Bitcoin hit a new weekly high at $30,210 last night. Here's an in-depth analysis of the market dynamics for Bitcoin (BTC) and Ethereum (ETH) as of Wednesday, August 9.
Bitcoin (BTC)
Buyers have shown resilience, propelling BTC to test the resistance zone between $30,050 and $30,450. Given the heightened trading volumes, there's a strong possibility of this upward trend persisting in the near term. Sellers' next significant positions lie around the $31,000 mark and within the $31,700 to $32,700 range.
Currently, the most immediate support stands at $29,400. If buyers fail to maintain the asset above this threshold, BTC might face further pullbacks, potentially dipping below the $28,600-$28,900 zone and approaching lows near $28,000.
BTC chart on the H2 timeframe
Ethereum (ETH)
ETH recently hit a local high at $1,876. At the moment, it's trading between support levels of $1,832-$1,843 and resistance zones of $1,871-$1,886. The prevailing sentiment suggests a continued upward trajectory. Should this trend persist, buyers will encounter the next resistance at $1,905 and within the sellers' zone of $1,928-$1,946.
On the flip side, if ETH undergoes a correction, it might revisit the $1,803-$1,817 support zone and could even dip below the psychological benchmark of $1,800. Significantly, Ethereum's performance will closely mirror that of the leading cryptocurrency.
ETH chart on the H2 timeframe
Outside of standard economic indicators like the Consumer Price Index (CPI) and interest rates, there's buzz that the SEC might green-light the first Bitcoin ETFs this August. If the top-tier crypto funds are officially sanctioned to utilize investors' funds for Bitcoin acquisitions, it could ignite a substantial uptick across the cryptocurrency market. However, another refusal in establishing a Bitcoin ETF could deal a hefty blow to the stability of crypto assets.
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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:
