In a recent discussion, cryptocurrency analyst Josh from Crypto World shared his insights on potential breakouts in both Bitcoin and Ethereum. With Bitcoin hovering around crucial levels, Josh emphasized the significance of the upcoming breakout.
Bitcoin’s current price of $52,000 is on the verge of confirming a major breakout above the golden pocket range of $48,000 to $50,000. This would require a weekly candle close above $50,000, indicating further bullish momentum. According to Josh, this breakout could potentially lead to a new all-time high in the coming months. As of now, Bitcoin is trading at $52,158, up by more than one percent.
Josh also pointed out the continued inflow of investments into Bitcoin ETFs, which suggests ongoing bullish pressure, especially during weekdays when stock markets are open. However, he cautioned against expecting uninterrupted bullish momentum, particularly over the weekend, due to reduced ETF trading activity and possible sideways consolidation. Furthermore, he mentioned the upcoming holiday on Monday, which could also affect market dynamics when the stock market reopens on Tuesday.
Shifting to Ethereum, Josh highlighted a similar potential breakout scenario above the golden pocket range of $2,530 to $2,670, with a weekly candle close above $2,700 as confirmation. Currently, Ethereum is trading near the $2,900 level, and if this breakout occurs, it could establish new support levels and pave the way for further upside momentum towards $3,400 to $3,500. At the time of writing, Ethereum is trading at $2,900 levels, up by more than 3 percent.
Moving on to Solana, Josh discussed its price action and noted a recent retest of the golden pocket range between $115 and $117. He also mentioned a potential head and shoulders pattern forming, advising caution. Currently, Solana is trading near the $113 level.
In conclusion, Josh’s analysis suggests potential breakouts in both Bitcoin and Ethereum, with Bitcoin currently on the verge of a major breakout and Ethereum showing signs of a breakout in the near future. However, caution is advised, especially with Solana’s price action.
