Bitcoin has risen above the $65k mark, crushing all the short positions and confirming a bullish divergence that is likely to attract traders’ interest in the cryptocurrency market. Meanwhile, Ethereum has confirmed its breakout, creating additional opportunities for traders.<\/p>\n
The latest episode of Crypto World has Bitcoin well above the $65k mark, a figure that had many traders glued to their screens. The move was more than just a breakout; it ended plenty of short positions and put a bullish divergence on the charts for all to see. When you have price going lower but an indicator such as the RSI heading up, it is a sign the selling pressure is waning and a reversal may be coming. To the new investor or long-time holder, it may look like the beginning of an upward trend with some staying power.<\/p>\n
That divergence is particularly noteworthy on the weekly time frame. The host of the show made the case that these kinds of patterns are often a harbinger of good buying opportunities down the road. But there is a cautionary note for the daily chart: Bitcoin will run into resistance near $66,000. Should it get there in the near term, expect some difficulty in getting past it, which could prompt some to trim their holdings and book a profit.<\/p>\n
Traders have been drawn to Ethereum lately after the asset confirmed a breakout from its double bottom. It is a textbook reversal pattern, one that points to an uptrend replacing the prior slide. Crypto World has put a new price target on the table for the Ethereum breakout in the $2,070 to $2,080 range, providing a straightforward short-term objective for those in the market.<\/p>\n
The power of such chart patterns when timed right was on display with one trader who made about $14,000 in profit in as little as a day after going long on Ethereum. With Bitcoin making its way toward key resistance levels, that same individual is looking to book some partial gains, a move that reflects an outlook that is as cautious as it is optimistic.<\/p>\n
Solana is in the news as well, with Bitcoin\u2019s move past $65k and Ethereum making its bullish case. On Crypto World, the host pointed out a textbook bounce from Solana off the $75 to $80 support. Such a strong showing by buyers is an indication that more upside could be in store for the asset, provided the market at large holds up.<\/p>\n
Then there are the technicals. For those new to the space, these patterns and support levels are a good way to time one\u2019s entries and exits. By observing how the likes of Bitcoin, Ethereum, and Solana respond when they hit certain prices, a trader can better manage risk and make sounder decisions.<\/p>\n
Source \u2014 Crypto World: https:\/\/www.youtube.com\/watch?v=5n7WB0eCfyI<\/a><\/em><\/p>\n <\/p>\n