Market analysis of May 29, 2019


Marketcap


The marketcap has been moving down (-1.39%) since yesterday. The total capitalization is 268.069.111.277 USD.

Bitcoin totals 151.682.953.654 USD of capitalization for a dominance of 56.90%.

Ethereum's marketcap is 28.200.482.504 USD, followed by Ripple with 18.153.314.740 USD.


Market sentiment


How to read the Market Sentiment ?





Bitcoin


We were talking to you yesterday about a risk of correction, given the presence of an inverted hammer on the BTC, this risk was found and BTC came to test its support area between $8,400 and $8,500. The daily technical situation is now rather negative with a WaveTrends that crossed downwards, a CCI that is moving towards the 100 level and a MACD that is about to give a sell signal.


What is the current situation?


  • On a shorter time horizon, in 4 hours, the situation is also negative.

What to do about it?


  • Given the current technical situation, we advise you to wait for a break in the resistance zone between $8,800 and $9,000 before positioning yourself.


The supports of the day are at 8500$ - 8300$

The resistances of the day are at 8800$ - 9000$




Ethereum



  • ETH is still evolving between its support at $260 and its resistance at $272. After reaching a high of $277.2 in the previous session, ETH now stands at $264.5.

  • The daily technical situation is rather negative with a WaveTrends and a bearish CCI and a MACD that is about to cross. The technical situation is also negative on a 4-hour time horizon.


What to do about it?


We advise you to wait for a clear break of the major resistance at $280 before positioning yourself upwards.


The supports of the day are at 260$ - 250$

The resistances of the day are at 272$ - 280$


Conclusion


BTC and ETH are in a consolidation configuration after a large rise. For BTC, place yourself at the break of the resistance and for ETH Place yourself at the break of resistance 2.


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