Market Analysis of May 08,2020

The marketcap has been Moving up (4.52%) since yesterday. The total capitalization is 266 992 081 329 USD.

Bitcoin totals 181 284 362 007 USD of capitalization for a dominance of 67.80%. Ethereum’s marketcap is 22 913 307 122 USD, followed by Ripple with 9 533 461 145 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher and is trading around $9890. It has broken through the $9500 resistance level, indicating a bullish trend.

The daily technical situation is positive and remains rather positive in 4 hours.

What to do about it?

The close above the $9500 level indicates a bullish trend.

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

Ethereum Analysis

ETH closed higher and is currently trading around $210.

The daily technical situation is negative but turns positive in 4 hours, with signs of a bearish curve.

What to do?

Unfortunately the situation hasn’t changed much and mine is to remain patient. If the $210 level doesn’t hold, we can hope for a test of the $217.

  • The supports of the day are at 200$ — 195$
  • The resistances of the day are at 217$ — 227$

Conclusion

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

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