After a sharp fall in cryptocurrencies in previous trading sessions, we are now observing a slight relief in the crypto market. Major Cryptocurrencies are in green after a deep loss as global financial markets faced a sharp selloff due to escalating trade tensions in the previous trading sessions. We shall understand the price action, key support & resistance levels and trading strategies of Bitcoin, Ethereum, and Solana in detail, along with charts.
Bitcoin is up by 3.5%, trading at a price of $79,844, Ethereum is also green by 3.6% to $1,577, and Solana is up by 4.7% is trading at $109,95 in the last 24-hour hours. Also, other leading cryptocurrencies are experiencing a slight bullish trend.
Now let’s understand the key support and resistance levels of Bitcoin, Ethereum and Solana and discuss the potential trading strategies for the next trading session. All charts mentioned below are based on the 15-minute timeframe.
Bitcoin Chart Analysis & BTCUSD Price Action.
Bitcoin experienced a downward trend to a sideways trend in the previous trading session and is currently trading around $79,844.
In the chart above, we can observe the 1st level of support at $77,34,6, and if the price manages to break this level price we can see a further downfall to the next support at $75,760 and further decline to the next level at $74,480.
On the upside, we can see in the chart that the first level of resistance is at $80,830. If the price manages to break above this level, we can observe a good price movement upside. The next resistance zone to watch is at $82,768 and $83,772, as it is shown on the chart.
Ethereum Chart Analysis & ETHUSD Price Action.
Along with the Bitcoin movement the Ethereum is also trending higher. Currently, it is priced at $1,577. If the price manages to break below the first level of support at $1,525, we can observe the price moving towards the next price level at $1,475. Also, if price manages to break the second level, we can observe a further downside to the next level at $1,430.
If Ethereum continues to move towards the upside, we can see resistance to the price action at levels $1,613 and $1,638. If the price of Ethereum manages to break the first level of resistance, we can see an upside price movement to the next level of resistance, as shown in the chart.
Solana Chart Analysis & SOLUSD Price Action.
Solana has seen a deep downtrend in the previous trading session following the sharp selloff. The coin is presently trading in green and priced at $107.1. If the price manages to break the first level of support at $107.1, we can see a more bearish trend. The next level of support is observed at $103.5. If the price fails to hold this level, we can observe a free fall to the next level at $99.1.
On the upside movements, we can observe key resistance levels at $112.5 and $115.8. If price manages to break the first resistance levels, we can observe further price movements to the next resistance levels.
Trade setup Summary.
In the current market situation, we can observe that the cryptocurrency market will follow a bullish trend to a sideways trend for more short time, which can be observed in the next trading sessions.
If the price of the cryptocurrency manages to break the resistance levels, we can observe a more uptrend. Also, if resistance levels are not taken off, the market can experience a range-bound trading session.
Traders should consider these key support and resistance levels to enter long or short positions following the price break from the key levels. Also, traders can combine moving averages for more accurate entry and exit points.
Note: Our Daily Crypto Market Analysis and Trade Setup is published every day at 6:00 PM IST on 72crypto.Com.
