Analysis of the current state of Bitcoin (BTC), Arbitrum (ARB), and Sui (SUI).
Bitcoin
On the daily timeframe, the situation remains unchanged since yesterday's analysis. Bitcoin remains in the $25,800-$27,000 support zone. Further support lies between $24,000-$25,200 and $19,600-$20,900.
The resistance level stands at $28,000 with the next barrier between $29,500 to $31,000.
BTC chart on the Daily timeframe
On the hourly timeframe, Bitcoin continues to trade sideways between $26,600-$27,000 and $27,300-$27,700. Yesterday's support and resistance zones still apply.
BTC chart on the H1 timeframe
Arbitrum
After hitting a high of $1.82, the Arbitrum price on the H4 timeframe continues to drop. Currently, its main support sits between $1.01 and $1.11, with a key level at $1. If it plunges below this, forecasting the next stop becomes challenging since Arbitrum hasn't ventured below the one-dollar mark yet.
The nearest resistance level stands at $1.25. Beyond that, we see zones at $1.32-$1.44 and a broad range between $1.55-$1.82, where sellers are likely lined up.
ARB chart on the H4 timeframe
Sui
On the H1 timeframe, SUI's price has tested the resistance zone between $1.2 and $1.26. The nearest support stands at $1.13, followed by the range of $1.01 to $1.09. Similar to Arbitrum, it appears that buyers are maintaining the $1 level, and any drop below could lead to unforeseen outcomes.
If buyers break through the $1.2 to $1.26 zone, the next resistance stands at $1.32, followed by a broader range of $1.38 to $1.52, which includes the coin's ATH.
SUI chart on the H1 timeframe
Keep in mind, both Arbitrum and Sui are relatively new to the market, with less than three months of trading history. Their prices are equally swayed by technical analysis and fundamental factors, such as token unlocking schedules, ecosystem growth, and more.
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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:
