Market Analysis of May 07, 2020

The marketcap has been Moving up (1.53%) since yesterday. The total capitalization is 255 443 469 536 USD.

Bitcoin totals 171 189 501 202 USD of capitalization for a dominance of 67.00%. Ethereum’s marketcap is 22 913 307 122 USD, followed by Ripple with 9 559 317 490 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

Bitcoin closed higher, trading around $9317. After passing the 9200 mark, it is currently unable to reach the $9500 mark. The BTC has also regained its dominance which is now at 67%.

The daily technical situation is still rather positive despite a bearish WaveTrends. The technical situation remains positive in 4 hours.

What to do about it?

We have a higher high but still no good position to launch a long, we must be patient and wait for a better entry point.

  • The supports of the day are at 9200$ — 8500$
  • The resistances of the day are at 9500$ — 10000$

Ethereum Analysis

ETH closed lower and is trading around $205.

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

What to do?

ETH has rebounded after testing its $195 zone, moving in the middle of the range, we have to wait for a retest from a support or resistance before positioning ourselves.

  • The supports of the day are at 200$ — 195$
  • The resistances of the day are at 210$ — 217$

Conclusion

The daily technical situation is similar from yesterday for ETH and BTC

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