Pseudonymous cryptocurrency trader CryptoCred, in his latest podcast, provided an in-depth analysis of Bitcoin BTC/USD, Ethereum ETH/USD and Solana SOL/USD, emphasizing key levels and market dynamics.
Bitcoin Analysis:
CryptoCred began by highlighting Bitcoin’s positive monthly close. "We've had the monthly close for BTC, and it looks good on the monthly. Any bearish argument would have to be on the back of a failed breakout," he observed.
He pointed out that Bitcoin has been trading in a range between $60,000 and $70,000, with higher time frame levels still holding strong. He suggested that if this is a true re-accumulation phase, Bitcoin should start moving quickly.
On the weekly time frame, Cred noted a narrow range between $67,200 and $69,000 but refrains from drawing strong conclusions until there is a clear breakout or breakdown. The daily time frame, however, he deemed more instructive, emphasizing the importance of the range midpoint around $66,000.
"The daily time frame is somewhat misleading…daily closes at the level have been really clean," he explained, underlining the need for patience and high time frame management in trades.
Ethereum Analysis
For Ethereum, Cred highlighted the critical levels on the weekly and daily time frames. "The weekly time frame is the best, and there are two areas specifically that I like: one is $3928 (significant resistance point), and the other is $3600 (strong support level)," he said.
He also stressed the importance of aligning lower time frame entries with high time frame setups, 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 look at for Solana is around $170," he noted. However, he expressed less confidence in the support levels below $170, indicating a preference for higher time frame levels for better trading setups.
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: Why Bitcoin Is Stuck In A Range And What Could Change That: 10x Research
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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