Are Cryptocurrencies building a base to head higher? Or will they continue lower?
Today I will analyze my favorite Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). All 3 markets are currently in bearish downtrends on both weekly and daily timeframes and the most recent swing down from late March highs has been swift. However, I am noticing one interesting thing about all three. If you look at each of these markets’ daily charts from the late March highs until the recent May lows, you will notice the largest volume profile ledge is happening now. What comes next will be important. If prices can hold here and rally, then this ledge could provide support if it gets retested. However, if prices break recent lows and continue lower, then this area will could be resistance on any future rallies. Stay tuned!