A widely followed crypto strategist is remaining bullish on one Ethereum (ETH)-rival as he updates his stance on Bitcoin (BTC).
The pseudonymous crypto analyst Pentoshi tells his 700,500 Twitter followers that as long as Solana (SOL) trades above $22.30 he is bullish on the ETH competitor.
“I think it’s easiest to say. Bullish above $22.30. Bearish below. Everything I’ve posted past few months has been more HTF (high time frame). We might wait one-two weeks but it’s cut out all the chop. Personally think it’s best to trade that way in this environment until easy mode. Too many forcing trades.”
Solana took off on a huge rally since a June low of $12.80 and is trading for $24.89 at time of writing, a more than 94% increase.
The trader says if Solana dips below the key level of $22.30 it will likely decline to a support level of $20, which is the lower bound of Solana’s price range for most of 2023.
“Update: Trade under $22.30 then $20 is likely.”
Pentoshi has been closely watching the high time frames of Solana’s price action to determine if it’ll hold range highs. According to the trader’s chart, if Solana begins to drop below the $25 level, the next key level of support is $22.30.
“SOL: Overall the chart looks very constructive to me on HTF’s But I did want to see it hold these previous range highs. For now could be a deviation. If we start to close back inside then I’ll look at $22.30 next. Bullish on cult-like communities for the next bull run.”
Looking at Bitcoin, the trader says that BTC’s price action has stalled for weeks, and that he’s looking for a break of the $29,700 level as the next signal to go long.
“Nothing has changed here, want to see BTC reclaim $29,700 and close above. It’s been a very slow five-six weeks outside of the on-chain stuff…
Two options for a long for me here. Reclaim the range we just broke down from at $29,700. Or bid deeper. Think this was managed well on avoiding chop.”
Bitcoin is trading for $29,339 at time of writing, up 0.4% during the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney