Market analysis of June 3, 2019
Marketcap
The marketcap has been moving down (-1.78%) since yesterday. The total capitalization is 269.586.480.942 USD.
Bitcoin totals 151.779.116.423 USD of capitalization for a dominance of 57.30%.
Ethereum's marketcap is 28.301.565.939 USD, followed by Ripple with 18.255.344.663 USD.
Market Sentiment
How to read the Market Sentiment?
Bitcoin
After the fall encountered a few days ago, the BTC has evolved upwards testing the resistance of the $8800. After reaching a high point of $8833, BTC moved down to a low of $8335. Currently, it is below the 8500$ level.
See on Trading View
What is the current situation?
- From a technical point of view, over a 4-hour horizon, the indicators are negative. If the BTC fails to return to the $8,600 level, it may descend to touch the lower supports.
What to do about it?
If you are still in position, place your stop loss at the 8300$ level. If this area is broken, the price will fall. If you are not yet in position, wait for a return of the 8600$ in order to get in position or a return on the previous support (8000$/8300$/7400$).
- The supports of the day are at 8300$ - 8000$
- The resistances of the day are at 8600$ - 8800$
Ethereum
See on Trading View
- ETH's technical situation is also negative with a MACD and a WaveTrends that have already given a sales signal.
- ETH is currently evolving in the middle of its range between $250 and $275. The price is close to the support and given the situation it could happen. If the latter does not hold, we could see the price go down to lower levels.
What to do about it?
We advise you to wait for a return on the support at $245 before reassessing the situation.
- The supports of the day are at 245$ - 220$
- The resistances of the day are at 270$ - 280$
Conclusion
Given the ongoing correction and the evolution of Bitcoin and Ethereum under their resistance, we advise you to wait for the return on a support before reassessing the situation.
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 ! 🚀