Bitcoin has been trading sideways above the $30,000 mark for a week, while Ethereum seems to have slipped into sellers' hands. An in-depth analysis of the Bitcoin (BTC) and Ethereum (ETH) charts.
Bitcoin
BTC has been oscillating in a sideways trend for the past week, with its price fluctuating between the support at $29,800 and resistance at $31,400. Buyers appear to be losing some steam, making it reasonable to anticipate a test of the support areas between $28,700-$29,200 and $26,800-$28,000 once the price breaks out of this horizontal channel.
The overall trend for Bitcoin remains bullish. If this upward movement persists, the next target for the bulls will be the resistance zone ranging from $31,600 to $32,400.1
BTC chart on the H4 timeframe
Ethereum (ETH)
Sellers have gained the upper hand on Ethereum's chart, causing the asset's price to depart from its sideways movement and test the support zone between $1,805 and $1,825. The next concentration of buyer interest lies in the $1,724 to $1,769 zone and down to the psychological level of $1,700.
The current resistance is set at $1,877. Above that, seller orders are likely placed within the resistance zone of $1,906-$1,936. However, if Bitcoin continues its upward movement, Ethereum could potentially test the pivotal $2,000 mark.
ETH chart on the H3 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:
