USD of capitalization for a dominance of 58%.
Ethereum's marketcap is 18.498.720.001 USD, followed by Ripple with 12.661.894.759 USD.
Market sentiment
How to read the Market Sentiment ?
Bitcoin
The bullish strategy was confirmed with the Bitcoin which broke its upward widening bevel by freeing itself from its resistance at $6163. BTC would now move to its next resistance at $6,400.
What is the current situation?
The technical indicators on a daily horizon are still evolving in their overbought area, and do not show any signs of potential decline. On a 4-hour horizon, the technical situation is the same but the CCI is starting to turn around.
What to do about it?
The BTC is close to a big resistance at 6400$, that's why we do not recommend an immediate purchase if you are not yet in position. It will be wiser to wait for a break of the resistance before taking a position. If you are in position, place your stop-loss above your purchase price ($6163).
The supports of the day are at 6150$ - 6000$
The resistances of the day are at 6400$ - 6800$
Ethereum
ETH broke its resistance at $172 yesterday and is currently heading towards the next resistance at $180. The daily technical situation is positive.
Over a 4-hour horizon, the technical indicators are also positive and are heading towards their overbought area.
What to do about it?
If you are in position, place your stop-loss under $172. If you are not yet in position, we recommend that you wait for a break of the next resistance before positioning yourself.
The supports of the day are at 172$ - 166$
The resistances of the day are at 180$ - 205$
Conclusion
BTC: Bitcoin is currently heading towards its next resistance at $6,400. If you are already in position, place your stop-loss under $6,150. If you are not yet in position, we advise you to wait for a breakage of the 6400$.
ETH: Ethereum is also heading towards its next $180 resistance. If you are in position place your stop-loss under $172. If you are not in position yet, wait for a $180 break before considering a long position.
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