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Newsflash of May 29, 2020

Market Cap at 8:30 (UTC) – $265,343,938,631

Bitcoin dominance: 66 % 

BTC $9,500 (+3.58%)

ETH $221.37 (+7%)

XRP $0.199839 (+1.91%)

Google Cloud run Theta Nodes

On May 27th, Google Cloud has joined (https://medium.com/theta-network/theta-labs-announces-google-cloud-as-enterprise-validator-and-launch-partner-for-theta-mainnet-2-0-8f765096f2a9) Theta along with Gumi, Binance and Blockchain Ventures. Users from around the globe is now able to run Theta nodes through Google Cloud Marketplace. By becoming a Theta validator, Google will provide stability, security and reliability to the network.

South Korea continues to make changed related to crypto tax

Per the report (https://www.edaily.co.kr/news/read?newsId=01308726625772856&mediaCodeNo=257&OutLnkChk=Y), South Korea government is considering to tax gain in crypto including ICO, transactions, etc. According to an official, the gain can be included in income tax category. Moreover, it is expected that the proposed admendment will be sent to the Parliament in September, 2020.

Gemini partnered with Samsung

Recently, Gemini has collaborated (https://www.prnewswire.com/news-releases/gemini-first-us-cryptocurrency-exchange-to-integrate-with-samsung-blockchain-wallet-in-north-america-301066455.html) with Samsung to add Gemini directly into Samsung Blockchain Wallet. The integration will allow Samsung users to buy, sell and trade quickly and seamlessly.

Stay safe and happy trading.

Yours,

4C-Trading

You can join us on Telegram for a follow-up of the market throughout the day.

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Market Analysis of May 29, 2020

The marketcap has been moving up (+4.22%) since yesterday. The total capitalization is 266 043 059 276 USD.

Bitcoin totals 175 629 880 848 USD of capitalization for a dominance of 66.00%. Ethereum’s marketcap is 24 713 907 223 USD, followed by Ripple with 8 836 637 686 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher and is trading around $9450 after rising to $9600.

The daily technical situation is positive and remains positive in 4 hours before becoming negative in 1 hour.

What to do about it?

A small drop is possible but the BTC seems to be holding above $9200, a retest of $9600 is very likely.

  • The supports of the day are at 9200$ — 8700$
  • The resistances of the day are at 9600$ — 10000$

Ethereum Analysis

ETH closed higher and is trading around $220.

The daily technical situation is positive with a WaveTrends which has just crossed higher and remains very positive in 4 hours.

What to do?

We are reaching the top of a range and if the resistance of $228 is broken we can hope to see the $250 again.

  • The supports of the day are at 217$ — 207$
  • The resistances of the day are at 228$ — 250$

Conclusion

The daily technical situation is positive for ETH and BTC.

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Market Analysis of May 28, 2020

The marketcap has been moving up (+1.91%) since yesterday. The total capitalization is 255 263 526 965 USD.

Bitcoin totals 168 414 742 961 USD of capitalization for a dominance of 66.00%. Ethereum’s marketcap is 22 947 073 594 USD, followed by Ripple with 8 839 750 456 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher and is currently trading around $9164 after dropping to $9100.

The daily technical situation is rather negative but the WaveTrends has crossed higher and becomes positive in 4 hours before becoming negative again in 1 hour.

What to do about it?

If you’ve been short since $9200, stay there. There are no signs of a bullish recovery so if you’re not in position yet, wait for a better entry point.

  • The supports of the day are at 8700$ — 8500$
  • The resistances of the day are at 9200$ — 9500$

Ethereum Analysis

ETH closed higher and is trading around $206. There isn’t much new news since yesterday as for the BTC.

The daily technical situation is rather negative but tends to become positive. It was positive in 4 hours and negative in 1 hour.

What to do?

Too much uncertainty weighs on ETH, and if you are not in position, wait for a better entry point.

  • The supports of the day are at 192$ — 185$
  • The resistances of the day are at 207$ — 217$

Conclusion

The daily technical situation is negative for ETH and BTC 

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Market Analysis of May 27, 2020

The marketcap has been moving up (+0.59%) since yesterday. The total capitalization is 250 470 988 914USD.

Bitcoin totals 164 160 518 700 USD of capitalization for a dominance of 65.50%. Ethereum’s marketcap is 22 723 433 840 USD, followed by Ripple with 8 797 719 808 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed lower in a doji shape indicating indecision in the market and is trading around $9128 after testing $9200 which is a good entry for a short.

The daily technical situation is negative but positive in 4 hours. This also marks the indecision of the market.

What to do about it?

If you haven’t entered short yet, waiting for a retest of the $9,200 would be more prudent. Don’t forget your stop loss and good trading!

  • The supports of the day are at 8700$ — 8500$
  • The resistances of the day are at 9200$ — 9500$

Ethereum Analysis

ETH closed lower, trading around $206. There hasn’t been much change since yesterday.

The daily technical situation is negative but turns positive in 4 hours.

What can we do about it?

ETH has rebounded around $197 to finish at $206. If the $207 level holds, we can hope for a test of the $192 support.

  • The supports of the day are at 192$ — 185$
  • The resistances of the day are at 207$ — 217$

Conclusion

The daily technical situation is negative for ETH and BTC but positive on a shorter horizon

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Market Analysis of May 26, 2020

The marketcap has been moving up (+0.34%) since yesterday. The total capitalization is 248 994 149 370USD.

Bitcoin totals 163 249 728 444USD of capitalization for a dominance of 65.60%. Ethereum’s marketcap is 22 534 411 374 USD, followed by Ripple with 8 799 904 743 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher and is trading around $8850. The situation is not much different from yesterday.

Indeed the daily technical situation is still negative but becomes positive in 4 hours.

 

What to do about it?

It’s too late to go short but we can wait for a better entry point. For example a rest of the $9200 would be a good entry point for a short.

  • The supports of the day are at 8700$ — 8500$
  • The resistances of the day are at 9200$ — 9500$

Ethereum Analysis

ETH closed higher as well, trading around $202.

The daily technical situation is negative and remains negative in 4 hours.

What can we do about it?

The scenario remains bearish for the moment for ETH.

  • The supports of the day are at 192$ — 185$
  • The resistances of the day are at 207$ — 217$

Conclusion

The daily technical situation is negative for ETH and BTC.

You can join us on Telegram for a follow-up of the market throughout the day.

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Market Analysis of May 25, 2020

The marketcap has been moving down (-3.98%) since yesterday. The total capitalization is 248 146 362 632 USD.

Bitcoin totals 162 712 776 099 USD of capitalization for a dominance of 65.50%. Ethereum’s marketcap is 22 634 714 388 USD, followed by Ripple with 8 798 026 913 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed lower at around $8,773. The $8700 level seems to be supportive at the moment.

The daily technical situation is negative and remains negative in 4 hours.

What to do about it?

The scenario is bearish, this could be a good opportunity to wait for it to drop before buying before resuming the bullish trend.

  • The supports of the day are at 8700$ — 8500$
  • The resistances of the day are at 9200$ — 10000$

Ethereum Analysis

ETH closed lower, trading around $203.

The daily technical situation is negative and remains negative in 4 hours.

What to do?

The scenario is also bearish for ETH and we could retest the $192.

  • The supports of the day are at 192$ — 185$
  • The resistances of the day are at 207$ — 217$

Conclusion

The daily technical situation is negative for ETH and BTC.

You can join us on Telegram for a follow-up of the market throughout the day.

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Newsflash of May 22, 2020


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Market Cap at 8:00 (UTC) – $252,417,426,596

Bitcoin dominance: 66.3 % 

BTC $9,097.6 (-3.95%)

ETH $201.94 (-3.64%)

XRP $0.1919354 (-0.41%)

Shopify merchants can now accept crypto

According to press release (https://www.newswire.ca/news-releases/world-s-leading-crypto-payments-processor-coinpayments-announces-strategic-partnership-with-shopify-836218259.html), CoinPayments has partnered with Shopify to boost adoption for crypto. Through the partnership, vendors on Shopify can now get paid in crypto though a new option supported by CoinPayments.

France Central Bank completed trial for digital euro

On May 20th, 2020 Banque de France announced (https://www.banque-france.fr/communique-de-presse/avancement-de-la-demarche-dexperimentations-de-monnaie-digitale-de-banque-centrale-lancee-par-la)that the country has successfully tested digital euro for a sale of securities for central bank digital currency. Additionally, the current trial for digital euro is said to be focused mainly in wholesale rather than retail segment.

Myanmar Central Bank does not recognize crypto

The Central Bank of Myanmar (CBM) recently published a document (https://www.cbm.gov.mm/sites/default/files/announcement_for_digital_currency.pdf) stating that local financial institutions are not allowed to accept cryptocurrencies. Specifically, BTC, ETH, LTC and PM which are being traded will be regulated by CBM.

Stay safe and happy trading.

Yours,

4C-Trading

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 @butler_4c_bot directly to get all the information you need.


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Market Analysis of May 20, 2020

The marketcap has been moving up (+0.21%)  since yesterday. The total capitalization is 267 806 138 602 USD.

Bitcoin totals 179 344 670 105 USD of capitalization for a dominance of 66.90%. Ethereum’s marketcap is 23 725 248 516 USD, followed by Ripple with 9 033 132 494 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher in doji form for the 2nd day in a row and is trading around $9767. Not much new since yesterday, there is still this uncertainty in the market.

The daily technical situation is rather positive and remains rather positive in 4 hours.

What to do about it?

Things haven’t changed, same advice: stay away from the btc while waiting for a better entry point.

  • The supports of the day are at 9500$ — 9200$
  • The resistances of the day are at 10000$ — 10500$

Ethereum Analysis

ETH closed higher with a hammer-shaped candle and is trading around $213.

The daily technical situation is positive but becomes negative in 4 hours.

What to do?

As for the BTC, ETH’s situation has not evolved much and therefore I recommend not to get close to it because of this market uncertainty.

  • The supports of the day are at 207$ — 192$
  • The resistances of the day are at 217$ — 227$

Conclusion

The daily technical situation is positive but still uncertain for ETH and BTC.

You can join us on Telegram for a follow-up of the market throughout the day.

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Market Analysis of May 19, 2020

The marketcap has been moving up (+1.02%)) since yesterday. The total capitalization is 267 237 882 703 USD.

Bitcoin totals 179 608 221 075 USD of capitalization for a dominance of 67.10%. Ethereum’s marketcap is 23 688 431 180 USD, followed by Ripple with 9 006 522 789 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed higher in doji form, pointing to market uncertainty in addition to levels that have already been tested several times, making them more dangerous to trade. It is trading around $9792.

The daily technical situation is positive but rather negative with signs of recovery in 4 hours.

What to do about it?

It becomes too risky to throw a short in case of a $10,000 test, the situation is uncertain. The prudent trader will wait for a better entry point.

  • The supports of the day are at 9500$ — 9200$
  • The resistances of the day are at 10000$ — 10500$

Ethereum Analysis

ETH closed higher and is trading around $214 after testing $207.

The daily technical situation is positive and remains rather positive in 4h and 1h.

What to do?

ETH moves in a range between two levels that have already been tested several times. The risk increases and therefore it is better to wait for a better entry point.

  • The supports of the day are at 207$ — 192$
  • The resistances of the day are at 217$ — 227$

Conclusion

The daily technical situation is positive but uncertain for ETH and BTC.

You can join us on Telegram for a follow-up of the market throughout the day.

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Market Analysis of May 18, 2020

The marketcap has been moving up since yesterday. The total capitalization is 264 548 592 882 USD.

Bitcoin totals 177 006 077 805 USD of capitalization for a dominance of 66.90%. Ethereum’s marketcap is 23 565 603 746 USD, followed by Ripple with 8 981 289 164 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher and is trading in a range between $10,000 and $9,000 currently around $9,587. Its dominance has fallen back below 67%.

The daily technical situation is rather positive and remains rather positive in 4 hours despite the WaveTrends which has just crossed lower.

What to do about it?

The resistance of the 10,000 has already been tested several times as well as the support of the $9,200. Be careful if you decide to trade from a test of these levels.

  • The supports of the day are at 9500$ — 9200$
  • The resistances of the day are at 10000$ — 10500$

Ethereum Analysis

ETH closed higher and is trading around $212.

The daily technical situation is rather positive and remains positive in 4 hours.

What to do?

ETH is trading in the middle of the range and is therefore not advised to trade at this time.

  • The supports of the day are at 207$ — 192$
  • The resistances of the day are at 217$ — 227$

Conclusion

The daily technical situation is positive for ETH and BTC. 

You can join us on Telegram for a follow-up of the market throughout the day.

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