Bitcoin

Bitcoin (BTC) Couldn’t Hold On, Solana (SOL) Reaches Crucial Support, Ethereum (ETH) Will Hit $4,500 on U.Today

Published

8 months ago

28 May, 2024

Bitcoin (BTC) Couldn't Hold Itself, Solana (SOL) Lands on Crucial Support, Ethereum (ETH) to Reach $4,500

U.Today – is clearly gearing up for a potential surge toward a new annual high as the price of the second-largest cryptocurrency approaches $4,000. Previously, some analysts stated that ETH will reach $4,500 before ETF trading goes live.

Ethereum also continued to rise above the $3,800 level, now trading around $3,906. This bull run is largely supported by considerably high volume, indicating good buying interest. Currently, the level has found strong support from the 50-day EMA around $3,225 and the 100-day EMA around $3,170, supporting ETH.

At the moment, Ethereum’s RSI is at 72, indicating that ETH is overbought. Perhaps it signals a pullback, but overall market sentiment remains unchanged. Recent price action has seen a clear breakout of consolidation, with more targets at higher resistance levels for ETH.

But it has to maintain the momentum to continue the journey towards $4,500 and penetrate above the psychological price level of $4,000. If broken, the next crucial resistance we are watching in the $4,200 range could give ETH momentum towards $4,500. The current levels to watch are $3,800 and $3,500 on the downside, which should hold to maintain the uptrend.

road to $70,000

Bitcoin has failed to hold above or even close to the crucial $70,000 price level and is currently consolidating around $69,000. Unfortunately, this is a sign of decreasing power and may suggest some bearishness in the future.

This implies that the digital asset is unable to sustain levels above $70,000, a level that signals the continuation of massive buying pressure. Looking at the recent price action, Bitcoin has once again failed to sustain itself above the $70,000 level, where the most significant resistance lies.

Consolidation can be visibly seen on the daily chart, where Bitcoin is trading levels just below $69,000. Furthermore, the fight to maintain gains above the psychological level continues to gain momentum as it consolidates at this level with the 50-day moving average.

Failure to break resistance at $70,000, coupled with consolidation in price action, could also signal possible downtrends. If Bitcoin loses the battle to hold above levels beyond the immediate support at $68,000, it could test lower support levels around $65,000 and $62,000, as represented by the moving averages. Increasing selling pressure under these moving averages will likely lead to larger losses towards the $60,000 level.

reaches support

Solana is approaching a strong support level in the form of the EMA 26. This is not the first time that SOL price has tested this resistance level, as in the past, SOL reached around $160 and emerged successfully up.

Solana is testing such a strong support level in the form of the 26 EMA. It would not be the first time that SOL price has touched this resistance level. This was the case in the past when SOL reached around $160 in price and rose successfully. Solana is currently trading around $164, which is close to a major support zone expanded by the 26-day EMA.

This has played out strongly in the past, particularly around the $160 zone, from which SOL was able to find strength and move higher. One of the very important technical indicators closely monitored by traders, therefore, is the EMA 26, as it often provides a cushion during a bull run and resistance when in a downtrend.

Solana has been quite volatile in terms of price but has remained bullish over the past few weeks of trading. Furthermore, the price retraced to levels around $190, testing the 26 EMA support. Not far away, the 50-day EMA is located at $153, and in case the 26-day EMA fails, this is the next line of defense.

This article was originally published on U.Today

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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