Analysis of the current state of Bitcoin (BTC) and Cosmos (ATOM).
Bitcoin
On the daily time frame, the BTC price action remains consistent with yesterday's analysis. Bitcoin continues to trade within the support range of $25,800 to $27,000, which was established approximately two weeks ago.
The integrity of the remaining support and resistance levels remains unaltered.
BTC chart on the Daily timeframe
On the H2 chart, the BTC price once again bounced off the resistance zone of $27,300 to $27,700 and approached a test of the support range of $26,100 to $26,500. BTC continues to move sideways, with neither the bulls nor the bears showing significant strength at the moment.
Below the current support zone, there is a robust level of buyers at $25,800. Regarding resistance levels, outside the sideways channel, we have a zone of $28,000 to $28,300 and a level of $28,900.
BTC chart on the H2 timeframe
Cosmos
On the daily timeframe, ATOM is continuing its downward movement, which began after reaching a local peak on February 8, 2023. Currently, the price is hovering within the support zone of $10 to $10.7. Below these levels, there is buying interest at $9.5 and $8.44.
The nearest resistance zone is between $11 and $11.3. Sellers have placed their orders at $11.8, within the wide range of $12.5 to $13.5, and at the level of $14.64.
ATOM chart on the Daily timeframe
On the H2 timeframe, ATOM is currently trading within the support zone of $10.19-$10.44. Interestingly, there has been a significant increase in trading volumes over the past few days, indicating strong buyer interest in maintaining the current level. However, if the range fails to hold, buyers may become more active at the psychological level of $10.
For an upward movement to occur, ATOM first needs to break through the support level at $10.63. The next levels where sellers have placed their orders are the zone between $11 and $11.3, followed by the level at $11.5, and the wide range of $11.66 to $12.
ATOM chart on the H2 timeframe
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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:
