BitOffer Bitcoin Market Analysis 2020/05/12

The market started changed the numbers from reds to greens as all the major tokens started rebounded, but only the bitcoin market still presented a decrease with a weak movement. In the 1-hour chart, the MACD successfully broke through the zero axis and gave out a golden cross, which means that the longs is about to attack. The moving averages tended to move up while the volume increased. However, in the case that the market was rebounding, the shorts still took the lead. We should focus on the pressure at $9,200.

The ETH market punched down several times. From the movement of the 1-hour chart, the volume was not that enough while the market rebounded. The movement was still weak even the MACD now stood above the zero axis. The red pillars were short and holding us that the resistance of $194 was strong, we should pay more attention to it.

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