Market analysis of May 2, 2019


Marketcap


The marketcap has been moving down (0.08%) since yesterday. The total capitalization is 175.784.384.549 USD.

Bitcoin totals 95.549.222.285 USD of capitalization for a dominance of 54.4%.

Ethereum's marketcap is 17.079.889.321 USD, followed by Ripple with 12.774.990.302 USD.


Market sentiment


How to read the Market Sentiment ?





Bitcoin


The Bitcoin approached its support at $5,250 yesterday without touching it before going up again and now trades around $5,330. The technical situation on the daily horizon remains positive with a StochRSI and a WaveTrends which both gave a buying signal.


What is the current situation?


  • Over a 4-hour horizon, indicators are beginning to show signs of weakness as evidenced by the WaveTrends which seem ready to cross downward and the CCI which has crossed the 100 level down. A return to the support at $5,250 is therefore not to be excluded.


What to do about it?


As Bitcoin is still in the same range as yesterday, between $5,250 and $5,360, the recommendations remain the same. Place your stop-loss under the oblique support if you are in position and wait for a retracement to the support before considering a long position.


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

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




Ethereum



After briefly breaking its support at $157 in the previous session, ETH is now trading at around $159.5. The technical indicators over a daily horizon are rather positive, with WaveTrends, CCI and StochRSI giving buying signals.


On a shorter horizon, 2 hours, a downward divergence is visible between CCI and prices. However, technical indicators remain on an upward trend, which could push ETH towards its resistance at $163 before a potential activation of the divergence.


What to do about it?


If you are in position, place your stop-loss under the $150 bracket. If you are not yet in position, we recommend waiting for a return on the support at $157 or a confirmed breakage of the resistance at $163.


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

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


Conclusion


BTC: Bitcoin is currently under resistance. 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: A short-term downward divergence is visible on Ethereum. We also recommend to wait for a return to support 1 or a break in resistance 1 before making a possible purchase decision



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