Market analysis of May 6, 2019


Marketcap


The marketcap has been moving down (-1.77%) since yesterday. The total capitalization is 179.439.898.680 USD.

Bitcoin totals 100.406.710.396 USD of capitalization for a dominance of 56%.

Ethereum's marketcap is 17.010.580.868 USD, followed by Ripple with 12.515.660.687 USD.


Market sentiment


How to read the Market Sentiment ?





Bitcoin


As announced the day before, the trend was rather bearish and indeed, after making a double top, BTC started to decrease to reach a low point at the level of $5562.


What is the current situation?


  • Technically speaking, the price of BTC could decrease further towards the 5500$ zone. If this level holds up, we could see the price rise again and test the $5800 zone again.

  • However, if the support of the 5500$ is broken, the lower levels expected are first the 5350$ then the 5250.


What to do about it?


If you are still in position, place your stop-loss under $5600. If you are not yet in position, we recommend to wait either: a return to around 5500$ with confirmation of rebound or wait for the lower levels or a confirmed break of 5800$.


The supports of the day are at 5500$ - 5350$

The resistances of the day are at 5845$ - 5900$




Ethereum



In the short term, ETH is in a triangle whose support is at the $157 level. If this support continues, we could see an increase in the volume and if the volume follows we could see ETH reach the $166 level. However, if the support is broken, the lower level is $150.



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

The resistances of the day are to 166$ - 172$


Conclusion


BTC: Bitcoin is in a downward trend in the short term. If you are already in position, place your stop-loss under $5,500. If you are not yet in position, we advise you to wait for a return on the support at $5500 before reassessing the situation. In case of a continued increase, the next resistance is at the upper limit of the bullish channel in which we have been since the beginning of April: around $5810-5845


ETH: Like Bitcoin, Ethereum is in a downward trend in the short term. If you are already in position, place your stop sign below $150. If not, wait for a return on the $157 support before reassessing the situation.


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