After an extended downtrend in the cryptocurrency market, bitcoin finally reversed the trend and skyrocketed past $1,00,000 levels for the first time since February and kept climbing to new highs. This latest surge in major coins signals renewed momentum in the broader crypto market.
At the time of writing, Bitcoin trades at $1,03,043, reflecting a 3.8% gain, Ethereum at $2,340, with a gain of 20% and Solana trading with a gain of 11% at $172 over the past 24 hours.
In this overview, we will analyse the key technical levels and trend directions for Bitcoin, Ethereum, and Solana to monitor in the upcoming trading sessions. All charts mentioned below are based on the 15-minute timeframe.
Bitcoin Chart Analysis & BTCUSD Price Action.
Bitcoin’s price has finally reclaimed the $1,00,000 milestone from its low. Bitcoin is currently trading around $1,03,000 with a first level of support at $1,02,348. If the price manages to break this level, we can see a downfall to the next support at $1,01,457, and a decline in price below this level will push the price to fall to the price level at $99,125.
On the upside, we can see in the chart that the first level of resistance is at $1,04,337, followed by the next resistance at $1,06,151 and $1,08,746. If the price manages to break above this level, we can observe a good price movement upside. As the 1st resistance level is broken, we can observe the strong bullish movement.
Ethereum Chart Analysis & ETHUSD Price Action.
After soaring over 10% on Wednesday, Ethereum has jumped past the $2,000 mark for the first time since marchinching towards its new highs. Ethereum is currently priced at $2,345. If the price manages to break below the first level of support at $2,243, we can observe the price moving towards the next price level at $2,056 and $1,892. Also, if price manages to break these levels, we can observe a further downside.
On the upside, we can see resistance to the price action at levels $2,489, $2,618, and $2,860. 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.
The recent breakout of Solana is making a significant push towards a new high with its strong technical strength. The coin is currently trading at $172.2. If the price manages to break the first level of support at $164.4, we can see a bearish trend. The next level of support is at $158.5. If the price fails to hold this level, we can observe a free fall to the next support to 153.6.
On the upside movements, we can observe key resistance levels at $176, $184.0 and $189.3. 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 is experiencing a bullish momentum.
If the price of the cryptocurrency successfully breaks through these resistance levels, we can anticipate a stronger upward trend to a sideways trend in the upcoming trading sessions. However, if the resistance levels remain intact, the market may shift into 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.
