Technical analysis of BTC and ETH. 29/05/23

On the daily timeframe, the BTC price rebounded from the support zone of $25,800-$26,700 and approached the significant resistance level at $28,000. This resistance level is marked by notable trading volume. If breached, we might see further selling pressure in the wide range of $29,500-$31,000.

The support levels to watch are the zone of $23,900-$25,000, the level of $23,000, and the range of long orders between $19,600 and $20,700.

It's worth noting that the recent weekend rally did not come with a surge in trading volume. This suggests that it may not necessarily reflect strong buying pressure, but rather a potential weakness in sellers who have adjusted their orders higher.

On the H2 timeframe, buyers showcased their strength, leading to a price rebound from the support zone of $25,800-$26,300 and a decisive breakthrough of multiple resistance levels highlighted in the May 26 analysis. This local upward movement resulted in the establishment of new support levels at around $26,850 and within the range of $27,200-$27,600.

Key areas to monitor for sellers' orders are the ranges of $28,200-$28,600, $28,900-$29,300, and the level of $30,000.

On the daily timeframe, the ETH price tested the support zone of $1,705-$1,778 and formed a local ascending movement, which can be better visualized on lower timeframes. The nearest support level now stands at $1,850, while the current resistance zone of interest spans from $1,995 to $2,140.

The level of buyer orders at $1,650 and within the range of $1,370-$1,500 remains unchanged and continues to act as significant support levels.

On the H2 timeframe, the ETH chart closely mirrors the BTC chart. The price effectively bounced off the support zone of $1,740-$1,741 and reached a new local high at $1927.

Currently, the asset is approaching key resistance zones of $1,918-$1,960 and $2,000-$2,017. The nearest ranges featuring buyer orders are within the zone of $1,837-$1,870 and at the level of $1,805.

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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: