BitOffer Bitcoin Market Analysis 2020/05/31

The market continued falling. From the movement of the 1-hour chart, the BTC market kept falling, the change went back. The MACD presented continuous dead crosses, which means the short-term adjustment is strong, as the moving averages gave out dead crosses, we should be careful that the market breaks the support, and focus on the support at $9,500.

The ETH market continued falling also. As the shorts started attacking, the red pillars of the MACD on the 1-hour chart started contracting. Since the moving averages became closing, and the long-term moving averages ran in a horizontal way, the longs and shorts are balanced. The volume decreased while the callback. The longs still took the lead, if the market can stand on the level of $235, buying in when dips is available.

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