Analysis of the current state of Bitcoin Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC).
Bitcoin
Buyers have shown their strength: following a double bottom pattern, the price rebounded from the support zone of $25,000-$25,700 and successfully surpassed the resistance range of $26,300-$26,800. This range now acts as a solid support level for buyers. While the immediate breakthrough of the local high at $27,400 wasn't achieved, it is reasonable to expect some trading activity to occur between the current resistance and support levels.
The next areas to watch for increased selling pressure are the $27,700 level and the range of $28,000-$28,500. Meanwhile, the standing low point remains steadfast at $24,000.
BTC chart on the H2 timeframe
Ethereum
On the H2 timeframe, the ETH price action closely mirrors that of Bitcoin. Buyers have stepped out of the $1,741-$1,778 zone, and the price is now fluctuating between the $1,840-$1,860 support level and the $1,903-$1,940 resistance level.
If the upward trend persists, buyers will likely target the next peak at $2,017. Meanwhile, the "psychological level" of $1,700 remains the current low.
ETH chart on the H2 timeframe
Polygon (MATIC)
MATC is one of the cryptocurrencies that has been classified as a "security" by the SEC in their lawsuit against Binance and Coinbase. On the H2 timeframe, MATIC is currently experiencing a downward trend, with its trading activity hovering around a support level of $0.80. If this support level fails, the price could drop to $0.775.
The key resistance zone is currently at $0.83-$0.854, and breaking through this range is essential for any potential positive scenarios.
Medium-term seller concentration levels are at $0.888 and $0.929.
MATIC chart on the H2 timeframe
Please note that the current SEC lawsuits against Coinbase and Binance have a significant impact on the market. These ongoing legal proceedings are major news drivers and can result in erratic price movements. Consequently, the technical analysis during these periods may have a higher margin of error. It is advisable to consider this factor carefully before making any trading decisions.
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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:
