Market Analysis forMay 6th, 2020
The marketcap has been Moving up (0.46%) since yesterday. The total capitalization is 251 591 304 911 USD.
Bitcoin totals 166 476 043 436 USD of capitalization for a dominance of 66.20%. Ethereum’s marketcap is 23 165 809 883 USD, followed by Ripple with 9 705 065 085 USD.
Market Sentiment
Bitcoin Analysis
The BTC closed higher, trading around $9078.
The daily technical situation is rather positive and remains rather positive in 4 hours.
What to do about it?
The BTC does not manage to pass the $9200 mark, there is also a drop in volume. The best thing to do is to wait for a better entry point.
- The supports of the day are at 8500$ — 8200$
- The resistances of the day are at 9200$ — 9500$
Ethereum Analysis
ETH closed lower and is trading around $208.7 after climbing 1.51% already today.
The daily technical situation is negative, the MACD has just crossed downwards to become positive again in 4 hours.
What to do?
ETH is in the middle of the range and we have to wait for a retest of a support or a resistance to be able to position itself.
- The supports of the day are at 200$ — 195$
- The resistances of the day are at 210$ — 217$
Conclusion
We have to wait for a better entry point for ETH and BTC
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