Focus more on the current support and be careful that the plunge

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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