The decline has not ended as all the major tokens fell. And until now, the market rose back by a little bit, but as we analyzed before, the rebound cannot break through the MA5, it would continue falling. As the buying market got weakened while the volume remained low, the rebound space was limited.
The BTC market hovered at the level of $8,700 and remained weakened in the 1-hour and 4-hours chart. Besides, we should notice that if it cannot recover the $9,000 mark, the MA5 above would cross the MA60, and the market would become more bearish than before. Any aggressive operation is not allowed in this case. Strategy for the short term market is clear: Unless the BTC market moves back to $9,000, Long is no longer available.
The BTC market hovered at the level of $8,700 and remained weakened in the 1-hour and 4-hours chart. Besides, we should notice that if it cannot recover the $9,000 mark, the MA5 above would cross the MA60, and the market would become more bearish than before. Any aggressive operation is not allowed in this case. Strategy for the short term market is clear: Unless the BTC market moves back to $9,000, Long is no longer available.