The market continued dropping as all the major tokens plunged. BTC once decreased below the $6,000 mark and once touched the level of $5,860. As we analyzed before, the market seems to be bearish again, and we should be careful that the MACD of the 4-hours chart breaks the zero axis. From the movement of the latest market, a divergence has shown up in the MACD of the 1-hour chart, which means that a requirement is required. However, since the volume was low, the rebound range should be limited. In addition, once the $6,000 mark cannot be defended, the support would go down to the level of $5,600.
The movement of ETH also presented a short-term bearish trend. Moreover, the MA5, MA10, MA20 all form resistances on the level of $130, which are strong enough. The shorts leads the market, once it starts plunging, the decrease would be sharp. Overall, the downtrend is ongoing. If ETH cannot break $130 with a high volume, the market would face another plunge. Focus more on the support at $120.
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The movement of ETH also presented a short-term bearish trend. Moreover, the MA5, MA10, MA20 all form resistances on the level of $130, which are strong enough. The shorts leads the market, once it starts plunging, the decrease would be sharp. Overall, the downtrend is ongoing. If ETH cannot break $130 with a high volume, the market would face another plunge. Focus more on the support at $120.
Earn 180% profit within 1 min: bitoffer.com/en/digital
#Cryptocurrency #BTC #BTCUSD #ETH #ETHUSD
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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.