Analyst Josh, in his latest analysis video, pointed out that Bitcoin has witnessed minimal movement in price over the weekend, with only a slight uptick observed. However, historical data from the past month reveals a pattern where volatility tends to increase as the weekend draws to a close and the new week begins.
Analyzing the current Bitcoin chart, the analyst noted that Bitcoin might be forming an inverse head-and-shoulders pattern, which is a bullish indicator. To confirm this pattern, Bitcoin needs to break above $71.7K, ideally with a 3-day candle close above $73K to $74K. While Bitcoin has experienced a temporary pause in its larger bullish trend, short-term fluctuations are expected even in a bullish market.
Currently, Bitcoin appears neutral in the short term, consolidating between support at $67K-$68K and resistance at $72K-$74K. Overall, Bitcoin remains in a larger bullish trend, with short-term neutral behavior and potential for future gains if key resistance levels are broken.
Analyzing Ethereum on the daily time frame, the analyst said that ETH is currently lacking short-term momentum. However, the breakout from the falling wedge pattern remains valid as long as ETH stays above the $3.2K level. This breakout suggests a potential price target of around $4,070.
On the 8-hour time frame, ETH is finding strong support in the golden pocket between $3.6K and $3,650, a previous support and resistance zone. If ETH drops below $3.6K, the next major support levels are $3,450 and $3.3K. However, if ETH bounces from this support, it will face resistance at $3,820, $3,870, and $3,950. On the ETH/BTC weekly chart, Ethereum continues to trend bearishly against Bitcoin, maintaining a pattern that has persisted for years.
Solana experienced a brief dip below $160 but quickly reclaimed this level. This indicates that $160 remains a critical level to watch. The dip and quick recovery suggest that Solana lacks momentum in the immediate short term and moving towards the next major support area between $140 and $144 would have been likely. Therefore, it’s anticipated that Solana may experience choppy, sideways price action over the next few days.
Also Read : Big Week Ahead for Bitcoin, CPI, PPI, & FOMC with Dot-Pot: Here’s What to Expect From the BTC Price Rally!
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