Monday in the Crypto Market: BTC and ETH Analysis for 10/07/23

Bitcoin spent the entire weekend trading close to the lower limit of its sideways trend, where the $29,500 support level lies. The situation is becoming critical for buyers: if Bitcoin doesn't manage to stay above the $31,500 level and doesn't test the resistance zone at $31,600-$32,600, we might see a sharp pullback from the current uptrend.

In this case, Bitcoin could test the support zones at $28,700-$29,200 and the broad range of $26,800-$28,000. The overall uptrend will remain the main focus as long as Bitcoin keeps trading above the key psychological level of $25,000.

Currently, Ethereum (ETH) is trading within a narrow range, between the support level at $1,845 and the resistance level at $1,880. Yet, Ethereum might stay within this range as long as Bitcoin's activity remains relatively subdued.

The existing resistance zones sit between $1,846-$1,977 and the psychological level of $2,000. If BTC undergoes a correction, ETH is expected to follow a similar trajectory. The initial buying orders are expected to sit within the support zones of $1,805-$1,830 and $1,724-$1,770. As long as the ETH price holds above the $1,700 mark, the ascending trend remains the dominant strategy.

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: