Key Points
- Bitcoin and Ethereum have experienced retracements, while Solana maintains bullish strength.
- The market structure of Bitcoin remains bullish, while Ethereum shows strong bearish momentum.
Bitcoin and Ethereum have recently seen a retracement in their gains. This is in contrast to Solana, which has managed to maintain its bullish strength despite a slowdown in the past ten days.
Bitcoin’s Market Structure
The market structure of Bitcoin remains bullish. If the price dips below $50.5k, it would indicate a bearish flip. Conversely, a rise above $73.7k would signal a continuation of the bullish trend. Currently, the $59.4k and $55.5k are important support levels.
The Relative Strength Index (RSI) indicates neutral momentum, suggesting that buyers may struggle to hold prices above the $60k mark. The On Balance Volume (OBV) also signals that the $60k, $57.2k, and $55k levels could be likely targets for bears.
Ethereum’s Bearish Momentum
Unlike Bitcoin, Ethereum has already tested its 78.6% retracement level. The drop to the $3160 level saw a strong bullish reaction, pushing prices up to $3580. However, the bulls faced rejection just below $3600, indicating that the retracement may not be over yet.
The RSI has been below neutral 50 for the past ten days, showing that bearish momentum is strong. There is a significant pocket of liquidity at $3000 that prices could test soon.
Despite the retracements seen in Bitcoin and Ethereum, Solana has maintained its upward trajectory. The OBV has stayed well above a resistance level it broke in late February, suggesting that bullish momentum is dominant.
The $106.9 and $128.8 support levels could be retested if Bitcoin falls below the $60k mark. However, indicators do not suggest a deep retracement in the coming days.
The overall long-term bias of all three markets is bullish. A move back above the $73k level for Bitcoin appears to be likely, suggesting that the recent losses could be just a temporary setback.
The information presented here is not financial, investment, trading, or other types of advice and is solely for informational purposes.
