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.

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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