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

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.


Butler Bot


VIP Plans


Dashboard

Subscribe to our newsletter and receive 10 Free Crypto Tutorials over 10 weeks!

Your personal data will be used to support your experience throughout this website, to manage access to your account, and for other purposes described in our privacy policy.