Here are the must-have levels for Bitcoin, Ethereum and Solana, according to Top Crypto Analyst
A closely watched crypto analyst explains where he thinks critical support levels are for Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) as digital asset markets correct.
In the last Technical summary weekly newsletter, the pseudonymous analyst known as Cred claims that a bullish pattern remains intact for Bitcoin over the long term.
He points to the range of $ 56,000 to $ 58,000 as crucial support which, if broken, would likely lead down to the $ 50,000 level.
“If the slight pullback isn’t enough and the market loses support between $ 56,000 and $ 58,000, that would be difficult in the short term but potentially constructive in the medium term.
In this case, one might expect a recovery of $ 56,000 to $ 58,000 for a high probability continuation pattern to new highs, or bet on a bullish weekly market structure remaining intact via a higher low around the handle of $ 50,000.
In any case, if the escape does not hold, it would not be a death sentence.
Looking at Ethereum, Cred says it makes sense to remain bullish on ETH now that he has tested the $ 4,000 level three times. According to the analyst, ETH must resist a market correction to $ 3,000 in order to maintain the uptrend.
“Simply put, if the market pulls back, multi-time support in the low-mid $ 3,000 should hold. If not, it would mean the loss of round number support and lead to a lower weekly low, which would mean a bearish change in the market structure. “
As for the Solana smart contract platform, Cred says SOL appears to be moving from a sideways period to an uptrend, as evidenced by a weekly close above the $ 174 level. While remaining cautious in the altcoin market, the analyst expects a price discovery for SOL if its recent breakthrough does not fail.
“We are still not sold on altcoins in general (outside of outliers) given that majors are at massive inflection points, but if there must be outliers that are to some extent immune to or at least outperforming during the most hectic times, Solana is an excellent candidate.
If this breakout persists, it would mark a new all-time high and continued price exploration. “
You can read the whole Technical summary report here.
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