Bitcoin's Line In The Sand Is $60K, But Careful With Ethereum And Solana, Says Top Technical Analyst
Portfolio Pulse from Khyathi Dalal
Crypto analyst DonAlt highlights key levels for Bitcoin, Ethereum, and Solana, suggesting cautious trading. Bitcoin's $60K level is critical, Ethereum shows weakness against Bitcoin, and Solana's recent short trade was profitable. Bitcoin's correlation with the S&P 500 and macro factors are also emphasized.
August 09, 2024 | 11:36 am
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NEUTRAL IMPACT
Bitcoin's $60K level is critical for its near-term direction. A close above could signal bullish momentum, while a close below could indicate a bearish trend.
Bitcoin's price action around the $60K level will determine its short-term trend. The correlation with the S&P 500 adds complexity, making it crucial to monitor both markets.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Ethereum shows weakness against Bitcoin, breaking through several support levels. Caution is advised, with potential support around the 0.028-0.035 BTC range.
Ethereum's performance against Bitcoin indicates weakness, suggesting a cautious approach. Waiting for clear signs of strength is recommended.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Solana's recent short trade at $183 was profitable, but further downside was missed. The current market environment suggests caution.
Solana's recent price action and the profitable short trade indicate potential for further downside. Caution is advised in the current market environment.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70