bitcoinThe downtrend, which has been going on for 8 weeks, infuriated investors. The market, which fell without breathing and giving trade opportunities to investors, has slowed down the rate of decline in recent days.
While many altcoins continue to trade 90% off their peak, they are back to the levels where the 2021 bull started.
Now eyes are turned to the weekly closing.
When we look at the previous price movements, we see that there were no red candles for 8 consecutive weeks before.
Bitcoin, which fell for a maximum of 6 consecutive weeks before, has continued to decline by prolonging this process with the effect of the Luna and UST crisis in the last period.
Although many investors, who think that the bears are out of power, are hopeful for the next week, we consider that the climate of fear in the market has not dissipated, and this is a positive signal for an interim rise.
When we look at the important weekly price averages of Bitcoin, we see that the price is in the middle region.
The prolonged downtrend signals that a correction is imminent.
Bitcoin in the coming days after the markets released the “Monday stress” 36650$A rise that can be experienced up to (ma100 per week) will not surprise us.
The descending wedge we mentioned in our previous analyzes also remains valid. At this point, we will follow the $27,000 levels as support and the $32500-33,000 levels as our first resistance zone.
*Not Investment Advice.