The market fell back significantly since the ETC market started falling first. Long is weakened. In the short term, BTC has hovered around the level of $5,000 several days. This positions will be the divide of the longs and shorts recently. Even the downtrend was weakened, but overall, the market is still bearish. In addition, the American Stock market came off early highs and refreshed the lowest point since the adjustment. It did harm to the BTC market while the BTC market now was highly related with the American stock market. From the short-term movement, we should focus on the point that if BTC can stand above the MA5. It will decide if the rebound can be last or not. Besides, the support at $4,800 should be paid attention to.
ETH met the same situation, even it has not refreshed the lowest point yet, but the short trend was remained as capitals did not enter loundly, so a strong rebound was hard to show up. Moreover, its short-term rebound was limited by the MA5. Short would be the main choice, and we should focus more on the pressure at $120. Before it broken, long is not available.
#BTC #BTCUSD #Cryptocurrency
ETH met the same situation, even it has not refreshed the lowest point yet, but the short trend was remained as capitals did not enter loundly, so a strong rebound was hard to show up. Moreover, its short-term rebound was limited by the MA5. Short would be the main choice, and we should focus more on the pressure at $120. Before it broken, long is not available.
#BTC #BTCUSD #Cryptocurrency
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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.