MARKET ANALYSIS: THE IMPORTANCE OF SHORT-TERM POSITIONS IN BTC AND ETH‼️
Today, BTC retested the support level around 57,600, but there was no major break. The price returned to the 58,000 level and followed a horizontal movement in the market. At the same time, ETH followed a similar path and tested the 2,600 level. The BTC short position we opened at 59,100 during the day was closed with a profit when it reached the 58,000 level. The 2,645 position opened in ETH in the afternoon also ended profitably. In general, our market strategy was shaped in line with clear targets and market movements were carefully controlled.
On the daily chart, the price movement was downward for two consecutive days and retreated to the 58,000 level. The average line is still under pressure and the market is limited in terms of tension and pullback. This situation shows that short-term positions are advantageous. On the 4-hour chart, the price has been in a downtrend for five days, approaching the lower line, but has not broken. The support level around 57,600 has not yet been broken. If it cannot break this support level, it is thought that BTC may rise again. Otherwise, it may be strategic to evaluate short positions when the decline is broken. Current market data shows that the price continues to fluctuate in a narrow range, and short-term positions may stand out as the main strategy in this case. Stop-loss levels should be determined according to support levels.
🔥🔥🔥 While BTC is expected to trade in the range of 57,700-58,000, the target is around 59,000. ETH is likely to trade in the 2,580-2,600 range and target the 2,670 level‼️
#Binance #elg #escoin #EscoinToken $BTC $ETH
- The information contained in this article is never investment advice and is for accurate and up-to-date information purposes. STAY TUNED.Definitely do your own research.