Market analysis of May 8, 2019


Marketcap


The marketcap has been moving down (-1.72%) since yesterday. The total capitalization is 184.956.166.141 USD.

Bitcoin totals 104.239.886.806 USD of capitalization for a dominance of 56.4%.

Ethereum's marketcap is 18.018.624.183 USD, followed by Ripple with 12.638.281.638 USD.


Market sentiment


How to read the Market Sentiment ?





Bitcoin


The BTC tried to break its ascending channel during the previous session and came very close to the psychological level of $6,000, with a high point of $5,970 on Bitstamp.


What is the current situation?


  • The daily technical situation is still quite uncertain, with WaveTrends and CCI being in an overbought zone but evolving flat. The MACD is still heading upward. On a 4-hour horizon, the indicators start to turn up and the penultimate candle was closed with a hammer shape, which indicates a bullish potential.

  • A new resistance test at $6,000 or even $6,150 in extension is therefore not impossible.


What to do about it?


  • We are currently quite close to a major resistance, so we do not recommend an immediate purchase.

  • If you are already in position however, 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 6000$ - 6150$




Ethereum



After reaching a high of $180.70, ETH closed the previous session at $166.25 by first reaching a low of $162.10. Ethereum is currently breaking its oblique resistance but it will be necessary to wait for the daily closing to have a confirmation.


The technical situation is quite neutral with all indicators pointing upwards. In 4h horizon, the technical indicators are oriented towards the decline but shows signs of possible curves.



What to do about it?


If you entered position at yesterday's low point, place your stop-loss under bracket 1 at $166, so you can make a profit. If you are not yet in position, wait either: a resistance break at $172 to aim for the next one at $180, or a return on support 1 at $166.



The supports of the day are at 166$ - 160$

The resistances of the day are at 172$ - 180$


Conclusion


BTC: Bitcoin is currently under its $6,000 resistance. 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 : Ethereum is preparing to break its oblique resistance. 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 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.



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