Market analysis of May 7, 2019


Marketcap


The marketcap has been moving up (+4.88%) since yesterday. The total capitalization is 188.209.622.410 USD.

Bitcoin totals 104.840.904.065 USD of capitalization for a dominance of 56%.

Ethereum's marketcap is 18.784.346.497 USD, followed by Ripple with 12.856.745.654 USD.


Market sentiment


How to read the Market Sentiment ?





Bitcoin


The Bitcoin is still evolving in its upward channel in place since the beginning of April and briefly broke its oblique resistance at the beginning of the session before returning to its channel.


What is the current situation?


  • The daily technical situation shows an ever-increasing risk of a decline. Indeed, a downward divergence is still visible between the MACD and prices while the WaveTrends has already given a selling signal. A return on the support at $5,500 is therefore possible.

  • On a shorter horizon, in 1 hour, a downward divergence is also visible between the MACD and prices. WaveTrends and CCI have already given a sales signal on this horizon.

What to do about it?


If you are already in position, place your stop-loss under $5,500. If you are not yet in position, we recommend waiting for a return on the $5,500 support before considering a long position.


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

The resistances of the day are at 5900$ - 6050$




Ethereum



ETH broke the oblique resistance of its triangle yesterday as well as its horizontal resistance at $166 and $172. Ethereum trade currently at around $175.


The technical situation of ETH is more positive than that of BTC with an increasing WaveTrends, a CCI that seems ready to break the 100 level and a MACD that gave a buying signal.


On a shorter time horizon, in 1 hour, the technical situation is much worse with a sales signal given on WaveTrends, CCI and MACD. A return on the support at $172 is therefore likely.


What to do about it?


If you are in a medium-term position, place your stop-loss under $172. If you are in a short-term position, with leverage, take a share of the profit and place your stop-loss above your purchase price. If you are not yet in position, wait for a probable return on the $172 before considering a long position.



The supports of the day are at 172$ - 166$

The resistances of the day are at 180$ - 188$


Conclusion


BTC: Bitcoin is under a high resistance and a pullback and possible. If you are already in position, place your stop-loss under $5,500. If you are not yet in position, we advise you to wait for a return on the 5500$ support before reassessing the situation.


ETH: a pullback is also expected on Ethereum after breaking his triangle. If you are in a medium-term position, place your stop-loss under $166. If you are in a short-term position, with leverage, take a portion of your profit and place your stop-loss above your purchase price. If you are not yet in position, wait for a probable return on the $172 before considering a long position.


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See you tomorrow for a new market analysis!

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