Market analysis of May 24, 2019
Marketcap
The marketcap has been moving up (+5.17%) since yesterday. The total capitalization is 249 .119 .485.442 USD.
Bitcoin totals 141.386.198.545 USD of capitalization for a dominance of 57.10%.
Ethereum's marketcap is 26.571.404.056 USD, followed by Ripple with 16.231.331.169 USD.
Market Sentiment
How to read the Market Sentiment?
Bitcoin
The BTC has bounced off its oblique support. It is therefore still in a symmetrical triangle of top. This configuration is bullish in 63% of cases.
See on Trading View
What is the current situation?
- In 4h horizon, the RSI stoch gently indicates an over-purchase situation, we will also note the decrease in volume.
What to do about it?
Monitor the evolution of the BTC price, in case of a break of its resistance, it could go back to 8300$. In case of a downward break of its support, it could re-test the $7200 area.
- The supports of the day are at 7580$ - 7195$
- The resistances of the day are at 8160$ - 8300$
Ethereum
See on Trading View
- ETH is in a similar configuration to the BTC. Symmetrical vertex triangle.
- In 4h horizon, the RSI indicates a potential rise. We will also note the decrease in volume in recent days.
What to do about it?
Monitor the evolution of the ETH price, in case of breakage due to an increase in its resistance, he could go and review the $270 zone. In case of a downward break in his support, he could re-test the $220 area
- The supports of the day are at 230$ - 220$
- The resistances of the day are at 255$ - 270$
Conclusion
BTC: Bitcoin is located in a symmetrical vertex triangle configuration. We advise you to follow the evolution of the symmetrical triangle, and to place yourself at the break of the resistance or the support.
ETH: Ethereum is also in a symmetrical vertex triangle configuration. We advise you to follow the evolution of the symmetrical triangle, and to place yourself at the break of the resistance or the support.
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