Technical analysis of BTC, ETH, and MATIC. 02/06/23
Analysis of the current state of Bitcoin (BTC), Ethereum (ETH), and Polygon (MATIC).
Bitcoin
On the H4 timeframe, the BTC price is currently trading within the support zone of $25,800-$26,700. Below this range, there are additional seller zones between $24,100 and $25,100, as well as at the level of $23,100.
On lower timeframes, buyers have demonstrated strength, increasing the likelihood of a potential test of the resistance zone between $27,600 and $28,400. The most significant concentration of seller orders can be found within the zone of $29,500-$31,000.
BTC chart on the H4 timeframe
Ethereum
On the H4 timeframe, the ETH price is currently oscillating between the support zone of $1,813-$1,848 and the resistance zone of $1,903-$1,940. If the upward movement persists, sellers may drive the price towards the previous high at $2,017 and the broader range of $2,050-$2,141.
Key support levels to monitor are the zone of $1,741-$1,778 and the psychological level of $1,700.
ETH chart on the H4 timeframe
Polygon (MATIC)
On the H4 timeframe, MATIC is currently trading within a sideways range. The support zone is established between $0.875 and $0.879, while the resistance level is at $0.915. The next significant selling pressure is anticipated within the range of $0.929-$0.969, with additional resistance at the psychological level of $1.
If buyers fail to hold the current levels, MATIC may retest the support zone of $0.818-$0.847 and the level at $0.801.
It’s important to consider the strong correlation between the price movements of MATIC and BTC.
MATIC 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:
