Closely followed crypto analyst Cred lists critical support levels for Bitcoin (BTC), Ethereum (ETH) and Solana (SOL). The analyst expects bullishness in these altcoin projects. cryptocoin.com We have compiled the details for you, let’s examine the subject together…
Cre: The $56,000 to $58,000 range is important for Bitcoin!
In his latest analysis, the analyst named “Cred” says that a bullish structure for Bitcoin remains intact over the long-term time frame. The analyst points to the $56,000 to $58,000 range as an important support that could likely lead to a drop to the $50,000 level if it is broken. Cred adds the following to his explanations on the subject:
If a shallow pullback isn’t enough and the market loses support between $56,000-58,000, it’s tough in the short term but potentially constructive in the medium term. In this case, a return of $56,000-58,000 can be expected for new highs to continue with a high probability, or one can bet that the weekly bullish market structure will remain intact through a higher low near $50,000. In any case, even if the ascension does not continue, it will not end in death.
Analyst says bullish in ETH makes sense
Looking at Ethereum, Cred says it makes sense to go bullish on ETH as it has tested the $4,000 level three times. According to the analyst, ETH needs to withstand a market correction of $3,000 to continue the uptrend. Cred adds the following to his explanations on the subject:
Simply put, if the market pulls back, the low-mid $3,000 multi-timeframe support should hold. If not, that would mean losing support and result in a weekly low setup, indicating a bearish bias in the market structure.
Cred: Popular altcoin Solana top pick
As for smart contract platform Solana, Cred says that SOL has moved from a sideways period to an uptrend, as evidenced by a weekly close above the $174 level. While still cautious about the altcoin market, the analyst awaits price discovery for SOL unless the final exit fails. Cred adds the following to his explanations on the subject:
We generally don’t sell altcoins (except for outliers) given that bigs are at huge inflection points. But if outliers emerge that are somewhat unresponsive or at least exceed during periods of volatility… Solana is the best choice. If this breakout continues, it will set a new all-time record and price searches will continue.
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