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 ?

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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$

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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$

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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.

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