Bitcoin has been trading in a wide range between $56,552 and $73,777 for several weeks. Predicting the direction of the breakout is challenging because trading within this range can be random and volatile. Therefore, it might be healthier to wait for the price to break the resistance level before making large trades. So, what is happening with Ethereum and Solana along with Bitcoin? Let’s examine together.
Bitcoin Chart Analysis
Bitcoin reached the bottom of the $64,602 to $72,000 range on June 18. The bulls’ inability to initiate a strong recovery from this level indicates that the bears are maintaining their selling pressure. The declining 20-day exponential moving average (EMA) of $67,249 and the relative strength index (RSI) below 40 show that the bears have the advantage. If the $64,602 level breaks, the BTC/USDT pair could drop to $60,000.
However, it does not seem likely that the bulls will give up the $64,602 level without a fight. A rise from the current level and a move above the 20-day EMA could signal the beginning of a strong uptrend. The pair could then rise to $70,000.
Ethereum Chart Analysis
Ethereum is stuck between moving averages, indicating that a sharp breakout could be imminent. If the price rises above the 20-day EMA of $3,586, the ETH/USDT pair could climb to $3,730. This is a crucial level for the bears to defend because a breakout above it could open the doors for a potential rise to $3,977.
Conversely, if the price falls and drops below the 50-day simple moving average (SMA) of $3,436, it could signal that the bears are in control. The pair could drop to the psychological support at $3,000 and eventually to $2,850.
Solana Chart Analysis
Solana fell below the descending channel formation on June 18, but as seen from the long tail of the day’s candlestick, the bulls bought this dip. The declining 20-day EMA of $152 and the RSI in the negative zone indicate that the bears are in control.
If the price falls from the current level or the 20-day EMA, the bears will try to pull the SOL/USDT pair to the critical support at $116. Strong buying is expected from the bulls at this level. If the price rises and breaks above the resistance line, this bearish outlook will be invalidated in the near term, and the pair could then rise to $176.
