Analyst Cred highlights key levels of support for Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) as the digital asset market corrects.

In the latest weekly newsletter from Technical Roundup, Cred said the bullish structure for Bitcoin will remain intact over the long term. He points to the $ 56,000- $ 58,000 range as key support that, if breached, could lead to a decline to $ 50,000.

“If a shallow pullback isn’t enough and the market loses $ 56,000 to $ 58,000 support, Bitcoin will struggle in the short term, but has the potential to build up in the medium term.

If so, wait for a $ 56,000- $ 58,000 pullback for an expanded setup towards new highs, or bet on a weekly bull market structure that stays intact as it drops to the $ 50,000 region.

In any case, if the outbreak does not occur, it is not a death sentence. “

After Bitcoin fell nearly $ 58,000, Bitcoin rebounded above the all-important $ 60,000 threshold and is up 2.6% over the day.

BTC / USDT. Source: TradingView

Turning to Ethereum, Cred said a sustained uptrend makes a lot of sense for ETH as it tested $ 4,000 three times. According to him, ETH must prevent bears from pushing the price down to $ 3,000 in order to maintain its bullish bias.

“Simply put, when the market turns back down, multi-timeframe support needs to stay in the mid and low range of $ 3,000. Otherwise, it will lose the support of round numbers and result in a lower weekly low, suggesting a bearish shift in the market structure. “

ETH is changing hands at $ 4,136 as of press time and is up nearly 3% over the day.

ETH / USDT. Source: TradingView

Regarding the Solana smart contract platform, the analyst says SOL appears to be moving from a sideways phase to an uptrend, as a weekly close above $ 174 shows for SOL if the recent breakout doesn’t fail.

“Overall, altcoins (outside of outliers) are still not being sold as key bases are at key inflection points, but if there are outliers to some extent, there is immunity, or at least better performance in times of volatility, SOL is that leading competitor.

If that breakout occurs, it would mark a new all-time high and keep exploring the price. “

At the time of this writing, SOL is trading at 197, up over 3% over the past 24 hours.

SOL / USDT. Source: TradingView

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Annie

According to Dailyhodl

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