Technical analysts DonAlt and CryptoCred discussed the chart outlook of Bitcoin BTC/USD, Ethereum ETH/USD and select altcoins, highlighting that major cryptocurrencies are starting to form a more constructive pattern.
What Happened: In the latest episode of the Wednesday Markets podcast, the analysts expressed cautious optimism about Bitcoin’s prospects, noting that the monthly chart “looks quite good now” after a recent washout.
DonAlt highlighted the significance of Bitcoin holding above previous all-time highs, stating, "You cannot hate on that." However, he acknowledged some bearish signals on the weekly timeframe, creating a mixed picture across different timeframes.
Regarding Ethereum, DonAlt observed that it’s "bouncing from support" on both USD and BTC pairs, though he noted the bounce was weaker than hoped. He suggested that if Bitcoin runs hard, Ethereum "could suffer a little bit."
Also Read: Solana ETF Approval In 2024 Has Only A 6% Chance: ‘A Snowball’s Chance In Hell,’ ETF Analyst Says
The analysts also discussed the potential for a shift away from meme coins towards "quality" projects. DonAlt remarked, "I think it’s quite risky not buying good stuff cheap," referring to established projects like Bitcoin and Ethereum.
Interestingly, DonAlt highlighted XRP XRP/USD as potentially interesting due to a "new narrative," though he cautioned it's "not quality" and advised selling if it pumps.
On Solana SOL/USD, DonAlt expressed concern about its chart, saying it "looks like [expletive]" and noting its heavy reliance on support levels. He warned that a breakdown in Solana could have negative implications for the broader altcoin market.
The conversation touched on various other topics, including the potential impact of macroeconomic factors and political developments on crypto prices. DonAlt downplayed the significance of these external factors, focusing instead on technical analysis and market dynamics.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
