Cred is a top and popular crypto analyst, during the latest Technical Roundup weekly newsletter, describes critical support levels. Particularly, for Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) as the digital asset markets correct.
Notably, Cred notes that the bullish run is still in intact for Bitcoin in the long-term time frame.
Furthermore, Cred identifies $56,000 to $58,000 range as a crucial support. Then, goes on to say if broken, would lead to a dip 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.”
So, Cred continues.
“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.”
Then, Cred concludes.
“In any case, if the breakout doesn’t stick, it would not be a death sentence.”
As per Ethereum, Cred notes the bullish run still intact as on ETH is touching $4,000 level three times.
More so, he goes on to say that ETH must withstand a market correction to $3,000 so as to maintain bullishness.
“Put simply, if the market pulls back, multi-timeframe support in the low-mid $3,000s must hold…”
Additionally, Cred explains further.
“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.”
As per Solana, Cred explains how SOL is shifting from a sideways period into an uptrend. Especially, as it closes above the $174 level. However, he expresses concern about the altcoin market.
“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.”
Then, Cred concludes.
“If this breakout sticks, that would mark a new all-time high and continued price exploration “
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