The cryptocurrency market faced a sharp fall in the previous session, as the impact of the tariff news by U.S. President Donald Trump had affected the global markets. Major cryptocurrencies like Bitcoin, Ethereum, and Solana experienced a downtrend to a range-bound price action over the past 24 hours. We shall explore the price action and trade setups in detail, along with charts.
Currently, Bitcoin is down by 1%, trading around $82,200. Ethereum has slipped in trade by 1.3% to $1775, and Solana is trading at $114.04 with a 1.5% 24-hour change. Also, other leading cryptocurrencies are experiencing a slight bearish 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 Trade Setups.
Bitcoin Price behavior shows a sideways to downward trend in the next trading session, which is currently trading at $82,200. On the upside, we can see in the chart that the first level of resistance is at $82,580. 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 $83,770 and $84,620.
On the other side, if the downtrend momentum continues, traders should keep an eye on support levels to catch the downtrend movement.
If the price manages to move below, then the price will experience a first level of support at the level $81,194, and if prices break this level, we can observe further price falling to the next support levels. The next major support levels are at $80,574 and $79,872. Bitcoin Trade Setups are shown on the chart above.
Ethereum Chart Analysis & ETHUSD Trade Setups.
Along with the Bitcoin movement the Ethereum is also trending lower. Currently, it is trading at $1,775. If the price manages to break the first level of support at $1,758, the price will move towards the next support price level at $1,747.
If Ethereum sees a change in trend towards upside, we can see a resistance at levels $ 1,782, 1,821 and $1.833.
If the price 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 Trade Setups.
Solana has seen a deep downtrend in the previous trading session following the tariffs announcement. The cryptocurrency is presently trading at $114.04. If the price manages to break the immediate support at $113.36, we can see a more bearish trend. The next level of support is at $112.24. If the price fails to hold this level, we can observe a free fall to the next level at $109.56.
On the upside movements, we can observe key resistance levels at $114.87, $117.22 and $119.68. If price reverses from its downtrend and manages to break the first resistance levels, we can observe further price movements to the next resistance levels.
Summary.
We are currently seeing a range-bound price action, which is to be followed in the next trading session. If the price of the cryptocurrency manages to break the support levels, we can observe the downtrend for the next trading session.
Traders should consider these key support and resistance levels and trade setups to enter long or short positions following the price break from the key levels. Also, traders can combine moving averages for clearer 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.
