Technical analysis of BTC and ETH. 05/06/23
Analysis of the current state of Bitcoin (BTC) and Ethereum (ETH).
Bitcoin
On the H4 timeframe, BTC is trading between the support zone of $25,800-$26,700 and the resistance zone of $27,600-$28,400. If there is a breakout above this range, buyers can expect resistance within the broader range of $29,500-$31,000.
Below the current zone, the immediate support levels are found within the zones of $24,100-$25,100 and $23,100.
BTC chart on the H4 timeframe
On the H1 timeframe, Bitcoin showed significant activity over the weekend. The BTC price bounced off the resistance zone at $27,200-$27,500 and is currently testing the support zone between $26,500 and $26,800. If this level fails to hold, the next support levels are expected at $26,380 and within the range of $25,900-$26,200.
As for resistance, the immediate levels above the current price are at $27,670 and the zone between $28,000 and $28,500.
BTC chart on the H1 timeframe
Ethereum
On the H4 timeframe, the ETH price is trading within a sideways range between the support zone of $1,813-$1,848 and the resistance zone of $1,903-$1,940. The overall trend remains upward, but its progress will be influenced by Bitcoin’s performance. If BTC shows positive momentum, the next key resistance levels for ETH are expected at $2,017 and the broader range between $2,050 and $2,141.
Regarding buyer orders, significant support levels are located at $1,741-$1,778 and the psychological level of $1,700.
The situation on lower timeframes doesn't show significant divergence.
ETH chart on the H4 timeframe
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Disclaimer
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.
Abbreviations
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.
Initial materials
This analysis was informed by the following educational materials and articles from Gagarin News:
