Market analysis of May 31, 2019

Market analysis of May 31, 2019


Marketcap


The marketcap has been moving down (-6.86%) since yesterday. The total capitalization is 260.860.819.134 USD.

Bitcoin totals 146.777.238.922 USD of capitalization for a dominance of 55.20%.

Ethereum's marketcap is 27.029.346.522 USD, followed by Ripple with 17.664.808.886 USD.


Market sentiment


How to read the Market Sentiment ?





Bitcoin


After reaching a high of $9,096 yesterday, BTC returned to its support at $8,000 before closing at $8,277. The daily technical situation is now clearly negative and we can expect a more significant correction. Indeed, WaveTrends and MACD have crossed downward while CCI is below the 100 level.


What is the current situation?


  • In addition, a bearish divergence can be observed between the MACD and prices over a 12-hour time horizon.

What to do about it?


  • If you had placed your stop-loss below the $8,400 level, you are now out of position. We therefore advise you to wait for a return on the $8,000 support before reassessing the situation. Indeed, a more significant correction is still possible.


The supports of the day are at 8000$ - 7650$

The resistances of the day are at 8500$ - 8800$




Ethereum



  • ETH's technical situation is also negative with a MACD and a WaveTrends having already given a sales signal while the CCI is below the 100 level.

  • A downward divergence is also visible between prices and the MACD in 12 hours, which makes a more significant correction likely.


What to do about it?


We advise you to wait for a return on the support at $245 before reassessing the situation.


The supports of the day are at 245$ - 220$

The resistances of the day are at 260$ - 272$


Conclusion


Given the ongoing correction and the evolution of Bitcoin and Ethereum under their resistance, we advise you to wait for the return on a support before reassessing the situation.


You can join us on Telegram for a follow-up of the market throughout the day.

For any question, our team will be happy to answer you on our support which is open 7/7 days.

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See you Monday for a new market analysis!

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