Solana
Bitcoin, Ethereum and Solana Traders Need ‘Lower Timeframe Entries, Longer Timeframe Setups,’ Says Analyst — TradingView News
Pseudonymous cryptocurrency trader CryptoCredin his latest podcast, provided an in-depth analysis of Bitcoin , Ethereum And Solana , focusing on key levels and market dynamics.
Bitcoin Analysis:
CryptoCred began by highlighting Bitcoin’s positive monthly close. “We had the BTC monthly close, and it looks good for the month. Any bearish argument should rely on a failed breakout,” he observed.
He highlighted that Bitcoin was trading in a range between $60,000 and $70,000 with higher timeframe levels still remaining strong. He suggested that if this was a true reaccumulation phase, Bitcoin should start moving quickly.
On the weekly time frame, Cred noted a narrow range between $67,200 and $69,000, but is refraining from drawing any firm conclusions until there is a clear breakout or breakout. He, however, found the daily time frame more informative, highlighting the importance of the midpoint of the range around $66,000.
“The daily calendar is somewhat misleading… the daily closes at this level have been very sharp,” he explained, emphasizing the need to be patient and manage high delays in transactions.
Analysis of Ethereum
For Ethereum, Cred highlighted critical levels on the weekly and daily timeframes. “The weekly time frame is the best, and there are two areas in particular that I like: one is at $3,928 (important resistance point) and the other is at $3,600 (strong support level),” did he declare.
He also highlighted the importance of aligning entries on lower timeframes with setups on longer timeframes, especially with the potential impact of Ethereum’s ETF narrative.
Solana Analysis
Cred identified key levels around $170 and $160. “The best technical level to consider for Solana is around $170,” he noted. However, he expressed less confidence in support levels below $170, indicating a preference for higher timeframe levels for better trading setups.
And after: The influence of Bitcoin as an institutional asset class should be explored in depth in the next The future of digital assets event on November 19.
Read next: Why Bitcoin is stuck in a range and what could change that: 10x research
This content was partially produced using AI tools and was reviewed and published by Benzinga editors.
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