Analysis of the current state of Bitcoin (BTC) and Ethereum (ETH).
Bitcoin
On the daily timeframe, the situation remains unchanged since yesterday's analysis. The BTC price remains in the $25,800-$27,000 support zone. Further support lies between $24,000-$25,200 and $19,600-$20,900.
The resistance levels at $28,000 and the range between $29,500 and $31,000 are still relevant.
BTC chart on the Daily timeframe
On the hourly timeframe, the BTC price is currently moving sideways within a horizontal channel. It's trading between the zones of $26,600-$27,000 and $27,300-$27,700. Yesterday, both of these zones were effectively tested by buyers and sellers, resulting in a return to a flat pattern.
The resistance and support zones mentioned in yesterday's analysis are still relevant.
BTC chart on the H1 timeframe
Ethereum
On the daily timeframe, the ETH price is still within the support range of $1,700-$1,770. The nearest resistance levels to keep an eye on are $1,867 and the range of $2,000-$2,140.
Buy orders are positioned below the current support level at $1650 and within the range of $1,375-$1,500. It's worth noting that the ETH chart closely mirrors the movement of the BTC price due to a high correlation between the two.
ETH chart on the Daily timeframe
On the hourly timeframe, Ethereum has successfully tested the $1,790 level, as mentioned in the May 16th analysis. Currently, the price is moving within a horizontal channel between the support level at $1,790 and the resistance zone of $1,830-$1,850.
Sellers may have placed their orders in the subsequent areas, namely the range of $1,868-$1,887, the level of $1,925, and the zone of $1,965-$2,020. The range between $1,740 and $1,767 serves as the strongest support, with no significant lows observed until the $1,700 level.
ETH chart on the H1 timeframe
Here's an interesting observation: on May 17th, during one of the hourly candles, the trading volume for ETH reached 18,000 coins, equivalent to $32 million. It's unclear whether these trades were initiated by sellers or buyers. However, it's worth noting that the ETH price on WhiteBIT moved in sync with other exchanges and showed no abnormalities. This suggests that there was sufficient liquidity in the market during that time.
Check out GNCrypto for the latest cryptocurrency rates and chart analysis.
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 — a 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:
