The cryptocurrency market has maintained a bullish momentum, even though it experienced a slight correction after reaching a recent high. This recent market activity indicates ongoing upward momentum, despite some short-term fluctuations suggesting a cooling period. Additionally, the overall macroeconomic conditions remain positive, which is supporting the crypto market toward new highs.
In the previous trading session, the crypto market experienced a minor correction and traded flat. Bitcoin and major cryptocurrencies tested their recent strong resistance levels but failed to break through, resulting in a range-bound movement.
At the time of writing, Bitcoin is currently down by 1.7% and trading at $1,02,300, Ethereum is at $2,550, with a downside of 3.10%, and Solana is trading at $170.7 and down by 6% 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 is maintaining strong support at the $100,000 level, showing persistent bullish momentum. Currently, it is trading around $1,02,300 with a first level of support at $1,014,41. If the price manages to break this level, we can see a downfall to the next support at $1,00,706, and a decline in price below this level will push the price to fall to the price level at $99,748.
On the upside, we can see in the chart that the first level of resistance is at $1,02,331, followed by the next resistance at $1,03,809 and $1,04,905. 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.
Ethereum has been consistently rallying over the past week with strong bullish momentum, but it is now experiencing a mild correction. It is currently trading at $2,550. If the price manages to break below the first level of support at $2,515, we can observe the price moving towards the next price level at $2,418 and $2,351. 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 $2,634, $2,671, and $2,739. 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.
With a strong bullish momentum, Solana is currently trading higher with its strong technical strength. The coin is presently priced at $171.07. If the price manages to break the first level of support at $168.5, we can see a bearish trend. The next level of support is observed at $166.15. If the price fails to hold this level, we can observe a free fall to the next support to 161.2.
On the upside movements, we can observe key resistance levels at $172.9, $181.6 and $184.8. 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 undergoing a mild correction due to profit-taking and is moving towards a phase of consolidation. 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. For more news updates, visit Trade Brains.
