Bitcoin / Tether USD

Daily analysis-2020/05/07 2rd

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The market went up after reaching the bottom, BTC still stay strong and become the only rising cryptocurrency. The long-term average line continually goes up on the 1-hour k-line, and the short-term line start bonding. The pressure area of $9400 remains unchanged and will be fluctuated around $9300 in the short-term. MACD showed a dead cross above the zero axis. Focus on the support $9100, hold the position, and wait for the bull market.

ETH break the pressure $206 but failed to maintain, K-line showed a strong rebound and started a bullish engulfing. MACD red pillars reflect shrinkage which means the rebound will show up in the short-term. Focus on the pressure $206 whether it can be broken and stay above the long-term average line as well as the lower support area of $197.

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