CRYPTO MARKET RECOVERY: BTC AND ETH ON THE RISE
After the pullback at midnight, the crypto market is showing a recovery trend. Bitcoin (BTC) tested a significant resistance level by reaching 94.200$ . Ethereum (ETH) moved in parallel with BTC and rose to 3.280$ .
In intraday transactions, we bought BTC at 91.800$ and sold it at $93,900, making a 2,000-point gain. Similarly, we bought ETH at $3,190 and exited with a 70-point profit. The market does not show continuous declines or increases; the current recovery is testing significant resistance levels ahead of the evening's nonfarm payrolls data.
After three days of decline on the daily chart, it is seen that the bulls are back on stage. On the four-hour chart, three consecutive positive moves have regained the market's downward points. While the Bollinger Bands are narrowing, the middle line continues the downtrend. Although the bulls face some resistance in the short term, the demand for an increase in trading volume continues.
With the opening of the US markets, movement is expected; therefore, buying opportunities can be evaluated in pullbacks. For BTC, light purchases can be made in the range of $93,200-93.500$ , targeting 95.000$ . For ETH, purchases can be made in the range of $3,210-3.240$ , targeting 3.350$ .
As a result, the crypto market is showing signs of recovery; however, it is important for investors to act carefully and strategically.
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