Bitcoin’s low pullback increases the outlook of a new all-time high in the short term and altcoins like ETH & SOL could rise higher while BTC prepares for its next move.
BTC
Bitcoin rose to the $58,000 resistance and the psychological mark at $60,000 on the 15th. The bears are trying to delay the up-move at $62,933 but the positive sign is that bulls have not given up. This shows that the traders are not closing their positions after the recent up-move because they anticipate another leg up. Both moving averages are sloping up and the relative strength index is in the overbought zone, indicating that bulls are in control. If the price turns up from the current level and breaks above the $62,933 to $64,854 resistance zone, BTC may rally to $75,000.
ETH
Ether’s break and close above the neckline completed the inverse head and shoulders pattern. The long wick on the 16th candlestick suggests that bears are attempting to stall the up-move in the $4,000 to $4,027.88 zone. If the price turns down from the current level, Ether could drop to the breakout level at the neckline.
SOL
SOL broke out and closed above the downtrend line on the 15th which is the first sign that bulls are attempting retaliation. The bears tried to pull the price back below the downtrend line but failed. If the bulls sustain the price above the downtrend line, SOL could rise to the 61.80% resistance at $177.80.
The views and opinions expressed here are solely those of the writer and do not necessarily reflect the views of Crypto News. Every investment and trading move involves risk, the reader should conduct their own research when making a decision.
