Analysis of the current state of Bitcoin (BTC) and Ethereum (ETH).
Bitcoin
Investors successfully rallied, causing Bitcoin to bounce from its recent low of $24,800. At the moment, the asset is being traded within the resistance zone of $24,450-$25,550. If the price can break through this area, the next sets of sell orders are waiting in the ranges of $26,300-$26,500
and $27,000-$27,400.
The broader trend remains bearish for now. If the price hits a new recent low, the fall could potentially be halted at the $24,000 support level.
and $27,000-$27,400.
The broader trend remains bearish for now. If the price hits a new recent low, the fall could potentially be halted at the $24,000 support level.
BTC chart on the H1 timeframe
Ethereum (ETH)
The ETH price movements closely mirror those of the main cryptocurrency. Buyers managed to rally from the $1,634 level and now, the asset is trading near the resistance zone of $1,600-$1,620. Sellers' orders lie ahead at the $1,741 mark and within the $1,794-$1,822 range. However, it's too soon to predict a potential test of the $1,860 level or higher.
If the downward trend continues, buyer activity may ramp up around the $1,600 mark.
ETH chart on the H1 timeframe
During the weekend, we might anticipate a sideways trend within the current support and resistance levels, without updating local highs or lows.
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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:
