A new week has arrived. Are you ready for new challenges, new opportunities, and even new adventures? Well, let me tell you something that may make your heart beat faster - new candlesticks! Yes, the new candlesticks have once again triggered our continued attention to the trajectory of Bitcoin prices.
BTC Analysis
First, let's look at Bitcoin. Every little movement in the market tugs at our heartstrings. Recently, Bitcoin has retested a key support level in the short term. The key support level is right between $61,000 and $62,000. Of course, this range also happens to be the resistance level, which is between $65,000 and $66,000. You may ask, what's so special about this? This is because the price of Bitcoin is currently consolidating in a range and lacks momentum, trending sideways.
The impact of ETF outflows on Bitcoin
ETF outflows. These ETFs have seen a staggering three-day net outflow of $421.8 million. These outflows are considered bearish because they involve selling spot Bitcoin to collect USD. This could have an impact on short-term price action.
Short-term bearish pattern - rising wedge. This pattern has been verified in the Bitcoin market, and the price target is pointed to around $62,500. Recently, Bitcoin has really reached this target and encountered support around $62,000. However, if it falls below $62,500, it may trigger a further decline to $60,000.
However, on the other hand, a potential bullish divergence pattern has emerged on the 2-hour timeframe! This suggests that the bearish momentum seems to be waning. If this pattern is confirmed, it could trigger a short-term bullish relief.
Ethereum and Solana Analysis
Now let’s look at Ethereum and Solana’s breakout potential
Ethereum price is currently consolidating in a range, with the key resistance again present between $3,250 and $3,300. If this resistance is crossed, a further rise to $3,590 is possible, supported by the cup-with-handle pattern.
Solana’s price is trending sideways with support between $120 and $128 and resistance between $150 and $155. The short-term momentum remains neutral until a breakout occurs.
In general, a new candlestick brings new hope and challenges. Every change in the market may trigger our attention and thinking. However, remember, the most important thing is to stay calm and rational, and not be affected by the fluctuations of the market. After all, we are fighting for a better future! Isn't it? So, let's look forward to the arrival of a new week together! Maybe there will be more surprises and opportunities waiting for us!
(Personal opinion, not a recommendation)
In the crypto industry, if you want to seize the next bull market opportunity, you need to have a high-quality circle and maintain insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry. Follow the homepage~
If you like it, please follow us for more articles.
Thanks for reading! See you next time!
