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WEEKLY CRYPTOCURRENCY NEWS

WEEKLY CRYPTOCURRENCY ANALYSIS

BITCOIN [BTC] 566232.51 TRY

BTCUSD, which retraced gradually last week by breaking down the level of 11900, spent the week trying to hold above the 11300 support in general. As the COVID-19 case increase continues, Germany raised its travel warning to September 14. The increase in cases and its result in recent weeks caused the expected time to prolong for the economic contraction caused by the pandemic. However, the introduction of vaccination studies eased the impact of the situation on the price within the week.


As we enter the weekend, Jerome Powell's speech appeared as the expected news in the financial markets. Before the speech, the expectation that the Fed could take care of the stimulus package reconciliation problem in the USA started to emerge and market prices reacted in this direction. For this reason, before the speech, the increased risk appetite in the market created selling pressure on gold and cryptocurrencies. With the cash flow in the cryptocurrency sector shifting to risky assets, the weekly correlations of cryptocurrencies, which experienced an overall decline, were strengthened.


Although positive results could be seen with the incentives given in general terms, the general outlook in the economy does not seem pleasant. The US economy contracted more than 31% in the second quarter, and Europe is experiencing a 12-year peak in the money supply. Generally speaking, although the market in gold and cryptocurrencies has moved with sellers, the Powell speech, the belief that there should be a verbal direction to monetary policy, and the statement of; "narrow space for interest rate cut to support rest" have increased the demand for limited assets. Considering the results of the situation, the deterioration in the risk appetite may continue with the increase in inflation and a depreciation in the USD may occur. This can create continuity in increasing the demand for limited assets.


In light of all this data, BTCUSD, which gained momentum from 11300 support during the statements, was retraced to 11300 support by testing the 11600 resistance. If the market continues to move forward with buyers, 11530, 11600, 11775 and 11900 resistances may come into subject. In this case, the transition to the 20 MA and overbought zone on the 4-hour chart can be followed closely. Maintaining the dominance of buyers in the 11900-12000 band may continue the upward movement. Thus, new record pricing updates can be seen throughout the year.


In possible retraces, levels 11000, 10800 and 10630 can be watched as support. Since breaking the 11000 support may increase the selling pressure, it is worth paying attention. The dates of the option contracts that will expire in cryptocurrencies, which have a fluctuating course, are taken to close marking. There may be fluctuations in bitcoin at the end of maturity, and this may be reflected in cryptocurrencies in general. For this reason, it is beneficial to pay attention to critical levels during the day.

RESISTANCES 11530 – 11600 – 11775 – 12000
SUPPORTS 11300 – 11000 – 10800 – 10630

BITCOIN [BTC] 566232.51 TRY +7.00 +0.03 VOL 21 BTC

ETHEREUM [ETH] 38578.88 TRY

ETHUSD, which recovered from the 373 support pulled back to 385 support by testing the 397 resistance instantly during the Powell speech. The cryptocurrency, which is gaining momentum again from its area, is trying to maintain a persistence above 392 resistance. If the increase in the volume of long positions continues, resistances 397, 400 and 407 can be followed in the first place. Breaking the 407 resistance can create a good ground for upward attacks. Similar attacks can be expected as long as it does not fall below 380 level. However, the fact that breaking the 380 support may bring 373 and 363 levels. When we look at the process, if the notion that there may be a delay in the economic recovery, may pushes the investor to limited assets, the cryptocurrency can test and move to try again the 442 band, where it retraced.

RESISTANCES 392 – 400 – 407 – 413
SUPPORTS 385 – 380 – 373 – 363

ETHEREUM [ETH] 38578.88 TRY +7.00 +0.03 VOL 21 ETH

RIPPLE [XRP] 10.06 TRY

XRPUSD, which gradually retraced and tested 0.2607 support, continues to remain limited in the resulting activity. It is thought that 0.2672 and 0.2440 supports can be followed if the selling pressure continues in the cryptocurrency that has turned to the sell zone. The uptrend capture from the 0.2171 to 0.2807 band is an important step in upward movement. If XRP can break this area, 0.2876 and 0.2995 levels can be followed. If sufficient momentum cannot be captured to break the specified area, the selling pressure may continue.

RESISTANCES 0.2713 – 0.2807 – 0.2876 – 0.2995
SUPPORTS 0.2607 – 0.2440 – 0.2389 – 0.2333

RIPPLE [XRP] 10.06 TRY +7.00 +0.03 VOL 21 XRP

STELLAR LUMENS [XLM] 3.28 TRY

XLMUSD, which broke the band it formed on the daily chart, continues to pricing in the sell zone. The cryptocurrency, which has recovered by testing the 0.0922 support, has turned to the 0.0952 resistance. If it can break the resistance, the levels of 0.0978, 0.0988 and 0.1000 can be followed. In this case, it is beneficial to follow the 0.0988 resistance as it has the potential to get some selling pressure. In possible retraces, prices up to 0.0958 intermediate support can be met as usual. However, if it succeeds in breaking the 0.0988-0.1000 band upward, 0.1037s may come into subject for the cryptocurrency.

RESISTANCES 0.0952 - 0.0978 – 0.1000 – 0.1037
SUPPORTS 0.0922 – 0.0900 – 0.0880 – 0.0850

STELLAR LUMENS [XLM] 3.28 TRY +7.00 +0.03 VOL 21 XLM

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