Bloody 48 hours in the crypto markets, as Bitcoin records over 7% loss in price since the big rally.
The last analysis was once again top-notch accurate in determining the next move for Bitcoin successfully.
What is happening in the crypto market and will we see a reversal? Let’s get into it.
BITCOIN
BTC has fallen rapidly to the $28 000 zone since momentum was not enough to continue the uptrend.
The price is currently located in the previously stated zone between $28 200 – $27 000. This is a zone, where bulls will have to protect the price of BTC and it is the only major support that was marked before the fall.
In terms of the investors in the market, this current price for BTC seems to be a great area to accumulate BTC for a long-term target.
Looking forward to see the BTC price move sideways and the indicators will catch up. The major resistance area, which caused pressure on the price and the sell-off, has not been pulled out of the market. That means that new highs are not to be expected until we see a change in the orders.
The sentiment for BTC looks alarming at the moment, as momentum seems lost. The next target for BTC is likely to be $29 000, where the 21-day MA is situated. Rejection from this level is probable unless we see some volatility enter the market.
In terms of support, it is realistic to indicate the $28 200 – $27 000 zone a potential bounce are for BTC. Losing it will not be pretty for the markets. It is vital for the price to get above the 21-day MA in order to continue the upside possibilites.
SOLANA
SOL has fallen over 13% during the last 48 hours. Although that may be alarming to some, the currency looks in a position of a favourable accumulation zone.
The price has touched a support zone, that was indicated on the chart beforehand. A bounce is to be expected from this current area price – $21.93.
If we lose the level between $21.65 – $21 29 the next major support for SOL is $20.19 – $19.42. The bigger buy orders have been se there.
If BTC manages to get above 21-day MA, we can look at SOL with the next potential resistance being the last Support zone, which was lost – $22.90 – $23.50.
The current price of SOL makes the currency preferable for catching a short-term reversal. The buy power in SOL is strong and has been that way since the big rise from the FTX news.
Market Analysis by Kaloyan Tosev, Amaltea