Market analysis of June 6, 2019
Marketcap
The marketcap has been moving up (+1.96%) since yesterday. The total capitalization is 248.789.619.952 USD.
Bitcoin totals 138.557.859.095 USD of capitalization for a dominance of 55.80%.
Ethereum's marketcap is 26.099.646.615 USD, followed by Ripple with 16.883.675.674 USD.
Market Sentiment
How to read the Market Sentiment?
Bitcoin
After fluctuating between $7,570 and $7,924 during the session, the BTC finally closed below the $7,800 level at $7,785. BTC is still at this level, with the market remaining relatively calm for the time being.
What is the current situation?
However, the daily technical situation remains negative on the MACD, WaveTrends and CCI. On a shorter horizon, in 4 hours, the situation shows a potential for an increase.
What to do about it?
If you are still in position, place your stop-loss above your purchase price. If you are not yet in position, wait for a break in the $8,000 resistance before positioning yourself.
- The supports of the day are at 7650$ - 7500$
- The resistances of the day are at 8000$ - 8500$
Ethereum
- ETH's daily technical situation remains negative, with a bearish MACD and WaveTrends. ETH is above the $245 level but we must wait for confirmation of the break before drawing any conclusions.
- On a 4-hour horizon, the technical situation is rather positive.
What to do about it?
If you are still in position, place your stop-loss above your purchase price. If you are not yet in position, wait until the $250 break before positioning yourself.
- The supports of the day are at 245$ - 230$
- The resistances of the day are at 250$ - 260$
Conclusion
BTC and ETH evolved under significant resistance. We advise you to wait for the return on a support or the breakage of a resistance to reassess the situation.
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