Market Analysis of May 14, 2020

The marketcap has been moving up (+8.08%) since yesterday. The total capitalization is 262 839 032 975 USD.

Bitcoin totals 177 879 438 419 USD of capitalization for a dominance of 67.50%. Ethereum’s marketcap is 22 546 340 637 USD, followed by Ripple with 9 012 458 492 USD.

Bitcoin Analysis

The BTC closed higher and came to test the $10,000 resistance before finally dropping back down to $9640.

The daily technical situation is rather positive with the WaveTrends which has just crossed higher and the MACD which is about to cross higher as well. It remains positive in 4 hours.

What to do about it?

If the BTC still closes above $9600, we can hope for a re-test of the $10,000 and short this level.

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

Ethereum Analysis

ETH closed higher as well, trading around $202.

The daily technical situation is negative but with signs of bullish curves, with the MACD and WaveTrends poised to cross higher. It is positive in 4 hours.

What can we do about it?

ETH is consolidating and if the $207 is re-tested a short may be considered.

  • The supports of the day are at 197$ — 192$
  • The resistances of the day are at 207$ — 217$

Conclusion

The daily technical situation is rather positive for ETH and BTC.

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