Crypto Takes a Weekend Break. BTC and ETH Analysis for 11/08/23

On higher timeframes, there hasn't been a significant change in BTC's pattern from our last analysis. Thus, it's worth examining lower timeframes, like the M15 chart. Currently, Bitcoin fluctuates between a support bracket of $29,350-$29,400 and a resistance range of $29,700-$29,800. Within this consolidation, there's a distinct resistance level at $29,500, which needs to be overcome for a potential uptrend.

If the downturn persists, the BTC price could gravitate towards support zones at $29,275 and the $29,100-$29,200 range, from where a rebound is conceivable. As for any bullish momentum, it would gain credibility only if BTC can firmly position itself above the $31,100 mark.

ETH has been experiencing a sideways trend. The boundaries of this consolidation range are marked by a support level at $1,843 and resistance at $1,871. Just below the present price, there's a concentration of buy orders at intervals of $5: $1,835, $1,830, and $1,825.

Should ETH persist in its upward movement, buyers are likely to face resistance between $1,880-$1,886, and notably at the psychological level of $1,900. In general, ETH's trajectory has a strong correlation with Bitcoin's chart, a factor traders should consider when making decisions.

Cryptocurrency markets tend to be relatively calm over the weekends, showing limited volatility. For the assets discussed, it's reasonable to expect them to trade within this sideways range. Breakouts from this pattern are not anticipated during the upcoming Saturday and Sunday.

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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: