Market Analysis of May 27, 2020

The marketcap has been moving up (+0.59%) since yesterday. The total capitalization is 250 470 988 914USD.

Bitcoin totals 164 160 518 700 USD of capitalization for a dominance of 65.50%. Ethereum’s marketcap is 22 723 433 840 USD, followed by Ripple with 8 797 719 808 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed lower in a doji shape indicating indecision in the market and is trading around $9128 after testing $9200 which is a good entry for a short.

The daily technical situation is negative but positive in 4 hours. This also marks the indecision of the market.

What to do about it?

If you haven’t entered short yet, waiting for a retest of the $9,200 would be more prudent. Don’t forget your stop loss and good trading!

  • The supports of the day are at 8700$ — 8500$
  • The resistances of the day are at 9200$ — 9500$

Ethereum Analysis

ETH closed lower, trading around $206. There hasn’t been much change since yesterday.

The daily technical situation is negative but turns positive in 4 hours.

What can we do about it?

ETH has rebounded around $197 to finish at $206. If the $207 level holds, we can hope for a test of the $192 support.

  • 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 but positive on a shorter horizon

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