Bitcoin currently trades above the $26,500 threshold, maintaining a subtle volatility. We present a market breakdown for Bitcoin (BTC) and Ethereum (ETH) as of Friday, September 15.
Bitcoin (BTC)
Since September 12, Bitcoin has been following an upward trajectory. Currently, BTC is trading within a resistance range of $26,600-$26,850. If this resistance is breached, we might see the next reaction from sellers around the $27,220 mark and then in the $27,700-$28,200 span.
In terms of buy orders, immediate support has been established between $26,000 and $26,200. Further down, there's a more expansive range from $25,400 to $25,750 and a distinct support at $25,140. Should the Bitcoin price settle below this last level, it could signal a potential decline, possibly plunging below $25,000.
BTC chart on the М30 timeframe
Ethereum (ETH)
While Ethereum tends to mirror Bitcoin's price trends, it has been growing at a slightly slower pace. Currently, the ETH price hovers between a support level of $1,612-$1,622 and a resistance range of $1,634-$1,643. If the BTC upward momentum persists, ETH could challenge the $1,660-$1,689 region and possibly surpass this range, establishing a new local high.
There's another concentration of buy orders around the $1,601 level and within the $1,557-$1,582 zone. If Ethereum can't maintain its stand above this latter support zone, there's potential for a further slide, potentially approaching the critical $1,500 threshold.
When considering Ethereum trades, it's vital to acknowledge that much of its pricing behavior is influenced by the BTC trajectory, making it paramount to keep an eye on Bitcoin's responses.
ETH chart on the М30 timeframe
Given the lack of pivotal macroeconomic updates and the downtime for many banks and corporations, market volatility is likely to remain subdued over the weekend.
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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:
