Analysis of BTC, DOGE, and PAXG Charts for August 16, 2023

BTC is trading within the $29,100-$29,200 support zone. Given the diminished strength of buyers and the ongoing lows, a continuation of the correction seems more probable. We might see renewed buyer activity in the $28,600-$28,900 zone.

For a positive shift in Bitcoin's momentum, it needs to solidify its position above the $29,500 resistance, especially the $29,700-$29,800 range. Any bullish trend should be decisive and backed by high trading volumes to surpass the resistance formed by the sell orders.

Dogecoin has been in a declining trend for two years, having peaked at $0.7. At present, it's being traded in the support range of $0.068-$0.070. If this downtrend persists, DOGE might approach the $0.0672 and $0.0652 marks.

The current significant resistance sits at the $0.072 level. Beyond this, there are resistance areas at $0.075-$0.079 and $0.080-$0.083. Surpassing these levels would signal a shift to a positive local trend.

The correlation between BTC and gold prices remains weak. Currently, PAXG is trading within a support range of $1,865-$1,900. Considering the subdued volatility of precious metals and as autumn approaches, an uptick in the gold price is anticipated. The next resistance can be found between $1,955-$2,000. If the bullish trend gains momentum, the annual high at $2,052 might be the subsequent target.

If PAXG's downturn intensifies, its price could retreat to the $1,800-$1,834 support zone, which could serve as an attractive point for starting token accumulation in the spot market.

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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.

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.

This analysis was informed by the following educational materials and articles from Gagarin News: