In a recent analysis by the analyst of YouTube channel Crypto World, Bitcoin’s current retest of a critical area on the chart has caught the attention of traders and investors alike. The analyst discussed the intricacies of Bitcoin’s price action alongside Ethereum’s recovery and Solana’s resistance levels.
Bitcoin, which has been consolidating sideways within a symmetrical triangle pattern on the daily timeframe, is showing signs of potential bullish momentum—the price hovers between the support line just above $65,000 and resistance at just under $71,000.
A breakout above the resistance could set up a bullish trajectory, with a potential price target above $85,000. Conversely, a break below support could signal a move towards $54,000.
The analyst explains the importance of watching for confirmation signals before trading, as bullish and bearish scenarios present profit opportunities. He notices the significance of retesting previous resistance as new support, indicating a potentially bullish momentum if maintained.
On the shorter timeframes, Bitcoin is currently retesting a critical area between $68,000 to $69,000, which previously acted as both resistance and support. A bounce from this level could signal further upside potential, aiming towards $71,500 and eventually the all-time high around $73,000 to $74,000. However, failure to hold above this support level could lead to a short-term bearish scenario, potentially dropping towards $65,000 to $66,000.
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Meanwhile, Ethereum shows signs of recovery, bouncing back above the $3,500 level weekly. Although the short-term momentum lacks significant direction, a bounce from support between $3,200 to $3,250 could lead to further upside towards resistance levels at $3,460 to $3,530 and $3,700.
On the other hand, Solana is facing resistance around $181 to $182 after a recent bounce from support. This resistance level is crucial for determining the short-term direction of Solana’s price movement.
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