THE DOWNTREND CONTINUES IN THE CRYPTOCURRENCY MARKET
Bitcoin (BTC) and Ethereum (ETH) markets experienced significant declines in the middle of the week. The increases experienced on Monday were completely withdrawn on Wednesday. BTC tested the support level of $96,000 after rising to $97,200 in the morning hours. It fell below this level in the afternoon, falling below $94,000 and finding support around $93,000. ETH also followed a similar course, experiencing a $112 drop during the day.
On the daily chart, two large bearish candles indicate a pullback to the lower band, but no significant recovery has yet been seen. On the 4-hour chart, a downward channel has opened. If it falls below $93,000, the $92,000 level should be monitored as a critical support point. If this level is not broken, the price can be expected to consolidate around $94,000.
In the short term, $94,200 can be targeted by buying in the $92,500-$92,800 range. At higher levels, it is possible to adapt to the downtrend by selling. Since ETH has high volatility, transactions parallel to BTC levels are recommended.
As a result, the downward trend continues in the cryptocurrency market and it is important for investors to adopt careful and trend-oriented strategies.
- The information contained in this article is never investment advice and is for accurate and up-to-date information purposes. STAY TUNED FOR REAL, SCIENTIFIC ARTICLES, AWAY FROM SPECULATION❗️ Be sure to do your own research❗️
