The cryptocurrency market saw a placid weekend, with Bitcoin successfully sustaining above the $30,000 mark. Check out our detailed market analysis for Bitcoin (BTC) and Ethereum (ETH).
Bitcoin
The leading cryptocurrency continues to trade in a sideways pattern, fluctuating between a local low of $29,550 and a high of $31,250. For now, the priority is an ascending trajectory, potentially testing the resistance level of $31,600-$32,400 and breaking the local peak.
It's also crucial to note that the asset hasn't experienced a considerable correction for some time. Given the upward trend, it would be rational to anticipate buyers' reactions to the support areas of $28,700-$29,200 and $26,800-$28,000. The overall outlook remains positive as long as BTC trades above the $26,500 mark.
BTC chart on the H1 timeframe
Ethereum (ETH)
The ETH chart exhibits a more pronounced horizontal channel, with the price currently moving sideways between $1,862 and $1,932. If the uptrend continues, the first goal would be the psychological barrier of $2,000, followed by the next resistance zone at $2,050-$2,141.
The immediate support level is the $1,805-$1,825 zone. The next area filled with buyer orders ranges from $1,724 to $1,770. The bullish trend takes precedence as long as Ethereum's price remains above the $1,700 threshold.
ETH chart on the H1 timeframe
Bitcoin's dominance dipped slightly over the weekend, but it remains above 51%, leaving room for short-term growth for altcoins.
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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:
