BTC, ETH and PAXG Price Analysis for February 12, 2024
Throughout the weekend, Bitcoin hovered around the $48,000 mark, with the overall volatility in the cryptocurrency market predictably minimal. Here's an overview of the market dynamics for Bitcoin (BTC), Ethereum (ETH), and Pax Gold (PAXG) as of Monday, February 12.
Bitcoin (BTC)
The broader outlook for BTC continues to match our previous analysis, thus a closer look at the lower timeframe reveals a trading range between the support level at $47,760 and resistance at $48,750.
BTC's upward trajectory is maintained, making the asset's continued growth a more likely scenario. Buyers are eyeing the previous local high at $48,960 as the next milestone. Breaking through this level could signal an acceleration in BTC's climb, a height it has not reached in over eighteen months.
A BTC correction is possible, but any significant drop is unlikely. Existing support levels within $47,300β$47,600, $46,850, and $46,200β$46,500 are well-positioned within the local upward trend, making any short-term declines an opportunity to initiate long positions.
A bearish trend reversal would only be confirmed if BTC prices settle below the psychological $45,000 threshold.
BTC chart on the M15 timeframe
Ethereum (ETH)
Ethereum maintains its local upward trend, with growth prospects appearing brighter than that of Bitcoin. While BTC is already approaching its January 2024 local high, ETH still has about a 10% margin for growth.
ETH is trading near the $2,471β$2,485 support zone, which seems an attractive area for long position entries. Below lie the buyer zones at $2,436β$2,452 and $2,425, though a drop to these levels is unlikely.
Bulls need to consolidate above the resistance zone of $2,522β$2,540, which would expedite ETH's growth, allowing it to quickly test the levels of $2,575 and $2,600.
ETH chart on the 30M timeframe
Pax Gold (PAXG)
Once again, gold confirms its low-volatility asset status: a week has passed since our last PAXG analysis, with no significant chart changes.
The support zones at $1,953β$1,982 and $1,900β$1,933 remain solid, as does the buyer level at $1,868. Any dips to these levels should be considered opportunities for opening long positions, with PAXG's growth continuation being the most probable outcome.
The primary challenge for buyers is overcoming the $2,043β$2,071 resistance zone. A successful breach could swiftly push the asset's price to surpass the local high above $2,100.
PAXG chart on the D1 timeframe
This week, the economic landscape will be shaped by several key events:
- The US Consumer Price Index, measuring inflation rates (Tuesday, February 13);
- Crude oil inventories (Wednesday, February 14);
- The count of initial jobless claims in the US and the retail sales figure (Thursday, February 15);
- The Producer Price Index (Friday, February 16).
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) β a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) β the price movement between support and resistance levels, without going beyond the given range.
Π β simplified designation of one thousand dollars of the asset price (for example, 23.4K β $23,400).
Gray range on the chart β a support zone.
Red range on the chart β a resistance zone.
Correlation β 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 GN Crypto:
