Market analysis of May 15, 2019

Market analysis of May 15, 2019


Marketcap


The marketcap has been moving down (+0.47%) since yesterday. The total capitalization is 244.389.280.572 USD.

Bitcoin totals 140.967.533.915 USD of capitalization for a dominance of 58%.

Ethereum's marketcap is 24.009.934.522 USD, followed by Ripple with 17.750.496.160 USD.


Market sentiment


How to read the Market Sentiment ?





Bitcoin


The Bitcoin is currently below the $8,000 level after approaching its key resistance zone at $8,500. This is a very important level, which served as resistance during the November 2017 bull run. This resistance was also tested in April and May 2018 before being last reached on 24 July 2018. So we're looking at something solid.



What is the current situation?


  • The technical situation over a daily time horizon is beginning to show signs of a possible reversal, even with an upwardly oriented MACD. Indeed, this indicator is usually one of the last to reverse and the WaveTrends and CCI are already starting to turn around. In addition, a downward divergence is visible between CCI and prices. A correction is therefore possible.


What to do about it?


  • If you are already in position, keep it with a stop above your purchase price. If you are not yet in position, however, please do not succumb to FOMO and be patient. Indeed, 2 solutions are available to you, a return on the support at $7,500 or a break of $8,500.


The supports of the day are at 7500$ - 7200$

The resistances of the day are at 8500$ - 9800$




Ethereum



Ethereum has been outperforming the BTC since the beginning of its session, ETH having broken its resistance at $220 and currently trading around $230.


However, the technical situation is quite similar to that of the BTC on a daily basis. The indicators are in the overbought zone and are starting to turn around as well. A downward divergence is also visible between CCI and prices.


What to do about it?


If you were in position yesterday, take some of your profits and place your stop-loss above your purchase price. If you are not in position, wait for a return to the stand at $220 or a break in the 245$ resistance.



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

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


Conclusion


BTC: If you are already in position, keep it with a stop sign above your purchase price. If you are not yet in position, however, please do not succumb to the FOMO and be patient. Indeed, 2 solutions are available to you, a return on the support at $7500 or a break of the $8500.


ETH: If you were in position yesterday, take some of your profits and place your stop-loss above your purchase price. If you are not in position, wait for a return to the $220 rack or a break in the $245 resistance.


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