Bitcoin hovers around the $26,000 mark, presenting no distinct trend. Dive into a detailed market breakdown for Bitcoin (BTC) and Ethereum (ETH) for Monday, September 11.
Bitcoin (BTC)
The weekend saw a tranquil period in the cryptocurrency market, marked by limited volatility. Currently, BTC is trading sideways between a support zone of $25,300-$25,700 and resistance at $26,300-$26,600. An intermediate sellers' level exists around $26,050, which could instigate a market reaction.
If the market moves out of this range, the prevailing outlook points towards a downward correction, potentially driving Bitcoin to lows below $25,000. Should sellers push past this support, we could see Bitcoin approach the $24,000 mark.
For Bitcoin to resume its upward trajectory, it needs to break through the existing resistance (ideally on substantial trading volumes), and firmly establish above the $27,200 mark. However, without a significant underlying catalyst, this outcome seems less likely.
BTC chart on the H2 timeframe
Ethereum (ETH)
Since the last review of Ethereum's chart, the market situation for this cryptocurrency remains relatively unchanged. The ETH price continues to fluctuate between the support zone of $1,582-$1,609 and the resistance at $1,660-$1,689. If the trend leans bullish, the next barriers for buyers will be at the $1,717 mark and then within the $1,726-$1,745 range.
If Bitcoin shows signs of a downward trend, Ethereum, due to its close correlation with the leading cryptocurrency, could trend toward the $1,550 level, potentially reaching a new local low.
ETH chart on the H2 timeframe
This week, the financial landscape braces for the release of several pivotal economic updates. Notably, come Wednesday, September 13, we'll see a fresh update on the US Consumer Price Index, reflecting inflation trends. Following closely on Thursday are updates on the Core Retail Sales Index, unemployment claims figures, and the Producer Price Index. Given these imminent updates, fundamental economic factors are poised to heavily influence cryptocurrency prices. Traders should be wise to factor these into their decision-making process.
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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:
