The Crypto Markets’ upward momentum appears to be slowing down following a recovery phase earlier this week. Also, the major resistance and weak technicals suggest that the major coins are struggling to make new highs in the next trading sessions. We shall understand the key support and resistance levels of Bitcoin, Ethereum and Solana.
Currently, Bitcoin is trading in green at around $84,700, Ethereum is up by 1%, trading at $1,600, and Solana, trading at $134.0, up by over 6.22% in the last 24-hour trade. Following the major coins, most of the cryptocurrencies are trading in green.
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 is currently trading around $84,700 with an immediate first level of support at $83,785. If the price manages to break this level, we can see a downfall to the next support at $83,096, and a decline in price below this level will push the price to fall to the price level at 81,317.
On the upside, we can see in the chart that the first level of resistance is at $85,025. 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 $85,490 and $86,475, as it is marked. Bitcoin may retest the $85,000 level to gain strength in the uptrend, which is a key level to check.
Ethereum Chart Analysis & ETHUSD Price Action.
Ethereum is trading flat in the last 24 hours, which is currently priced at $1,596. If the price manages to break below the first level of support at $1,576,30, we can observe the price moving towards the next price level at $1,538.46. Also, if price manages to break the second level, we can observe a further downside to the price level of $1,504.32.
On the upside, we can see resistance to the price action at levels $1,611, $1,660.31, and $1690.54. 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’s price had a sharp fall in the previous sessions. The coin is presently priced at $133.5. If the price manages to break the first level of support at $132.3, we can see a bearish trend. The next level of support is observed at $129.5. If the price fails to hold this level, we can observe a free fall to the next level at $123.5.
On the upside movements, we can observe key resistance levels at $133.8 and $135.5. 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, it seems that the cryptocurrency market is likely to experience a range-bound trend in the upcoming trading session. If the price of the cryptocurrency successfully breaks through the resistance levels, we can expect a stronger upward trend. However, if the resistance levels are not breached, the market may enter a bearish 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.
