Analysis of the current state of Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC)
Bitcoin
On the daily timeframe, the situation remains unchanged since yesterday's analysis. The BTC price is currently hovering within the support range of $25,800-$27,000. The resistance levels at $28,000 and the range of $29,500-$31,000 remain steady.
Furthermore, it's worth highlighting the support zone between $24,000 and $25,200. This level has been held by sellers for a significant period, which could potentially make it an attractive level for buyers as well. Moving forward, the next support levels are at $23,200 and the wider range of $19,600-$20,900.
BTC chart on the Daily timeframe
On the hourly timeframe, sellers have responded to the resistance zone at $27,500-$27,750. The support level has already undergone a preliminary test, but it may be expanded to the zone of $26,600-$26,850.
As for the other resistance and support levels, they remain consistent with the analysis from yesterday.
BTC chart on the H1 timeframe
Ethereum
The situation on the daily chart for ETH remains unchanged since yesterday's analysis. The resistance and support zones continue to be relevant and unaffected.
ETH chart on the Daily timeframe
There have been slight changes on the hourly chart for ETH as well. The price has recently tested the resistance zone between $1,830 and $1,890, which currently serves as a formidable range for sellers.
It's worth noting the support level at $1,790, as buyers have successfully maintained it for the past three days. As for the other resistance and support zones, they remain in line with the analysis provided yesterday.
ETH chart on the H1 timeframe
Litecoin
On the daily timeframe, LTC is currently experiencing a sideways movement, being squeezed between the support zone of $60-$69 and the resistance zone of $94-$105. Notably, buyers have established a robust support level around $77.
If a breakout occurs to the upside from this sideways trend, it may open the door for testing the local highs at $115 and $133. The nearest strong support level after the $60-$69 range is $63.
LTC chart on the Daily timeframe
On the two-hour timeframe, LTC is currently challenging the resistance at $89. If sellers are unable to maintain this level, it could pave the way for further upward movement towards the $94 level and the range of $97-$103.
The nearest support zones to monitor are the range of $82-$84, the $80 level, and the zone of $75-$78.
LTC 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 — 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:
