Market analysis of June 5, 2019

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Marketcap

The marketcap has been moving down (-1.96%) since yesterday. The total capitalization is 247.608.177.612 USD.
Bitcoin totals 138.001.989.542 USD of capitalization for a dominance of 55.80%.
Ethereum's marketcap is 25.881.109.293 USD, followed by Ripple with 16.833.041.450 USD.

Market Sentiment


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How to read the Market Sentiment?


Bitcoin

After reaching a low of $7,432, BTC rose above its support level of $7,650. The Bitcoin is currently around $7,750. However, the daily technical situation remains negative with a WaveTrends and a MACD still firmly on the decline.

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See on Trading View

What is the current situation?

  • Over a 4-hour time horizon, the technical indicators show a possibility of a short-term rebound that could bring the BTC back to its key level of $8,500.

What to do about it?

If you are still in position, place your stop-loss above your entry price. If you are not yet in position, wait for a break of the key resistance at $8,500 before positioning yourself.

  • The supports of the day are at 7650$ - 7500$
  • The resistances of the day are at 8000$ - 8500$

Ethereum

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See on Trading View

ETH's daily technical situation remains negative, with a bearish MACD and WaveTrends. Like the BTC, the 4-hour technical indicators show a possibility of a short-term rebound.

What to do about it?

If you are in position, secure your winnings with a stop-loss above your entry price. If you are still not in position, however, we advise you to wait for a breakage of the 245$ resistance before proceeding with the purchase.

  • The supports of the day are at 230$ - 220$
  • The resistances of the day are at 245$ - 260$

Conclusion

BTC and ETH evolved under significant resistance. We advise you to wait for the return on a support or the breakage of a resistance to reassess the situation.


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