The post What’s next for Bitcoin, Ethereum and Solana? appeared first on Coinpedia Fintech News
Analyst Josh, in his latest analysis video, pointed out that Bitcoin has witnessed minimal movement in price over the weekend, with only a slight uptick observed. However, historical data from the past month reveals a pattern where volatility tends to increase as the weekend draws to a close and the new week begins.
Analyzing the current Bitcoin chart, the analyst noted that Bitcoin might be forming an inverse head-and-shoulders pattern, which is a bullish indicator. To confirm this pattern, Bitcoin needs to break above $71.7K, ideally with a 3-day candle close above $73K to $74K. While Bitcoin has experienced a temporary pause in its larger bullish trend, short-term fluctuations are expected even in a bullish market.
Currently, Bitcoin appears neutral in the short term, consolidating between support at $67K-$68K and resistance at $72K-$74K. Overall, Bitcoin remains in a larger bullish trend, with short-term neutral behavior and potential for future gains if key resistance levels are broken.
Ethereum to break $4000 levels?
Analyzing Ethereum on the daily time frame, the analyst said that ETH is currently lacking short-term momentum. However, the breakout from the falling wedge pattern remains valid as long as ETH stays above the $3.2K level. This breakout suggests a potential price target of around $4,070.
On the 8-hour time frame, ETH is finding strong support in the golden pocket between $3.6K and $3,650, a previous support and resistance zone. If ETH drops below $3.6K, the next major support levels are $3,450 and $3.3K. However, if ETH bounces from this support, it will face resistance at $3,820, $3,870, and $3,950. On the ETH/BTC weekly chart, Ethereum continues to trend bearishly against Bitcoin, maintaining a pattern that has persisted for years.
Solana lacks strong momentum
Solana experienced a brief dip below $160 but quickly reclaimed this level. This indicates that $160 remains a critical level to watch. The dip and quick recovery suggest that Solana lacks momentum in the immediate short term and moving towards the next major support area between $140 and $144 would have been likely. Therefore, it’s anticipated that Solana may experience choppy, sideways price action over the next few days.
