Market analysis of May 9, 2019

Market analysis of May 9, 2019


Marketcap


The marketcap has been moving up (+2.04%) since yesterday. The total capitalization is 188.742.846.215 USD.

Bitcoin totals 107.968.396.854 USD of capitalization for a dominance of 57.2%.

Ethereum's marketcap is 18.113.864.687 USD, followed by Ripple with 12.618.081.821 USD.


Market sentiment


How to read the Market Sentiment ?





Bitcoin


Bitcoin broke the oblique resistance of its ascending widening bevel at the very beginning of the session as well as the psychological level of $6,000. Technical indicators such as WaveTrends or CCI are still evolving in their overbought area but have still not given a sales signal.


What is the current situation?


  • On a 4-hour horizon, the technical indicators are also in their overbought zone but are beginning to show signs of curvature. A slight correction following yesterday's increase is therefore not impossible.


What to do about it?


  • If you are already in position, raise your stop-loss above your purchase price, around 5800$. If you are not yet in position, we advise you to wait for a return on the support at 5800$ or a break in the resistance at 6150$ before considering the purchase.


The supports of the day are at 5800$ - 5500$

The resistances of the day are at 6150$ - 6400$




Ethereum



Yesterday at the beginning of the session, ETH broke the resistance of its triangle, but the daily closure was missing to confirm it. This has now been done, but the current candlestick is in the form of an inverted hammer. If it were to close like this, it could be a warning signal.


Over a 4-hour horizon, the CCI and MACD are decreasing while the WaveTrends shows signs of decreasing curve. A correction cannot therefore be ruled out.



What to do about it?


If you are in position, place your stop-loss under bracket 1 at $166. If you are not yet in position, wait either: a return to support 1 at $166 or a break in resistance at $172 in order to aim for the next one at $180.



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

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


Conclusion


BTC: Bitcoin has broken its oblique resistance. If you are already in position, place your stop-loss under $5,800. If you are not yet in position, we advise you to wait for a return on the support at $5800 or a break of $6150.


ETH: Like Bitcoin, Ethereum broke its oblique resistance. If you are in position, place your stop-loss under $166. If you are not yet in position, wait for a return to support 1 at $166 or a break of $172 before considering a long position.



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