Market analysis of May 23, 2019
Marketcap
The marketcap has been moving down (-4.98%) since yesterday. The total capitalization is 236.856.767.660 USD.
Bitcoin totals 135.157.722.119 USD of capitalization for a dominance of 57.10%.
Ethereum's marketcap is 25.257.375.937 USD, followed by Ripple with 15.561.171.654 USD.
Market Sentiment
How to read the Market Sentiment?
Bitcoin
We have been talking for several days about a potential double top configuration on the Bitcoin and it seems that this last one is confirmed. Of course, we absolutely have to wait for the breakage of the $7,200 neckline before we can be certain.
See on Trading View
What is the current situation?
- The daily technical situation is increasingly negative with a MACD that has now crossed downward. The WaveTrends and the CCI are also bearish, the WaveTrends is about to leave its overbought zone, which had not happened since May 9 and the $6,000 break.
- On a 4-hour horizon, technical indicators are bearish. However, we can see a symmetrical triangle configuration. This type of figure has an empirical 63% chance of breaking up, but given the overall technical situation, we think there is a greater chance that this break will occur downward.
What to do about it?
We recommend that you be patient and wait for the $7,200 before reassessing the situation, it is indeed possible that the correction will continue.
- The supports of the day are at 7450$ - 6200$
- The resistances of the day are at 7650$ - 8000$
Ethereum
See on Trading View
- ETH broke its support at $245 at the beginning of the session and is now moving on to the next one at $230. The technical situation on a daily and 4-hour horizon is bearish. ETH could move towards $205 if its $230 support were to break.
- A rebound on this same support could occur, but given the overall technical situation, as well as that of the BTC, we believe that a continuation of the correction is not impossible.
What to do about it?
We recommend that you wait until the $230 before reassessing the situation. If a rebound should occur on this level and you decide to capitalize on it, take your profits quickly!
- The supports of the day are at 230$ - 205$
- The resistances of the day are at 245$ - 260$
Conclusion
BTC: We recommend that you be patient and wait for the $7,200 before reassessing the situation, as it is possible that the correction will continue.
ETH: We recommend that you wait until the $230 before reassessing the situation. If a rebound should occur on this level and you decide to capitalize on it, take your profits quickly!
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 ! 🚀