Market analysis of May 21, 2019


Marketcap


The marketcap has been moving up (+0.71%) since yesterday. The total capitalization is 246.925.242.149 USD.

Bitcoin totals 140.500.030.194 USD of capitalization for a dominance of 56.9%.

Ethereum's marketcap is 26.739.196.411 USD, followed by Ripple with 16.566.008.957 USD.


Market sentiment


How to read the Market Sentiment ?





Bitcoin


The BTC remains stuck below the $8,000 level after the increase on May 19. The daily technical situation remains negative with a WaveTrends that crossed downwards and a CCI below the 100 level. The MACD has still not crossed downwards but is showing signs of curvature. We can see the formation of a potential double top, which, if confirmed, could reduce the price of Bitcoin to around $6,200.



What is the current situation?


  • On an 8-hour horizon, the situation is also negative, which pleads for a return on support.


What to do about it?


  • If you are in a position, take some of your profits, and place your stop-loss above your purchase price. If you are not yet in position, we recommend that you wait for a return on the support at $6,800 before considering a long position.


The supports of the day are at 7650$ - 6800$

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




Ethereum



The daily technical situation is rather bearish and it seems that ETH is evolving in a triangle. If the support of this support is broken, we could see ETH return to lower levels.


What to do about it?


Caution should be exercised for the time being, so we recommend waiting for confirmation of a broken support or resistance before positioning yourself.


The supports of the day are at 245$ - 230$

The resistances of the day are at 255$ - 265$


Conclusion


BTC: If you are in a position, take some of your profits, and place your stop-loss above your purchase price. If you are not yet in position, we recommend that you wait for a return on the support at $6,800 before considering a long position.


ETH: Caution should be exercised for the time being, so we recommend waiting for confirmation of a broken support or resistance before positioning yourself.


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See you tomorrow for a new market analysis!

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