Crypto Trends for the Weekend: Analyzing BTC and ETH on 08/09/23

Yesterday, BTC finally reacted to the support zone between $25,300 and $25,800, prompting buyers to drive the price up to the resistance zone between $26,300 and $26,600. This brief surge might also have been influenced by favorable economic news from the US, specifically the reduction in unemployment claims.

For BTC to escape its current downtrend, it needs to breach the current resistance and firmly settle above both the $27,200 mark and the range of $27,700-$28,200. If the buyers are unable to achieve these levels, we could see BTC revisiting lows beneath $25,000.

Ethereum continues to strongly correlate with Bitcoin. Currently, ETH is navigating a broad trading range between the support levels of $1,582-$1,609 and resistance at $1,660-$1,689. The next significant resistance from sellers is positioned around $1,717 and within the $1,726-$1,745 band. Successfully breaking and maintaining above this latter range would signal a transition from the current trend to an upward trajectory.

However, if ETH fails to maintain momentum, it may revisit its recent lows, possibly falling below the $1,550 mark set on August 18 during a broad cryptocurrency market downturn. 

Key factors likely to influence cryptocurrency prices in the near term include news and major events, with the potential approval of spot Bitcoin ETFs being of notable significance.

Typically, weekends witness subdued volatility in the financial markets, and the upcoming weekend is likely to be no exception.

Check out Gagarin News for the latest cryptocurrency rates and chart analysis.

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: