Technical analysis of BTC, ETH, and SOL. 06/06/23

Yesterday, the cryptocurrency market witnessed a notable response to the SEC's lawsuit against Binance. On the H3 timeframe, the BTC price swiftly breached several significant support levels highlighted in the previous analysis. However, it found support within the range of $25,000-$25,700. If this support zone fails to hold, the next target for sellers would be around the $24,000 mark, where buyer reaction becomes crucial. 

The newly formed range of $26,300-$26,800 serves as a key selling zone. Further up, strong resistance levels can be observed at $27,160-$27,670, based on horizontal trading volumes. The range between $28,000 and $28,500 remains unchanged and continues to hold significance in the current market context.

Despite ETH not being included in the SEC's list of assets deemed unregistered securities, its price also reacted negatively to the news. On the H2 timeframe, ETH broke below the $1,840-$1,860 support zone, which has now flipped into a resistance zone. 

The decline was halted by the buyer zone at $1,741-$1,778. If the downward momentum persists, the ETH price may test the psychological level of $1,700. On the upside, the resistance levels are currently positioned within the range of $1,903-$1,940 and at the $2,017 mark.

The recent negative news background caused a sharp reversal in SOL's price action. Despite an initial brief uptrend starting on May 24, it was swiftly overshadowed by a downward move, represented by a two-hour candlestick.

The price encountered strong resistance within the $18.74-$19.52 zone. Currently, the focus shifts to the $18 level, which will serve as the immediate support if the prevailing zone is breached. 

The overall bias remains bearish, with sellers' zones of interest located at $20.36-$20.85 and $21.4-$22.27.

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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: