Technical analysis of BTC, ETH, and PAXG. 12/06/23
Analysis of the current state of Bitcoin (BTC), Ethereum (ETH), and Pax Gold (PAXG).
Bitcoin
In line with the previous analysis, the BTC price spent the weekend in flux between the support range of $25,200-$25,700 and the resistance range of $26,900-$27,400. The asset is now testing the local low. If buyers fail to sustain this range, the price could plummet below the "psychological level" of $25,000, aiming for $24,000 as the following support.
Beyond the indicated sellers' zone, the relevant resistance levels sit at $26,300, $27,600, and within the $28,000-$28,400 range.
Beyond the indicated sellers' zone, the relevant resistance levels sit at $26,300, $27,600, and within the $28,000-$28,400 range.
BTC chart on the H2 timeframe
Ethereum
During the weekend, the ETH price dipped to a local low of $1,720. While this zone wasn't breached, it was indeed extended. The next key level for buyers to watch is $1,700, which carries the same significance to Ethereum as $25,000 does to Bitcoin.
The closest resistance is found within the $1,780-$1,808 zone. Beyond this, sell orders seem to congregate in the $1,900-$1,940 span, at the $2,017 mark, and within the expansive $2,050-$2,141 range.
The closest resistance is found within the $1,780-$1,808 zone. Beyond this, sell orders seem to congregate in the $1,900-$1,940 span, at the $2,017 mark, and within the expansive $2,050-$2,141 range.
ETH chart on the H2 timeframe
Pax Gold
Interestingly, the price trajectory of Gold seems to be moving nearly in sync with both BTC and ETH, except when it comes to volatility levels. The similar audience and appeal of these assets to institutional investors (as a risk hedging option) might explain this parallel.
At the moment, the asset is being traded in the buyers' zone spanning from $1,890 to $1,911, with a support level found below at $1,800-$1,835.
The nearest range with sell orders stands at $1,960-$2,000, with the subsequent resistance level marked by the local high of $2,052.
At the moment, the asset is being traded in the buyers' zone spanning from $1,890 to $1,911, with a support level found below at $1,800-$1,835.
The nearest range with sell orders stands at $1,960-$2,000, with the subsequent resistance level marked by the local high of $2,052.
PAXG chart on the Daily timeframe
The market is on standby, awaiting its next move. The information landscape isn't encouraging, but buyers are still maintaining vital psychological thresholds. Whether the market bounces back from these levels or breaches them could set the market's trend for the upcoming two to three months.
Check out Gagarin News for the latest cryptocurrency rates and chart analysis.
Check out Gagarin News 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 Gagarin News 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 Gagarin News:
