Yesterday, Bitcoin hit a local high at the $30,038 mark before retracing back to the $29,000 level. Here’s an examination of the current market conditions for Bitcoin (BTC) and Polygon (MATIC).
Bitcoin (BTC)
BTC is currently in a consolidating phase, trapped between the support level at $29,000 and the resistance zone of $29,250-$29,450.
If the buying pressure doesn't intensify soon, we could see BTC retest the $28,600-$28,800 zone, with the possibility of setting a new low. Should that happen, it would signal a continuation of the correction, with the next downside target at $28,000.
However, if we see a resurgence in the upward momentum, BTC would be facing another round of resistance within the $29,700-$30,100 zone, and further at the $30,400 mark.
BTC chart on the 30m timeframe
Polygon (MATIC)
After reaching a high of $0.89 on July 13, MATIC has been in a localized downtrend. Currently, the asset's price is hovering around the support zone of $0.648-$0.670. If the downtrend continues, MATIC might risk falling to the lower support levels of $0.63 and $0.60.
The significant resistance to watch is at $0.705, with a sell zone just above it, ranging from $0.723 to $0.735. If MATIC manages to break through this area, it could potentially mark a shift to an upward trend. As a result, it's too soon to estimate any selling levels above this given zone.
Polygon is steadily advancing its second iteration of the blockchain, the Polygon zkEVM. This forthcoming update is set to transform MATIC into a new token dubbed POLY. As such, the continuous efforts by the Polygon developers to improve the blockchain are quite evident, and these advancements may boost both the brand's recognition and reputation. Over the long haul, this could have a positive impact on the asset's price.
MATIC chart on the H2 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNcrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNcrypto:
