Market analysis of May 22, 2019
Marketcap
The marketcap has been moving up (+0.95%) since yesterday. The total capitalization is 249.272.921.767 USD.
Bitcoin totals 140.405.505.447 USD of capitalization for a dominance of 56.3%.
Ethereum's marketcap is 27.210.484.839 USD, followed by Ripple with 16.819.794.096 USD.
Market Sentiment
How to read the Market Sentiment?
Bitcoin
The Bitcoin is still evolving under its resistance at $8,000, at $7,905. The daily technical situation remains negative even if the MACD has not yet crossed downward. Indeed, WaveTrends and CCI are on a heading downward and are not showing any signs of reversal. The double top configuration is not yet confirmed, but this possibility should be considered and therefore caution is recommended.
See on Trading View
What is the current situation?
- Over a shorter horizon, in 4 hours, the indicators are on a downward trend and show no sign of an imminent bullish reversal.
What to do about it?
If you are still in position, be sure to place your stop-loss above your entry price. If you are still not in position, however, we recommend waiting for a return on the support at $6,800 or a break of the major resistance at $8,500 before positioning yourself.
- The supports of the day are at 7650$ - 6800$
- The resistances of the day are at 8000$ - 8500$
Ethereum
See on Trading View
ETH has broken its resistance at $255, and is currently trading at around $257. ETH is still evolving in its triangle configuration and if it is broken on the rise, the Ethereum could move towards its next resistance at $265. In the case of a downward break, the next support at $245 would be the first target.
What to do about it?
As ETH operates in a consolidation pattern, we recommend that you place a stop-loss above your purchase price if you are in a position. Otherwise, we advise you to wait for a break in the triangle before positioning yourself, upwards or downwards, depending on the direction of the break.
- The supports of the day are at 245$ - 230$
- The resistances of the day are at 265$ - 280$
Conclusion
BTC: If you are still in position, be sure to place your stop-loss above your purchase price. If you are still not in position, however, we recommend waiting for a return on the support at $6800 or a major resistance break at $8500 before positioning yourself.
ETH : Since ETH operates in a consolidation pattern, we recommend that you place a stop-loss above your purchase price if you are in a position. Otherwise, we advise you to wait for a break in the triangle before positioning yourself, upwards or downwards, depending on the direction of the break.
You can join us on Telegram for a follow-up of the market throughout the day.
For any question, our team will be happy to answer you on our support which is open 7/7 days.
For any information about our subscriptions, please visit our website or contact @CryptoAddictsButlerBot directly to get all the information you need.
See you tomorrow for a new market analysis ! 🚀