Market Analysis of May 11, 2020

The marketcap has been moving down (-2.56%) since yesterday. The total capitalization is 235 866 075 440 USD.

Bitcoin totals 158 025 611 337 USD of capitalization for a dominance of 67.00%. Ethereum’s marketcap is 20 652 591 774 USD, followed by Ripple with 8 571 452 836 USD.

Bitcoin Analysis

Bitcoin closed lower, trading around $8560. Its dominance remains significant at 67%.

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

What to do about it?

A short can be launched but you have to wait for a better entry point such as a retest of the $8900.

  • The supports of the day are at 8500$ — 8000$
  • The resistances of the day are at 8900$ — 9500$

Ethereum Analysis

ETH closed lower and is trading around $185 above a small support.

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

What to do?

The scenario is bearish and a re-test of $197 would be an excellent opportunity to launch a short.

  • The supports of the day are at 185$ — 177$
  • The resistances of the day are at 192$ — 197$

Conclusion

The daily technical situation is negative for ETH and BTC.

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