Cred Draws Critical Support Levels For Bitcoin, Ethereum & Solana
A popular crypto analyst, known as Cred, draws his critical support levels for Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), amid the latest crypto market correction.
Bitcoin (BTC)
The analyst writes in the latest Technical Roundup weekly newsletter, that Bitcoin’s bullish structure has not changed for the long-term time frame.
Cred identifies $56,000 to $58,000 range as a crucial support for Bitcoin, and if it loses that the leading crypto asset would likely further sink to the $50,000 level.
“If the shallow pullback isn’t enough and the market loses support at $56,000-$58,000, it would be rough in the short-term but potentially constructive in the medium-term.
In that case, one could wait for a reclaim of $56,000-$58,000 for a high probability continuation setup towards new highs, or bet on bullish weekly market structure remaining intact via a higher low around the $50,000 handle.
In any case, if the breakout doesn’t stick, it would not be a death sentence.”
Ethereum (ETH)
According to Cred it makes sense to remain bullish on ETH now that it has tested the $4,000 level three times. He says that the second largest crypto asset should withstand a market correction to $3,000 in order to maintain bullish momentum.
“Put simply, if the market pulls back, multi-timeframe support in the low-mid $3,000s must hold. If it doesn’t, that would mean losing round-number support and would result in a weekly lower low, signifying a bearish shift in market structure.”
Solana (SOL)
Regarding the Ethereum competitor, smart contract platform Solana, the analyst notes that SOL seems to be moving from a sideways period into an uptrend, after a weekly close above the $174 level. Despite being cautious on the altcoin market, Cred predicts price discovery for SOL, assuming its recent breakout doesn’t fail.
“We’re still not sold on altcoins generally (outside of outliers) given the majors are at massive inflection points, but if there are going to be outliers that are to some extent immune or at least outperform during choppier periods, Solana is a prime candidate.
If this breakout sticks, that would mark a new all-time high and continued price exploration.”
