Market analysis of June 7, 2019
Marketcap
The marketcap has been moving up (+2.67%) since yesterday. The total capitalization is 255.443.054.994 USD.
Bitcoin totals 141.457.948.032 USD of capitalization for a dominance of 55.40%.
Ethereum's marketcap is 26.650.795.144 USD, followed by Ripple with 17.847.625.648 USD.
Market Sentiment
How to read the Market Sentiment?
Bitcoin
After reaching a low of $7,449 yesterday, the BTC rebounded to close at $7,806, with a hammer-shaped candlestick. The technical situation remains negative even if we can see signs of curvature on the MACD and WaveTrends.
What is the current situation?
- On a 4-hour horizon, the technical situation is positive with a MACD and a WaveTrends which crossed upwards. BTC having managed to maintain itself above $7,600, a test of $8,000 is not impossible.
What to do about it?
If you are still in position, place your stop-loss above your purchase price. If you are not yet in position, we recommend that you wait for an $8,000 break before positioning yourself up.
- The supports of the day are at 7650$ - 7500$
- The resistances of the day are at 8000$ - 8500$
Ethereum
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ETH's daily technical situation remains negative, with a bearish MACD and WaveTrends. However, we can see signs of bullish curvature.
On a 4-hour horizon, the technical situation is positive with a MACD, a WaveTrends and a CCI which all gave a buying signal. As with BTC, a test of the next resistance is possible for ETH.
What to do about it?
If you are already in position, place your stop-loss above your purchase price. If you are not yet in position, wait for a break in the resistance at $260 before positioning yourself.
- The supports of the day are at 245$ - 230$
- The resistances of the day are at 250$ - 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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