With a 15% rise this week, it's reasonable to anticipate less volatility from BTC over the weekend. Here's a market analysis for Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC).
Bitcoin
BTC has established a sideways trend, fluctuating between a local high of $30,700 and a low of $29,550. The significant resistance level remains at $31,000, beyond which lies a formidable area of sellers clustered in the $31,600-$32,400 range.
The most likely outcome would involve a retest of the support zones at $28,700-$29,200 and $26,800-$28,000. Should buyers successfully maintain these levels, it could indicate the potential for the current uptrend to continue.
Trade volumes have notably decreased, suggesting that market participants might cool down their activity over the weekend.
BTC chart on the M30 timeframe
Ethereum (ETH)
ETH has also established a sideways trend on the H1 timeframe. Currently, it's hovering around the local minimum of $1,863, with further buyers' zones positioned at the $1,805-$1,825 and $1,725-$1,770 ranges. As long as the support level of $1,700 holds firm, there's a likelihood of a further upward trend.
Seller orders are predominantly situated within the range of the local high at $1,932 and at the psychological mark of $2,000.
ETH chart on the H1 timeframe
Polygon (MATIC)
MATIC is still recovering after the downturn sparked by the SEC's lawsuit against several altcoins. Presently, its price is hovering around the support zone of $0.639-$0.654. Any further buy orders lie beneath, at $0.616 and $0.591.
The current resistance stands in the $0.691-$0.711 range. If traders can breach this barrier, MATIC could push for the $0.738 level. However, the immediate trend continues to be bearish until the price manages to maintain above $0.8.
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 — 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:
