Analysis of the current state of Bitcoin (BTC) and Polygon (MATIC).
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 has once again tested the resistance zone between $27,400 and $27,700 within three days. Buyers failed to demonstrate sufficient strength to surpass this level, resulting in BTC establishing a new local low at $26,374.
Currently, the market is experiencing sideways movement, confined within a horizontal channel. The nearest support zone is identified at $26,100 to $26,500. There is a realistic possibility of witnessing a retest of the $25,800 minimum or even a break below it. Should this occur, Bitcoin could approach the support zones previously identified on the daily timeframe.
The significance of the resistance levels at $28,000-$28,300 and $28,900 remains unchanged.
BTC chart on the H1 timeframe
Polygon
On the daily timeframe, MATIC is currently trading within a support zone ranging from $0.71 to $0.84. The next significant levels where buyers could potentially accumulate their orders are the $0.65 level and the broader range of $0.42-$0.47.
The closest resistance level to watch out for is the psychological level of $1. Additionally, on the chart, we can identify resistance zones between $1.09 and $1.22, as well as a wider range spanning from $1.30 to $1.56. It is worth noting that MATIC price is highly correlated with BTC, which should be taken into consideration before initiating any trades.
MATIC chart on the Daily timeframe
On the hourly timeframe, MATIC is currently trading within a horizontal channel, with a support zone ranging from $0.82 to $0.85, and a resistance zone between $0.88 and $0.90. Notably, trading volumes have seen a significant surge over the past two days, indicating potential readiness for either sellers or buyers to break out of the sideways trend.
If the current resistance level is successfully breached, the MATIC price could target the next resistance levels at $0.93 and $0.97. Conversely, a downside breakout from the range would open the path towards the support level at $0.80 and other buyer zones identified on the daily timeframe.
MATIC chart on the H1 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 — 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:
