BTC and ETH Chart Analysis for August 17, 2023

The downward trend on the BTC chart has extended its course, and the asset is currently trading within the defined support range of $28,350-$28,600. Should the correction intensify, BTC might test buyer levels at $28,000 and $27,600. 

The immediate resistance is marked by the seller zone ranging from $28,770 to $28,900. This particular region is anticipated to elicit an initial response if a localized upward movement occurs. If buyers effectively breach this zone, the next resistance zones might lie at $29,150 and between $29,500-$29,750. 

Given the neutral news backdrop and the current low volatility, the prevailing bias leans towards the continuation of the ongoing downward trend as the primary scenario.

ETH has also recently hit a new local low, reaching the $1,781 mark. If Ethereum's descent persists, buying interest might emerge within the $1,725-$1,770 range, and particularly around the psychologically significant level of $1,700.

The nearest sell orders are currently clustered within the range of $1,820 to $1,831. Beyond this, resistance is observed between $1,852 to $1,865, and at the $1,880 mark. Ethereum's overall behavior is substantially influenced by its strong correlation with BTC. Consequently, any potential developments on the ETH chart are expected to be closely linked to the performance of the leading cryptocurrency.

The ongoing corrective movement in the crypto market unfolds within the confines of a local ascending trend. This trend was initiated when BTC managed to breach the significant $25,000 threshold. It's crucial to highlight that this specific level holds substantial importance, as it will wield a defining influence on the overarching sentiment and outlook of traders within the extended time frame. 

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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: