SHORT-TERM BTC AND ETH MARKET CORRECTION EXPECTATION

The developments in the cryptocurrency market over the weekend confirmed the analyses made for certain support levels. BTC tried to find support at 68,800 and then 67,800 levels, but the decline continued. After the BTC price was pulled back to 67,800, it experienced a short-term recovery, but fell again and fell below the second support level. In addition, support levels were confirmed on the 4-hour charts and stop-loss and profit levels were determined. BTC and ETH short positions opened towards the end of last week closed with gains of approximately 2,000 and 80 points at the end of the week.

According to technical analyzes, BTC is currently moving below the middle level of the Bollinger Bands and there are few signs of recovery. It is observed that BTC's downtrend continues on the 4-hour chart. The KDJ and MACD indicators do not give a recovery signal, which indicates that selling pressure may continue. Under these conditions, the possibility of BTC breaking the strong support level of 65,000 and falling to 50,000 levels is on the agenda. For BTC, the target is suggested as 66,500 for short positions to be opened at 68,000-68,500 levels; and for ETH, the target is suggested as 2,350 for short positions to be opened at 2,450-2,580 levels.

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