After 8 weeks of sell-off in BTC, 9. Although the week started with reaction purchases, we observed that the day closed under selling pressure. While global recession concerns continue, the downward revision of growth expectations accelerates the escape from risky assets. Although the reaction purchases in the pair, which closed the last day below the $30,000 level, remained weak, institutional interest continues. In particular, some luxury clothing and accessory brands continue to accept payments with crypto coins. However, recession concerns and rising bond yields are causing investors to continue the transition from risky assets to safe assets.

Today, we see that Bitcoin, which has gained 0.95% as of the morning hours, is priced at $29,390. The critical support for BTC/USDT appears to be the 28,600 level. This level is the lower band of the 50-week rectangular formation. As can be seen on the chart, it is very important that this level is not lost in the weekly candles. When we look at the 4-hour chart, a stuck rectangular formation stands out. The recovery of risk appetite on the global side will trigger an upward break in this pattern. 

In ETH, where we see that the selling pressure continues in parallel with BTC, we see that the effort to hold above $2000 for a while weakened yesterday evening and the repricing fell below the $2000 level. The fact that confidence in crypto assets is questioned with the increasing recession concerns as a result of the tightening moves of central banks is the main reason for the weak purchases.

Today, we see that the ETH/USDT pair, which has gained 0.76% as of the morning hours, is priced at 1988 USD. Technically, we can say that it has found support from the lower band of the 50-week rectangular formation, the 1750-1800 levels. The upward break of the symmetrical triangle pattern seen on the 4-hour chart is followed by a pullback. With the increase in risk appetite on the global side, this withdrawal can be considered as a buying opportunity.
 

In AVAX, where we see that the purchases remain weak despite the reaction purchases to the bottom search in risky assets after the seller start on the first day of the week, we see that the pricing is below the $30 level again as of the morning hours. Fed-led monetary tightening and recession concerns in global markets lead to an increase in bond yields and support the escape from risky assets.  

AVAX, which gained 1.14% as of the morning hours, is priced at $29.42. When we look at the 4-hour chart, there is a rectangular formation at the bottom after the decline. If the $32 level, which is the resistance of the formation, breaks, the next target seems to be around $35.

XRP, which gained 1.8% as of the morning hours, is priced at $0.4124. When we examine the XRP/USDT pair in technical terms, we see that the rising trend level starting from March 15, 2020 has been tested. We can say that the 0.42 USD levels shown by this upward trend are maintained on the weekly chart, so the major upward trend is still continuing. When we look at the 4-hour chart, the symmetrical triangle formation stands out. The recovery of risk appetite on the global side will trigger an upward break in this pattern.
 

LTC is priced at $69.7, up 0.87% as of the morning hours. After the decline, we will be following the ascending triangle pattern at the bottom.
 

LINK, which gained 1.28% as of the morning hours, is priced at $7.12. When we examine the LINK/USDT pair from a technical point of view, there is a return from the rising channel bottom seen on the 1-hour chart, a move towards the mid-channel level of 7.35 can be expected.

BAT is priced at $0.3959, up 2.7% as of morning hours. As seen on the weekly chart, the 0.3970 level is an important pivot point, and we will be watching whether this point can be held. There is a reversal from the ascending channel bottom seen on the 1-hour chart, a move towards the mid-channel 0.4 levels can be expected.