Market analysis of May 28, 2019

Marketcap

The marketcap has been moving up (+1.87%) since yesterday. The total capitalization is 271.853.440.274 USD.
Bitcoin totals 154.778.579.321 USD of capitalization for a dominance of 56.90%.
Ethereum's marketcap is 154.778.579.321 USD, followed by Ripple with 17.853.016.503 USD.

Market Sentiment

How to read the Market Sentiment?

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Bitcoin

The Bitcoin broke its triangle configuration two sessions ago and is currently trading at around $8,700. We can see that the previous candlestick was closed in the form of an inverted hammer, which could indicate a risk of correction over the short term. The technical indicators in daily time horizon are nevertheless in positive territory.

See on Trading View

What is the current situation?

Over a shorter time horizon, in 4 hours, the technical situation is negative with a WaveTrends that crossed downwards and a CCI that is below the 100 level. The MACD has still not crossed downwards but is showing signs of curvature.

What to do about it?

If you were in position before the triangle broke, we recommend that you place your stop-loss below the $8,500 level. If you are not yet in position, we recommend waiting for a return on the support at $8,500 or a break in the psychological level of $9,000 before positioning yourself.

• The supports of the day are at 8500$ - 8300$
• The resistances of the day are at 8800$ - 9000$

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Ethereum

See on Trading View

• ETH has reached a high point around $280 in the previous session and is currently just under $270, at $269.25. The daily technical situation is positive.
• On a 4-hour horizon, however, the technical situation is rather negative with a WaveTrends and a CCI that have already given sales signals.

What to do about it?

If you are already in position, 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 $260 or a $280 break before proceeding with the purchase.

• The supports of the day are at 260$ - 250$
• The resistances of the day are at 272$ - 280$

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Conclusion

BTC and ETH are in a consolidation configuration after a large rise. place yourself at the break of the resistance or on the rebound of the support.

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