Analyst Warns Bitcoin Bottom Not Confirmed Until Weekly Close Above $85,000
- Bitcoin Bottom Confirmation: Analyst Cheds Trading warns that Bitcoin (BTC) has not yet confirmed a market bottom, emphasizing that a decisive weekly close above $85,000 is necessary to validate any recovery, making this threshold critical for market sentiment.
- Persistent Resistance Levels: Despite signs of a rebound in Bitcoin's recent price action, the analyst stresses that the current double bottom pattern alone is insufficient to declare a definitive bottom, as historical resistance levels continue to cap upside momentum.
- Ethereum Risk Warning: The analyst cautions that a breach of the critical $2,150 support level for Ethereum (ETH) could trigger a major correction, as this level has served as a crucial floor during recent market volatility, indicating a potential shift in market structure.
- Focus for Market Participants: For traders and investors, distinguishing between a temporary rebound and a confirmed bottom is vital; failure to hold current levels could extend the bearish phase, impacting overall market confidence.
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Technical Analysis for SOL
Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 3 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Solana (SOL) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 70.131 | 77.085 | 84.501 | 91.455 | 98.871 | 105.825 | 113.241 |
| Fibonacci | 77.085 | 82.575 | 85.966 | 91.455 | 96.945 | 100.336 | 105.825 |
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