Market analysis of May 17, 2019

Marketcap

The marketcap has been moving down (-9.39%) since yesterday. The total capitalization is 231.762.270.574 USD.
Bitcoin totals 130.676.074.076 USD of capitalization for a dominance of 56.4%.
Ethereum's marketcap is 25.747.308.386 USD, followed by Ripple with 16.285.355.840 USD.

Market Sentiment

How to read the Market Sentiment?

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Bitcoin

After having evolved a few days below its major resistance level of $8,500, the Bitcoin dropped very heavily to reach a low point of $6,178 before bouncing back. BTC is currently trading at around $7,300.

[See on Trading View]https://www.tradingview.com/x/lgQ24Exz/)

What is the current situation?

• The daily technical situation is rather negative with a WaveTrends that crossed downwards and a CCI that fell below the 100 level. The MACD has not yet crossed downward but shows signs of curvature. A continuation of the correction is therefore not impossible.

What to do about it?

• If you buy at the lowest price, place your stop-loss above your purchase price. If you are not yet in position, we advise you to wait for a return on the support at $6,800 or a break of $8,500.
• The supports of the day are at 7200$ - 6800$
• The resistances of the day are at 7500$ - 8500$

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Ethereum

See on Trading View

The ETH trend closely follows that of Bitcoin and has therefore very logically dropped to a low of $191 before rebounding, ETH trade currently stands at around $240.
The daily technical situation is also rather downward, which does not exclude a more significant correction.

What to do about it?

Caution should be exercised for the time being, so we recommend waiting for a return to the $220 support or a $270 break before proceeding with the purchase.

• The supports of the day are at 220$ - 200$
• The resistances of the day are at 245$ - 270$

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Conclusion

BTC: If you buy at the lowest price, place your stop-loss above your purchase price. If you are not yet in position, we advise you to wait for a return on the support at 6800$ or a break of 8500$.

ETH: Caution should be exercised at this time, so we recommend waiting for a return to the $220 support or a $270 break before proceeding with the purchase.

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