Episode Summary

Today On Crypto Daily:

• Should You Buy Bitcoin? What the volume levels and RSI tells us
• Solana secures funding

 

#BTC, #ETH, #SOL1

Questions? Ask at [email protected] and we will answer!

Hosts:

Joe Dewitt Follow at: https://twitter.com/metabitz

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Unedited Transcript:

 My name is Joe Dewitt and this has been Zeno's crypto daily, jumping straight into it.

Taking a look over at Bitcoin. Bitcoin is continuing to struggle to read. All time highs. Although I do like to see that the red volume nodes are actually much smaller than the green volume nodes indicating that there is more momentum in the buying direction than there is selling. This is a nice indication for Bitcoin as we should revisit those all time highs in a matter of no time, ideally breaking out of that consolidation within the week and taking a look over at a theorem.

Ethereum is looking fantastic. And as I discussed yesterday, it is doing the best possible thing. Doing it is retouching down on the support level, um, which was previously the all-time high resistance, which now flipped support after we got above that level. If we can touch down on. Um, with a level of 4,380, and then bounce from there up into new all-time highs.

That would be ideal. Although there could be a retest and we could fall below that putting price under 4,300. Now taking a look over at Solano, I want to talk about Selana today because the graph looks absolutely amazing and they just secured 21 million in funding to build their browser based blockchain games, taking a look over at the chart.

Recently, it broke out of a nice little consolidation into a run here from about $200 up to 240. Um, Islam has had great momentum for about a month. Now. It's been riding that 50 day, moving average. It bounced off of that 50 day, moving average like textbook and right up to that all-time high level for a test price consolidated from there, and then broke out up into new all-time highs.

Ideally, this will contest back down to that previous, ultimately. Flip just a port and we will bounce off there up into the $280 zone. And today, guys, I'm going to talk about, is this a bullish or bearish level for Bitcoin given market sentiment and momentum? Currently? I would say that this is absolutely a bullish point.

Bitcoin. As I previously discussed, there are larger green volume nodes, meaning that there's more volume coming in on buying purchases and there are selling so more people want to be buying Bitcoin than selling. That is a great market sentiment. Our trends are looking great. We have higher lows established.

The only concern I would have for a bearish trend is if Bitcoin price struggles to revisit all time highs and pre. Breaking down below that 58, but until then, momentum is fine and we are still uptrending up into new all time high territory. Also, we have a nice RSI indication of about 60% meaning 60% over bought and RSI just means relative straight index.

So it is one of the most common indicators and technical trading, and it just evaluates the price of an. Relative to previous price. So it calculates if something is overbought or oversold. So we do have a little bit of room for correction, maybe a few thousand dollars down to 60 to 63,000, and then we should be looking fine right after there.

That's all the time we have for today, guys. Thank you so much for tuning in, make sure to follow and subscribe to our podcast and follow me on Twitter, which will all be in the description. Have a great weekend quickly. I just want to say that this is not financial advice. I encourage everyone out there to please do your own research before investing in cryptocurrencies, as they are very volatile assets.

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