Two hectic days in the markets, as many speculate where are we heading next.
Chops in prices and volatile spikes were the main part of the price movement in the crypto space. Let’s see what the charts have to say.
BITCOIN
We have updated the charts on top currencies, so they can be clear and understandable.
Currently, the price has been “crab walking” for the past 24 hours. We touched 21MA on a Daily chart and a profitable long position on SOL followed for the retracement. I have marked two important levels for BTC: The Monthly Open 2021 Yearly Open Both can be considered resistance zones, but the 2021 Yearly Open zone is a major one.
There are selling orders set between $28 500 – $28 800. The move to the upside was caused due to the momentum from having a slight pullback from the Daily 21MA. The overall BTC momentum and volume are significantly lower in comparison to the initial pump from 20 days ago.
We have mapped out important areas for BTC for both support and resistance. Failing to break above the price of $28 150 and supporting it is likely to cause a sell-off and a move to around $26 500. Right now it can be considered a consolidation period. It is possible that we see liquidity grab up to the Monthly Open.
SOLANA
SOL is on the verge of breaking out from a critical major downtrend since late March 2022. The overall look on SOL is bullish and it can be considered an entry for long-term holders. It is not excluded that we can see selling pressure and a move back to around $20.45. The next resistance level for SOL is $21.25 – $21.48. SOL can be very volatile from now on. Will be looking to see a rejection from a resistance area before waiting for an entry for a long position. Shorting SOL at this current level can cause a sharp hit on the Stop Loss.
