Analyst Recommends ‘Short-Term Entry Points, Long-Term Strategies’ for Bitcoin, Ethereum, Solana Traders

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      <span class="date">June 4, 2024 11:54 AM</span> | <span>2 min read</span>
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  <p>The incognito digital asset analyst <strong>CryptoCred</strong>, shared an exhaustive breakdown of <strong>Bitcoin</strong> (CRYPTO: <a target="_blank" class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), <strong>Ethereum</strong> (CRYPTO: <a target="_blank" class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), and <strong>Solana</strong> (CRYPTO: <a target="_blank" class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) in the most recent podcast episode, highlighting pivotal price points and trading tendencies.</p>

  <p><strong>Bitcoin Breakdown</strong>:</p>
  <p>Initially, CryptoCred mentioned the bullish sign in Bitcoin’s recent monthly close. "BTC's latest close on the monthly chart presents a bullish stance. Should there be an argument for a reversal, it would hinge on an unsuccessful breakout," he commented.</p>

  <p>He further noted Bitcoin’s consistent trading within the $60,000 to $70,000 bracket, with long-term support levels proving resilient. A genuine phase of re-accumulation, he argued, should propel Bitcoin’s price action swiftly.</p>

  <p>Analyzing the weekly trend, Cred cited a constricted bandwidth between $67,200 and $69,000, advising observers to await decisive movements beyond these thresholds. Moreover, the analyst emphasized the significance of the $66,000 median price point in the daily charts.</p>

  <p>"Daily chart interpretations can be somewhat perplexing... The clean closures at this median level necessitate a strategy rooted in patience and adherence to higher time frame confirmation," he elaborated.</md></p>

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  <p><strong>Ethereum Examination</strong></p>
  <p>Diving into Ethereum, Cred identified pivotal levels to watch on both the weekly and daily charts. "For exactitude on the weekly scale, two zones stand out: a robust resistance at $3928 and a substantial support area at $3600," he remarked.</p>

  <p>He also accentuated the import of reconciling short-term entry points with overarching long-term technical structures, while acknowledging Ethereum's exchange-traded fund (ETF) narrative as a contributing factor.</p>

  <p><strong>Solana Synopsis</strong></p>
  <p>The analyst pinpointed salient levels near $170 and $160 for Solana, placing emphasis on the $170 threshold as a technical linchpin. He voiced reservations regarding the solidity of supports beneath this mark, suggesting a leaning towards more definitive high time frame levels for robust trade configurations.</p>

  <p><strong>Looking Ahead</strong>: Exploration of <a target="_blank" href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" rel="noreferrer noopener">Bitcoin's role in the institutional finance realm</a> is anticipated to be a primary focus at the forthcoming Benzinga <a target="_blank" href="https://www.benzinga.com/events/digital-assets/agenda/" rel="noreferrer noopener">Future of Digital Assets</a> symposium on Nov. 19.</p>

  <p><em>Next Up: <a target="_blank" href="https://www.benzinga.com/markets/cryptocurrency/24/06/39159087/why-bitcoin-is-stuck-in-a-range-and-what-could-change-that-10x-research">Investigate why Bitcoin remains range-bound and potential catalysts for change: 10x Research</a></em></p>

  <p><em>This article was crafted with the support of AI technology, subsequently curated and disseminated by the editorial team at Benzinga.</em></p>

  <p><em>Image: Shutterstock</em></p>

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