Technical analysis of BTC and XRP. 01/06/23
Analysis of the current state of Bitcoin (BTC) and Ripple (XRP).
Bitcoin
On the H4 timeframe, the BTC price is approaching the support zone of $25,800-$26,700. A breach of this buying range could lead to further support at $24,100-$25,100, and $23,100.
The immediate resistance to watch is at $28,100, with a breakout potentially signaling a continuation of the uptrend towards the range of $29,500-$31,000.
BTC chart on the H4 timeframe
Ripple
On the daily timeframe, XRP's price is currently exhibiting a bullish trend, decoupled from the market dynamics of BTC. It is approaching the resistance level at $0.53 and the range of $0.54-$0.58. If buyers can surpass these levels, the next resistance to watch is at $0.65.
The immediate support levels to monitor are the range of $0.41-$0.43 and the level at $0.345. These levels are significantly distant from the current price. For a more granular analysis of buyer zones, it is recommended to monitor lower timeframes.
XRP chart on the Daily timeframe
On the H1 timeframe, XRP is showing a stronger upward trend. Ripple's price experienced a notable bounce from the zone between $0.516 and $0.528. If this range is surpassed, seller orders may be found around the $0.55 level.
Currently, XRP is trading within the support zone of $0.493-$0.503. Buyers have placed their orders at $0.478 and in the range of $0.46-$0.47.
XRP chart on the H1 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:
