(MENAFN- DailyFX)
Bitcoin (BTC/USD), Ethereum (ETH/USD), and Solana (SOL/USD) Prices, Charts, and Analysis
- Bitcoin (BTC) continues to consolidate below its prior ATH.
- Ethereum (ETH) fails to print a new ATH, just.
- Solana's (SOL) three-day rally keeps going.
After breaking its previous all-time high and touching $67k, Bitcoin has given back part of this week's gains and is trading around $63.2k. While Thursday's $k sell-off candle may look ominous, it should be taken in context as Bitcoin has rallied off almost continuously off a one-month low of $39.5k. The daily chart remains positive with support around $59.6k, which would place it back into the middle of the strong uptrend that dominated price action since early October. A period of sideways consolidation should set Bitcoin up for a renewed move higher.
Bitcoin's All-Time High Sparks Life Into The Alt-Coin Market, Solana Pumps
Bitcoin (BTC/USD) Daily Price Chart – October 22, 2021
Ethereum's near 18% run-up this week came to a sudden halt and reversal just a fraction below its all-time high, following Bitcoin lower. Last week's break and hold above $3,675 gave ETH real upside impetus, while the September 3 multi-week high at $4,028 has held as support in the last two days. As with Bitcoin, the chart remains positive overall and a further short-term test of the May 12 high at $4,379 cannot be discounted.
Ethereum (ETH/USD) Daily Price Chart – October 22, 2021
A strong three-day rally has placed Solana just below its all-time high after breaking out of a bullish pennant earlier this week. The move higher has also been helped by a lack of any technical resistance levels on the chart and a further move higher cannot be ruled out. The alt-coin market has been left behind by Bitcoin's record run and while it may be too early to call for the alt-coin market to outperform Bitcoin in the near term, this is unlikely to hold back the positive sentiment seen in Solana.
Solana (SOL/USD) Daily Price Chart – October 22, 2021
Chart via TradingView
What is your view on Bitcoin (BTC) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1 .
MENAFN23102021000076011015ID1103025553
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.