Closely followed crypto analyst Cred lists critical support levels for Bitcoin (BTC), Ethereum (ETH) and Solana (SOL). The analyst expects a rise 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 in the long-term time frame. The analyst points to the $56,000 to $58,000 range as important support, which if broken could likely lead to a drop to the $50,000 level. Cred adds the following to his explanations on the subject:
If a shallow pullback is not enough and the market is 56,000-58. If it loses support between $1000, it will be difficult in the short term but potentially constructive in the medium term. In this case, 56,000-58 for new highs to continue with a high probability. A return of $1,000 can be expected, 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 it makes sense to go bullish on ETH
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 remain bullish. 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 transitioned from a sideways period to an uptrend, as evidenced by a weekly close above $174. 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 don’t generally 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.