Market Analysis of May 29, 2020

The marketcap has been moving up (+4.22%) since yesterday. The total capitalization is 266 043 059 276 USD.

Bitcoin totals 175 629 880 848 USD of capitalization for a dominance of 66.00%. Ethereum’s marketcap is 24 713 907 223 USD, followed by Ripple with 8 836 637 686 USD.

Market Sentiment

HOW TO READ THE MARKET SENTIMENT ?

Bitcoin Analysis

The BTC closed higher and is trading around $9450 after rising to $9600.

The daily technical situation is positive and remains positive in 4 hours before becoming negative in 1 hour.

What to do about it?

A small drop is possible but the BTC seems to be holding above $9200, a retest of $9600 is very likely.

  • The supports of the day are at 9200$ — 8700$
  • The resistances of the day are at 9600$ — 10000$

Ethereum Analysis

ETH closed higher and is trading around $220.

The daily technical situation is positive with a WaveTrends which has just crossed higher and remains very positive in 4 hours.

What to do?

We are reaching the top of a range and if the resistance of $228 is broken we can hope to see the $250 again.

  • The supports of the day are at 217$ — 207$
  • The resistances of the day are at 228$ — 250$

Conclusion

The daily technical situation is positive for ETH and BTC.

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