Market analysis of June 4, 2019
Marketcap
The marketcap has been moving down (-6.31%) since yesterday. The total capitalization is 252.565.862.726 USD.
Bitcoin totals 140.942.039.200 USD of capitalization for a dominance of 55.80%.
Ethereum's marketcap is 26.250.375.340 USD, followed by Ripple with 17.431.263.953 USD.
Market Sentiment
How to read the Market Sentiment?
Bitcoin
After testing its resistance at $8,800, the BTC has dropped heavily and now stands at $7,885, above its support at $7,800. The daily technical situation is now definitively bearish with a MACD and a WaveTrends that crossed downwards and a CCI that is moving towards the -100 level.
See on Trading View
What is the current situation?
On a 4-hour horizon, the technical situation is also negative but is starting to show signs of upward curvature.
What to do about it?
If you are still in position despite the drop, place your stop-loss above your entry price if it is far from the current price, take your profits otherwise. If you are not yet in position, be patient to determine if the $7,800 support will hold.
- The supports of the day are at 7800$ - 7500$
- The resistances of the day are at 8000$ - 8500$
Ethereum
See on Trading View
- The ETH situation is also negative, with a MACD and a bearish WaveTrends.
- ETH is currently evolving between its resistance at $260 and its support at $245. Given the technical situation, a continuation of the decline seems more likely than a rebound.
What to do about it?
The $245 support resists for the moment but we advise you to wait for confirmation before opening a long position.
- The supports of the day are at 245$ - 220$
- The resistances of the day are at 260$ - 270$
Conclusion
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