Technical analysis of BTC and ETH. 15/05/23
Analysis of the current state of Bitcoin (BTC) and Ethereum (ETH).
Bitcoin
The price of the leading cryptocurrency successfully tested the support zone between $25,800 and $27,000 over the weekend. It reached a local minimum of $25,821.
The nearest resistance level that buyers could push the price towards is $28,000, followed by a range between $29,500 and $31,000.
If the support zone between $25,800 and $27,000 fails to hold against selling pressure, the price of BTC will likely test the support levels at $23,250 and $19,600-$20,900.
BTC chart on the Daily timeframe
We can observe that on the hourly timeframe, BTC encountered a resistance zone between $27,500 and $27,750. If this level does not hold, buyers may drive the price towards the next levels at $28,100-$28,300, $28,900, and $30,000.
The closest support levels to watch for are $26,750 and a range between $25,800 and $26,300. We may expect a flat period between the gray and red zones.
BTC chart on the H1 timeframe
Ethereum
On the daily timeframe, the price of ETH successfully tested the support zone ranging from $1,690 to $1,780. The nearest significant resistance is a broad range between $2,000 and $2,140.
If buyers fail to demonstrate strength, ETH will likely test the support levels at $1,550 and the range of $1,370 to $1,470. The correlation between the Bitcoin and Ethereum charts remains strong.
ETH chart on the Daily timeframe
On the hourly timeframe, sellers were unable to push the price down to the $1,700 support level. As a result, a new strong zone has formed in the range of $1,740 to $1,770. Currently, Ethereum is approaching a wide resistance zone between $1,830 and $1,890. The next significant price levels where sellers likely have placed their orders are between $1,940 and $2,020, followed by the level at $2,140.
ETH 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 The Coinomist 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 — a 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 The Coinomist:
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