The Bitcoin (BTC) price remained sideways at 59,000 overnight and rose to test 61,000 again in the morning. However, this rise did not result in a strong move as expected. Altcoins also showed a parallel movement with BTC, rising to 2,676 and then retreating.
Last night, there was a pullback that tested BTC’s support level. Although this test failed, the actual trade occurred in line with the trend and BTC was bought at 58,300. In the morning, profits were taken, leaving a gap of almost 2,000 points. Altcoins followed BTC in a similar manner; buys were made around 2,570 and profits were taken in the morning, leaving a gap of almost 90 points.
The recent shift in market trends has once again highlighted the importance of strong support levels. There is strong support for BTC around 57,500 and unless this level is broken, a rebound is likely. Holding this level could support the potential for further upside in the market.
When we look at the daily candlestick chart, the K line is fixed in the upper middle band range. As highlighted in yesterday's analysis, the middle band of the daily candlestick chart is quite important and long positions have been successfully recovered at the moment. The pullback force in the market indicates that positions should be reassessed.
When examining the four-hour chart, it is seen that the K line is moving upwards with four consecutive green candles. This movement has gone from the lower band to the upper band and has currently broken the upper band. However, the pullback correction is quite weak. In the short term, it is predicted that the market will continue to move in the volatile range and will undergo a correction process. However, this movement on the four-hour chart shows that BTC is showing a stable appearance at the 60,000 support level. Therefore, day trading strategies can mostly focus on buying at lower levels.
In summary, BTC is expected to trade in the 59,500-60,000 range, with a target of around 61,000, and if this level is broken, BTC could rise to around 61,800. As for ETH, it is expected to trade in the 2,610-2,630 range, with a target of 2,700.
CONCLUSION
Bitcoin continues to maintain its upside potential by maintaining strong support levels, but caution should be exercised against short-term fluctuations. The balance of long and short positions in the market will play a critical role in determining investors’ strategies.
