Bitcoin couldn't maintain its position above $26,500 and retraced back to the $26,000 mark. Dive into a comprehensive look at the market situation for Bitcoin (BTC) and Ethereum (ETH).
Bitcoin (BTC)
Buyers made an effort to break through the resistance level of $26,500-$27,000 but didn't succeed, causing BTC to fall back to its immediate support level. Currently, the asset is trading within the buyers' zone of $25,800-$26,000. Further down, we find support areas at $25,000-$25,350 and $25,500, where one could anticipate a potential bullish rebound.
For Bitcoin to start a rising trend, it needs to confidently breach the $26,600-$27,000 and $27,500-$28,100 resistance areas. Following that, the next target would be the $28,600 mark. Until we see these movements, it seems more strategic to lean towards short positions.
BTC chart on the H1 timeframe
Ethereum (ETH)
Ethereum mirrors BTC's performance closely. It's currently positioned within the $1,631-$1,650 support range. Just below this range, there's a gathering of buy orders between $1,583-$1,605 and a notable stand at the $1,550 mark, marking the local low.
On the selling front, imminent limit orders are primarily set in the $1,685-$1,705 range. Venturing further up, resistance looms at $1,750, and then within the $1,790-$1,850 span. Given the continued strong correlation between ETH and BTC, anyone looking into ETH trading moves should also evaluate Bitcoin's chart dynamics.
ETH chart on the H1 timeframe
Weekends typically see a more stable cryptocurrency market with limited volatility, and we anticipate a similar pattern this time.
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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:
