State of Mind - May 16th

State of Mind - May 16th


New day on the crypto planet!


What's the feeling?


Today is a rather negative day, in fact at the beginning of the session, the total market capitalization was 392 billion dollars and it currently stands at 377 billion dollars.


As we announced yesterday, the Bitcoin was in an ascending wedge configuration at the end of the session. The lower boundary of this figure was broken last night and dragged the BTC to the $8,100 level before stabilizing around $8,200.



What can we expect from this situation?


The MACD in daily horizon and 4h having already crossed downward, we can expect a more important fall if the support at 8100$ breaks. Indeed, the next support is around 7800$ and the next one around 7500$.


So we're still dealing with a difficult market! In a situation like this we have to be careful and don't forget our stop-loss!

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