The downward trend continues in the cryptocurrency market.

Midweek, there were significant declines in the Bitcoin (BTC) and Ethereum (ETH) markets. The gains seen on Monday were completely reversed on Wednesday. After rising to $97,200 in the morning, BTC tested the support at $96,000.

In the afternoon, it fell below this level, dropping to below $94,000 and finding support around $93,000. ETH followed a similar trend, experiencing a $112 drop during the day.

On the daily chart, two large bearish candles indicate a pullback towards the lower band, but a clear recovery has not yet been seen.

On the 4-hour chart, a downtrend channel has opened. If the price falls below the $93,000 level, the $92,000 level should be closely watched as a critical support level.

If this level is not broken, the price may be expected to consolidate around $94,000.

In the short term, buying can be done from the range of 92,500-92,800 dollars aiming for 94,200 dollars.

At higher levels, selling can be done to adapt to the downward trend.

Due to the high volatility of ETH, operations parallel to BTC levels are recommended.

As a result, there is a downward trend in the cryptocurrency market, and it is important for investors to adopt cautious and trend-focused strategies.

The information in this article is not an investment advice and is intended for accurate and up-to-date information purposes.

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