Bitcoin is currently showing a short-term bullish signal, with the price forming a new pattern that demands close attention. Simultaneously, Solana and Ethereum are encountering a critical area of resistance. Analyst Josh of Crypto World gave a detailed breakdown of the current trend and also revealed the price levels.
Bitcoin Price Analysis:
Bitcoin remains in a larger bull market as indicated by the super trend indicator. Despite some short-term pullbacks, the overall trend since early 2023 continues to be bullish. Bitcoin is currently within a descending broadening wedge pattern on the 3-day chart. Key resistance levels are around $71.7K.
A confirmed breakout above the $72K resistance with a 3-day candle close could trigger a significant bullish move, potentially targeting $92K. This represents a 28% upside from the breakout point, with even higher potential profits if leveraged trading is applied.
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Ethereum Price Analysis:
The price of Ethereum is currently moving sideways within a broad range. It’s bouncing between the critical support zone of $3150 to $3250. Additional support can be found between $2800 to $2950, while significant resistance lies between $3550 to $3650 and $3900 to $4100. Unlike Bitcoin, which is trending more bullishly, ETH is not in a clear trend and is experiencing a lot of volatility within this sideways range.
Solana Price Analysis:
Solana is again facing critical resistance between $183 to $190, a level it has been rejected from multiple times over the past months. Since breaking above $154 to $160, Solana has been trending bullishly, with momentum in the bullish direction.
For a continued upward move, a confirmed breakout above $187 with a daily candle close is needed, potentially pushing the price towards the next resistance zone between $200 to $210. If rejected at this level, support is expected between $170 to $175, with further support around $160 if $170 is breached.
