BTC, ETH and PAXG Price Analysis for November 27, 2023

Photo - BTC, ETH and PAXG Price Analysis for November 27, 2023
Over the recent weekend, Bitcoin showed minor volatility, trading above the $37,000 mark. Here's a market analysis for Bitcoin (BTC), Ethereum (ETH), and Pax Gold (PAXG) as of Monday, November 27.

Bitcoin (BTC)

In the past week, Bitcoin reached a yearly high at $38,432, indicating an ongoing upward trend and positive market dynamics. Despite this, the growth rate remains gradual, and the lack of substantial corrections raises concerns about a possible near-term decline in value.

Currently, BTC is trading between a support zone of $36,400-$36,900 and a resistance range of $37,900-$38,400. Given the prevailing upward trend, further growth seems to be the more likely scenario. For buyers, the next targets could be the $39,000 and $39,500 levels, with a further aspirational target at the psychologically significant $40,000 mark, a level Bitcoin hasn't reached in over 18 months.

There's also a possibility of a BTC correction, especially considering the absence of price pullbacks over the last two months. Beneath the current buyer's zone, there's a significant range between $34,700-$35,700, followed by the level at $34,400, and a support zone ranging from $33,200-$33,900. Testing these levels could present an opportunity to optimize entry points for investment portfolios.
BTC chart on the H4 timeframe

BTC chart on the H4 timeframe

Ethereum (ETH)

The overall market situation for Ethereum remains consistent with our previous analysis. The asset is still trading on an upward trend, closely mirroring Bitcoin's movements.

Presently, ETH is hovering around the resistance zone of $2,090-$2,142. If this resistance is broken, it could enable buyers to quickly elevate the ETH price to new highs, possibly reaching the $2,200-$2,300 range.

On the flip side, if Bitcoin undergoes a correction, it's likely to similarly impact Ethereum's price, potentially driving it down to support levels around $1,852-$1,915, $1,791, $1,705, and even $1,630-$1,672.
ETH chart on the H4 timeframe

ETH chart on the H4 timeframe

Pax Gold (PAXG)

PAXG is also on an upward trend, albeit at a slower pace. It's currently testing a critical resistance area between $1,978 and $2,000, a key hurdle to surpassing its annual high of $2,052.

Should the buyers maintain their momentum, PAXG is poised for further growth. This seems to be the more likely scenario, especially considering the ongoing positive dynamics in both the stock and cryptocurrency markets.

In the event of a correction, PAXG could descend to supports at $1,960, $1,890-$1,910, and $1,868, which are considered appealing for spot investment. However, a decline to the support zone of $1,800-$1,835 currently appears unlikely.
PAXG chart on the Daily timeframe

PAXG chart on the Daily timeframe

This week's economic calendar is filled with events such as the number of US building permits (Monday, November 27), the Consumer Confidence Index (Tuesday, November 28), the US GDP for the 3rd quarter, and crude oil inventories (Wednesday, November 29), the number of initial jobless claims and the US unemployment rate (Thursday, November 30). Although these global events are not expected to have a lasting influence on cryptocurrency rates, they could induce temporary spikes in market volatility around the time of their announcement, a factor to consider for those planning to open trading positions.

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

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.

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: