Bitcoin continues to trade sideways at the bottom end, indicating a potential deepening of the correction. Let's examine the market situation for Bitcoin (BTC) and Ethereum (ETH).
Bitcoin (BTC)
Yesterday, the leading cryptocurrency failed to breach the $30,400 level, preventing it from establishing a position in the middle of its sideways trend. Consequently, the asset dipped back to its previous low at $29,500. If buyers don't rally soon, we might see BTC taking an additional plunge, testing the support zone between $28,700 and $29,200. A deeper correction could bring the next range, $26,800-$28,000, into play.
Though the upward plot holds its ground, to make it a reality, BTC needs to overcome the $30,400, $31,500 thresholds and challenge the resistance zone nestled between $31,600 and $32,600. This needs to happen promptly and with substantial trading volumes.
BTC chart on the H3 timeframe
Ethereum (ETH)
ETH continues to move sideways between the support level at $1,870 and the resistance level at $1,950. If the uptrend persists, the digital asset would need to successfully venture through the zones of $1,973-$2026 and $2,066-$2,141 to hit a new yearly high.
Should Bitcoin’s correction become more pronounced, the closest fallback positions for ETH will sit at $1,805-$1,850 and $1,724-$1,770. The drive upwards will hold its course as long as Ethereum’s price stays above $1,700.
ETH chart on the H2 timeframe
The trend of weekends being relatively calm in terms of volatility is likely to continue this time as well.
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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:
