Monday in the Crypto Market: BTC and ETH Analysis for 21/08/23

Currently, Bitcoin is trading between the support range of $25,600-$25,800 and the resistance level of $26,300. For a bullish trajectory to take root, buyers need to counteract the dip experienced on August 18. This entails surpassing the resistance levels of $26,600-$26,800, and then the more substantial range of $27,000-$27,700.

Given the overwhelming number of sell orders, any increase in the BTC price will likely hinge on underlying fundamentals. With the current market sentiment not being particularly positive, the expectation leans towards a further drop, potentially targeting the psychological barrier of $25,000.

ETH is trading sideways between a support level of $1,654 and a resistance level of $1,695. For the trend to turn bullish, buyers would need to consolidate above the resistance range of $1,708-$1,726, and further breach the sellers' level of $1,750.

Should this trend persist, Ethereum may retest the support range of $1,618-$1,642, potentially dropping further to levels of $1,600 and $1,550. 

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Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the Gagarin News editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.

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.

This analysis was informed by the following educational materials and articles from Gagarin News: