October 31, 2023
A crypto analyst has recently examined the charts of Bitcoin (BTC) and Solana (SOL) to provide insights into their current status.
The analyst suggests that BTC may not have reached its range high yet. They propose that if the red Range High resistance has not been found, a deeper retrace could occur over the next 175-day Pre-Halving period. The analyst advises accumulating during a deeper retrace in the orange zone, re-accumulating in the red zone, and holding on for dear life (HODL) in the green zone.
BTC is currently valued at $33,924, showing a 14.5% increase in the last seven days.
According to the analyst, Solana is on track to achieve its highest monthly candle close since April 2021. Previously, SOL would briefly surpass the black resistance level of $23.89 before retreating below it. However, it now appears that SOL has broken out from the orange-black range and rallied into the purple area.
The analyst suggests that the $32-$45 range could potentially act as support for SOL, as the purple area has historically served as a significant support level. They also note that strong supports do not necessarily become strong resistances. To confirm SOL's strength, it is crucial for the cryptocurrency to achieve candle closes within and inside the purple area.
SOL is currently valued at $32.10, reflecting an 18.5% increase in the last week.
In conclusion, the analyst's analysis of the Bitcoin and Solana charts provides valuable insights for investors. It is important to consider the potential range high for BTC and the support level for SOL in order to make informed investment decisions.
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