Monday in the Crypto Market: BTC and ETH Analysis for 14/08/23

This morning, Bitcoin briefly dipped to a local low of $29,111 before quickly bouncing back into its current range. Currently, Bitcoin is trading sideways between the support zone of $29,100-$29,200 and a resistance level of $29,500. If the uptrend persists, the next resistance levels for buyers lie in the $29,600-$29,800 region, followed by $30,200.

So far, Bitcoin's movements haven't shown any clear direction, suggesting a potential price correction on the horizon. The subsequent buying interest is anticipated around $28,600-$28,900. The asset's trajectory, whether it maintains its downward trend or not, will hinge on trading volumes and the prevailing news sentiment.

The correlation between ETH and BTC prices continues to hold. Currently, ETH is trading sideways, with support levels at $1,830-$1,836 and resistance at $1,865. Additional resistance zones set by sellers lie between $1,880-$1,886 and at the $1,905 mark. 

Should there be a market pullback, ETH might challenge the $1,825 support and touch the psychological level of $1,800. Any further declines in Ethereum's chart will likely be influenced by Bitcoin's trajectory.

On Saturday, August 12, the 24-hour Bitcoin Volatility Index (BVOL24H) marked its annual low at 0.24. This suggests a subdued trading interest in Bitcoin from both the buying and selling sides. Given the summer vacation season, such a trend is expected. Traditionally, the crypto market experiences heightened volatility with the onset of autumn. Traders should consider this factor when making their trading decisions.

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: