Bitcoin and major cryptocurrencies have recently experienced a buying spree, reversing their earlier downward trend. Following President Trump’s authorisation of a 90-day pause on most tariffs, there has been a significant rebound in the market over the past few weeks. In this overview, we will analyse the key technical levels, chart analysis and trend directions for Bitcoin, Ethereum, and Solana to monitor in the upcoming trading sessions.
Bitcoin is currently trading positively at approximately $95,000. Ethereum has increased by 1% and is now priced at $1,830, while Solana is experiencing a significant dip of over 2%, currently priced at $147. Overall, most cryptocurrencies are showing positive trends, following the performance of the major coins.
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 $95,000 with a first level of support at $94,176. If the price manages to break this level, we can see a downfall to the next support at $93,398, and a decline in price below this level will push the price to fall to the price level at 92,706.
On the upside, we can see in the chart that the first level of resistance is at $95,475, followed by the next resistance at $96,446 and $98,034. If the price manages to break above this level, we can observe a good price movement upside. As the 2nd resistance level is broken, we can observe the strong bullish movement.
Ethereum Chart Analysis & ETHUSD Price Action.
Ethereum is trading around the level of $1,800 in the last 24 hours and trying to take a strong support of it, which is currently priced at $1,830. If the price manages to break below the first level of support at $1,787, we can observe the price moving towards the next price level at $1,752. Also, if price manages to break the second level, we can observe a further downside to the price level of $1,722.
On the upside, we can see resistance to the price action at levels $1,842, $1,857, and $1,887. 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 seen a strong uptrend in April but is presently trading flat around $150 in the previous sessions. The coin is presently priced at $149.06. If the price manages to break the first level of support at $144.6, we can see a bearish trend. The next level of support is observed at $138.77. If the price fails to hold this level, we can observe a free fall to the next level at $134.5.
On the upside movements, we can observe key resistance levels at $149.9, $153.4 and $157.1. If price manages to break the first resistance levels, we can observe further price movements to the next resistance levels.
Trade setup Summary.
Currently, the cryptocurrency market appears to be testing key psychological levels and experiencing a sideways to bullish trend. If key psychological levels are breached, we could see a more bullish momentum in the upcoming trading sessions.
If the price of the cryptocurrency successfully breaks through these resistance levels, we can anticipate a stronger upward trend. However, if the resistance levels remain intact, the market may shift into a bearish trading session.
Traders should consider these key 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.
