BTC, ETH and PAXG Price Analysis for October 23, 2023
postedΒ 23 Oct 2023
Bitcoin (BTC)
Bitcoin marked a new local high at $30,970. Potential resistance from the upcoming sell orders can be expected in the $31,200-$31,800 zone.
In case of correction, BTC may find support between $29,600 and $29,900. Below that, a preferred buying range stretches from $28,700 to $29,200, with a subsequent level at $28,400. Testing this level would be consistent with the ongoing growth trend.
While Bitcoin's growth has been steady, trading volumes aren't particularly robust. The sustainability of this trend will only become clear after we see how it reacts to the imminent resistance zone. Beyond that, there's potential to update its yearly high and perhaps touch the $35,000 and $38,000 marks.
BTC chart on the H1 timeframe
Ethereum (ETH)
Considering Ethereum's potential for a 20% increase to reach its yearly high, there's significant upside momentum. Currently, Ethereum encounters a key resistance between $1,718 and $1,747.
Beyond this, the next resistance levels are at $1,780 and $1,815. Approaching these levels would be consistent with the current positive trend in the market.
If Ethereum undergoes a correction, it could retest the zones of $1,630-$1,660 and the buyer zone between $1,590-$1,607. While there's a support zone at $1,520-$1,550, a decline to this bracket seems less probable at present.
ETH chart on the H1 timeframe
Pax Gold (PAXG)
Since October 3, gold has appreciated by nearly 9%, a remarkable increase for this typically stable asset. It's now hovering around a resistance zone of $1,970 to $2,000.
As buyer activity begins to wane, it's feasible that PAXG might not breach this resistance immediately. A downward correction could lead the asset towards the $1,920-$1,937 range, or even down to $1,890. These levels are enticing for entering long positions given PAXG's ongoing upward trajectory.
If this bullish trend continues, PAXG might set its sights on the $2,020 level, with the yearly high of $2,052 as a potential target, especially if the market maintains its optimistic outlook in the coming months.
PAXG chart on the Daily timeframe
This week anticipates the release of several significant economic announcements. Notably, the Services PMI is due on Tuesday, October 24. Furthermore, data on the number of issued building permits, new home sales, and U.S. crude oil inventories are expected on Wednesday, October 25. The U.S. third-quarter GDP and the count of initial jobless claims will be presented on Thursday, October 26. These reports could substantially sway volatility in the cryptocurrency market due to its linkage with the USD. Investors should be aware of these factors when planning their trades.
Check out GN Crypto for the latest cryptocurrency rates and chart analysis.
Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) β a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) β the price movement between support and resistance levels, without going beyond the given range.
Π β simplified designation of one thousand dollars of the asset price (for example, 23.4K β $23,400).
Gray range on the chart β a support zone.
Red range on the chart β a resistance zone.
Correlation β 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 GN Crypto:
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