Despite the bearish sentiment prevailing in the higher timeframe, Bitcoin bulls demonstrated their resilience by pushing the price above $25,300, thereby maintaining a positive momentum.
Does that change the overall picture on the market sentiment? Is more upside expected? Let’s see what the charts have to say.
BITCOIN
The previous analysis demonstrated remarkable accuracy in assessing the movements of BTC and the overall market. On Friday we saw a reversal of the price back to previous levels of $26 000.
Two days ago it was stated that there are not major selling orders to support the move down on BTC and that is why a reversal is on the way. In this case that we see now it is vital to see buy orders appear below the price to confirm that the move is valid.
BTC bulls managed to push the price above $25 300, therefore still keeping the momentum on the major scale. The parallel channel has been supported with a precise confirmed close on the bottom line on the Daily timeframe.
The First Major Resistance for BTC is still located between $26 500 – $26 800. Currently, looking to see BTC retrace downwards to the $25 700 area. Seeing BTC move above $26 500 is not in the picture.
This relief in the BTC price was healthy for keeping the currency above $24 000. However, the higher timeframe has still not reversed and the bearish sentiment is in play. Will be monitoring the price action to locate potential buying orders after the move up. We are approaching the weekend and the plan stays the same as usual – no trading on the days off.
SOLANA
The SOL price did exactly as analysed. SOL moved towards the $14.70 area and has even continued upper. The price has reached a downtrend that only a few traders might have indicated.
The Minor Resistance zone has moved upper, which is a healthy sign for the potential upside on the SOL price action. However, not looking to see SOL above $16 with a volatile move up not likely.
As with BTC, we have to see the pump on SOL be supported by buying orders to confirm the move. The Short-Term Support zone that SOL bounced of has been filled with more orders.
A breakout of the downtrend is essentially a good sign for the major picture of SOL but bulls need to show further strength.
