Bitcoin remains within its previously defined support and resistance zones. Let’s explore the market dynamics of cryptocurrencies Polygon (MATIC) and Bitcoin Cash (BCH) for Friday, October 13.
Polygon (MATIC)
MATIC's charts, both in a broad and short-term view, reflect a bearish trend. The cryptocurrency is hovering within a support level of $0.492-$0.51. If Bitcoin remains steady, Polygon might continue its trajectory.
Should this support be compromised, buyers might show increased activity around the $0.47 and $0.45 marks. The muted interest in MATIC at its current valuation suggests further potential dips.
The initial resistance is positioned at $0.523, with additional seller activity clustered between $0.534-$0.551 and another notable level at $0.560. The MATIC price needs to stabilize beyond this last resistance to carve a foundation for a potential bullish momentum.
MATIC chart on the H4 timeframe
Bitcoin Cash (BCH)
In the higher timeframes, BCH is on a downward trend, but there's a positive shift on the local scene. Currently, the asset is confined within a range, with support at $206 and resistance at $220.
The price movement in either direction now largely depends on Bitcoin's chart. If there's an upward swing, we can expect further resistance within the $223-$227 range, as well as at the $229 and $235 marks. Surpassing these points would give Bitcoin Cash a strong chance to continue its ascending trend and potentially set new local highs.
Should it decline, BCH could test the next low, hovering around the psychological mark of $200.
BCH chart on the H4 timeframe
High volatility isn't common in the crypto market during weekends, and this trend might continue this time around.
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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:
