Under the background that stock markets experienced sharp rebounds, the cryptocurrency market rose and fell back as the rebound range did not reach the market expectations. The BTC market did not break the pressure at $6,800, the above space cannot be activated, which means that the buyers are not strong enough. As we analyzed, the short-term market would remain shocked in the range from $5,600 to $6,800, and the BTC market presented a triangle which was about to end, it meant that the market would choose the direction; If the market was not able to break the pressure at $6,800, the short-term market would fall back. From the MACD indicators, the buyers in the 4-hours chart are weakened, before the pressure broken, long is not available. Focus more on the support at $6,400.
ETH touched the bottom and rose back as the rebound remained at the range from $120 to $140. We have mentioned that due to the negative lines on the weekly chart, the golden cross on the daily chart was weak, and the volume remained low, the short-term rebound space was limited. As the capitals kept calm, the market is likely to continue the adjustment. Focus more on the pressure at $140.
ETH touched the bottom and rose back as the rebound remained at the range from $120 to $140. We have mentioned that due to the negative lines on the weekly chart, the golden cross on the daily chart was weak, and the volume remained low, the short-term rebound space was limited. As the capitals kept calm, the market is likely to continue the adjustment. Focus more on the pressure at $140.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.