Bitcoin is edging towards the top of its current trading range, renewing its local high above $31,000. Check out our technical analysis of Bitcoin (BTC) and Solana (SOL).
Bitcoin (BTC)
Buyers have made their presence felt, pushing the price of the asset to test $31,378. Even so, Bitcoin continues its sideways trajectory, oscillating between a current high of $31,400 and a low of $29,600.
If the upward trend persists, the immediate resistance area to watch out for is $31,600-$32,400. Conversely, if sellers manage to put up a fight in this zone, Bitcoin's price could retract towards the support levels at $28,700-$29,200 and $26,800-$28,000. For potential Bitcoin positions, it's better to look at lower timeframes.
BTC chart on the H3 timeframe
Solana (SOL)
Solana maintains its upward trajectory, which began on June 10. At present, SOL is testing the resistance zone between $19.15 and $20.67. If sellers are unable to hold this range, the next likely price reaction can be expected around the $22.14 mark.
The key support zone for potential buy trades lies between $17.83 and $18.45. Below that, buyer orders are concentrated at the $16.97 level and within the range of $15.3 to $16. The overall trend will remain bearish until the price solidifies above the $22.14 level.
SOL chart on the H2 timeframe
In the current scenario, it's prudent to exercise caution when initiating trades. The optimistic trend observed in the BTC chart along with a selection of altcoins is enduring, yet these assets have been in an upward trend for nearly a month without substantial corrections. Therefore, it's advisable to exercise patience and wait for the relevant support and resistance zones to be tested before considering an entry point. It is prudent to observe how the market reacts before initiating any trades.
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNcrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNcrypto:
