BTC, ETH and PAXG Price Analysis for November 13, 2023

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Photo - BTC, ETH and PAXG Price Analysis for November 13, 2023
The cryptocurrency market went through the weekend with minimal volatility. Here's an analysis of the market situation for Bitcoin (BTC), Ethereum (ETH), and Pax Gold (PAXG) as of Monday, November 13.

Bitcoin (BTC)

Bitcoin is trading within a local sideways range, bounded by a support level of $36,770 and a resistance zone between $37,500 and $38,000. Expanding upon previous analyses of the BTC chart, this trading channel's lower limit could be extended to the buyer's zone at $35,600-$36,000.

BTC's main focus remains on continuing its upward trend. The next goals for buyers are the levels of $38,400 and $38,800, where a potential correction could be anticipated. Absent a response from sellers, the asset might challenge the $40,000 psychological level.

On the downside, a correction in Bitcoin's chart could bring its price down to $35,380, $34,800, and further into the zone of $33,400-$34,100. Additionally, there is substantial liquidity below these levels, extending down to the $29,000 mark. Therefore, BTC could see a considerable decline if the local dynamic does not shift back to an upward trajectory. 
BTC chart on the H2 timeframe

BTC chart on the H2 timeframe

Ethereum (ETH)

In the last week, the correlation between BTC and ETH has somewhat diminished, enabling ETH to gain ground and match the primary cryptocurrency in growth rate. On November 10, ETH nearly reached its yearly high, touching the mark of $2,141.

At present, ETH is trading within a flat range, constrained between the buyer zones ($1,978-$2,017) and seller zones ($2,090-$2,141). The continuation of the Ethereum upward trajectory and setting new record highs remains a key focus. It’s quite plausible for ETH to hit the $2,200 level in the coming days. 

Any correction in the BTC chart could also affect the ETH price trajectory. In such a scenario, ETH might decline to around $1,930, and retest the support area of $1,852-$1,900. It’s important to note that in the event of a sudden 10-15% drop in BTC, most established support levels for ETH, like those for other altcoins, might lose their relevance.
ETH chart on the H1 timeframe

ETH chart on the H1 timeframe

Pax Gold (PAXG)

Gold failed to surpass the crucial psychological resistance level of $2,000, subsequently initiating a correction phase. At the moment, PAXG is hovering around the support zone of $1,890-$1,910. Potential next targets for sellers could be the $1,868 mark, followed by the zone between $1,800 and $1,835.

PAXG currently presents an attractive option for spot trading. The asset is exhibiting an inverse correlation with BTC, suggesting that accumulating PAXG alongside BTC could be an effective strategy for diversifying an investment portfolio. 

A continuation of the upward trend in the Pax Gold chart appears to be a logical progression. In case of confirmed growth, the initial target would be the selling zone of $1,980-$2,000, followed by the level of $2,020, and potentially reaching the yearly high of $2,052.
PAXG chart on the Daily timeframe

PAXG chart on the Daily timeframe

This week's economic calendar is filled with events such as the update on crude oil inventories (Monday, November 13), the U.S. Consumer Price Index (Tuesday, November 14), the Index of Retail Sales as well as the U.S. Producer Price Index (Wednesday, November 15), the number of initial jobless claims (Thursday, November 16), and the count of building permits (Friday, November 17). 

Considering the low volatility seen in the BTC chart over the past week, these upcoming economic data releases could play a significant role in influencing crypto market movements in the immediate future. 

Check out GN Crypto for the latest cryptocurrency rates and chart analysis.


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.


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.

К β€” simplified designation of one thousand dollars of the asset price (for example, 23.4K – $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: