DANGER FOR CRYPTO… These Prices MUST HOLD! | Bitcoin Ethereum Cardano & Solana Prediction
Only in no way should it be considered financial advice, im, not a financial advisor trade and invest at your own risk. Whats up and welcome to the channel where chart reading is simplified for you, im, michael and in this video. I want to look at the grave danger that cryptocurrency is in right now, but first this is my short to medium term view. My macro bull market narrative that ive been talking about hasnt changed yet, but my short to medium term view is changing as the days roll on and theres no momentum and no traction being formed. And in this video im going to go through bitcoin, ethereum, cardano and solana, and look at the levels that im watching that if the market breaks down from these could put the market in a bit of a sticky situation and if youve been following along, you know. As of the last couple of days, ive been talking about the likelihood that, if were not getting above, our key levels, which ill also go through in this video theres a higher chance that we could be grinding and going lower over the coming weeks to potentially months. So this video ill reveal all and what im looking at so lets just get into it, starting with the total market cap, because this is the barometer for the whole crypto. Space weve been looking at 2 trillion and 1.8 trillion dollars and if we start to break down from 1.
8 trillion, that is a danger sign for the crypto space overall, because were going to be on our way to the next support levels and, as you can see, Weve just been oscillating between those two prices: 1.8, just over 2 trillion and up to 2 trillion and just not getting any traction its finding resistance at where there was a mass amount of activity just beyond those prices from 2 to about 2.2 trillion dollars. So the fact that its not getting back within this range here is a danger sign for crypto, because it could just be consolidating and more likely distributing below this price as the market isnt getting any momentum. So if we do break down from that 1.8 trillion im, seeing that we could go down probably quite quickly, maybe to about 1.6 and maybe even as low as 1.5 trillion dollars, and it may not sound or look like much on the chart. But from where it is, it is still a decent percentage terms in terms of falls with 15 to around 20, which is hundreds of billions of dollars coming out of the market, but its not happening yet were still holding up. So it is really important for me to see the total crypto market cap hold above that 1.8 trillion. If we wick below it, thats no big deal like we did here, provided we can get back and close above, but if we do continue to kind of hover around its telling me that we are likely going to be grinding and breaking this level like.
I said it hasnt changed my macro bull market narrative that ive been talking about, but my short to medium term view is changing for as long as were not getting any upside momentum now. Im sure most of you are fully aware that i love ganns 50 rule and on that ill, clean this up for everyone, 50 is seen as a balancing point for the market and i look for the market to be strong above 50 and weak below. So you can see were still holding in the strong half holding above that 1.8 trillion. This is obviously just a touch below, but weve also got some old tops and bottoms that are acting as support at the moment. Weve got a top here and a top here. Both around that 1.8 trillion, so if we do continue to hold above here, thats pretty good news, but if we break down theres every chance that those tops – and these bottoms could then become resistance and its going to be tougher to get back. On top of this level, which is what were kind of seeing now in bitcoin and the 44 000 mark, but well get into that next now to bitcoin, and we can see that it is a very similar pattern to the total market cap and that should come As no surprise, as bitcoin makes up a fair chunk of the total crypto space and thats, what the btc d stands for thats the bitcoin dominance is currently 42 of the total market cap.
So it really is no surprise that the patterns are somewhat similar, but obviously the prices are going to be different because bitcoin isnt trading at trillions of dollars so well look at the levels for bitcoin now. But we can see that the period of consolidation was at somewhat similar time. The timing is whats the same. The patterns somewhat similar, the price is obviously different, but we can see that at that forty four thousand dollar level bitcoin has just been struggling to get its head back above its just finding resistance resistance there every single time. So while i love the look of the low here, i would have liked to seen bitcoin get back above 44k and consolidate there and weve been looking at that. Since the low came in last week. The fact that we are just struggling there is telling me that we could be grinding and lower, for you know, weeks to months, like ive been saying, so it is really just a matter of staying on top of our games and being prepared for what could come Next and the bottom side level im looking at for bitcoin, is that 40k level. If we can hold above 40k, its not all bad news. Ideally, we want to be above 44k, but as long as we remain below 44k, it puts bitcoin in a bit of a dangerous position and just like the total market cap weve got some tops back in may and june at around that 40k level, that that are Holding the market up, these tops are acting as support right now and what we dont want to see is bitcoin break below them and then for these bottoms to act as resistance, which is going to make it harder for bitcoin to break to higher prices.
In the shorter term, it just acts as an overhead ceiling that bitcoin needs to bang its head against, to eventually break through and get back on, top and thats. What 44k is acting as right now so like? I said this is my short to medium term view and for me short to medium term is looking at the charts from the hourly chart up to the daily, and that can turn into weeks and weve had days of just the market, not going anywhere, not breaking. Above the ceiling level im looking at so thats why i have to adjust and go with the market, theres no point finding the market, it doesnt care. What i want it to do its going to do what it does and its up to myself. People who are trading and investing to adjust to the market conditions so short to medium term, its still looking a bit iffy below 44k lets see if it can get back above but 40k underneath really, if that starts to break down, bitcoin could be down to its Next support level, which could would likely be these old tops that took place back in june and july at around 36k. So if we do start to break down from 40k, we could see a rather quick drop or maybe a grind 10 percent lower to that 36k and obviously well just have to see how this one plays out and if it gets there. First ethereum is also battling with a very similar pattern at play.
Right now, we can see how it is struggling to hold above three grand. It gets above three grand momentarily and breaks back down, and this period of consolidation that took place in august is now acting as ethereums overhead resistance level. It needs to break back, and at least close within this range and consolidate within the same range of that three thousand thirty three hundred to be back in a relatively strong position, at least for the short to medium term. Any time spent below this price puts ethereum in danger of breaking down further and going back to the trusty 50 tool. If we run it from the lower top to the current low, we can see that that 3160 is just stopping the market dead every single time. Its not able to get back into its strong part of the tool, its just playing in the weak area and looking at this 50 strength and weakness tool on ethereum on its slightly bigger time frame. It comes in at 2864 bucks and we can see that its just flirting with 50 percent, its hovering around it just holding its head in the strong area, but its not going to take much to get back into its weak zone and thats. Going. To put these lows in danger, the lows coming in at 26.52 is the lowest of the lows so for ethereum to remain buoyant and not too much danger. It needs to hold above this 2650 odd.
If it does break down from there, ethereum could be falling. Obviously much further to at least its old tops at 2400, and if weakness continues and theres still no buyers coming into the market which well be able to identify from the volume. If no buyers start coming in at 2400, then its going to be on its way down likely to the old lows, hopefully not for long term ethereum holders but thats the next level of support for ethereum to come in if it does continue to break down. But before then, it is still holding its lower this 2650. So this kind of is the breakaway point for me for my short to medium term view as long as this holds its not all bad news for a bit to be in a stronger position like ive, been saying it needs to get back into over 3k. You know that 3150, ideally but 3k, be a good starting point. Cadano, like the rest of the crypto space, is also having a bit of a grind lower. It is holding its important low at two bucks or a dollar ninety one to be more precise, but the major fifty percent level im looking at for cardano, comes in at two dollars and five cents and were still just holding in the strong area of this tool. Its not in its weak part, the lows have come in at the weak part, so for cadano to really keep its head above water.
It needs to hold the low at a dollar and ninety one cents. If you can continue to to do that, its not all bad news, but for as long as we keep grinding, lower and theres no volume coming into the market. Its telling me that we could be down for days weeks potentially months. But as long as we dont fall out of bed – and we can hold some key support levels, then its not all bad news – you can see that cadance actually holding above its tops of may and june, unlike bitcoin and ethereum that are basically sitting on top of Them right now, so those old tops also come in about a dollar 83 and then a dollar 89 which isnt too far away from the low at a dollar. Ninety one! So really, if kadana does continue to grind lower, i wouldnt want to see it go lower than dollar eighty, because if it does, it could have a sharp fall to its previous top, which comes in at around that one buck and 45 to 50 cents. And obviously this is all just pure technicals. Its got nothing to do with the projects, but when sentiment is low, markets are grinding. Theres no volume coming into the market its likely that the previous trend is going to continue into the future because theres no underlying force or energy thats turning it around the trends are down. Markets are grinding and we need some outside energy to burst into the market.
We need some volume, we need some big players, but while markets are down generally over overall were going to need a mass amount of just a sentiment, change which were not getting yet so well see if we can get that soon and in the meantime, im just Going to keep watching the charts and watching these support levels, because we know, when support levels, break itll often fall to the next support level. Markets rarely just turn around in the middle of nowhere. So while it isnt all bad news, it is still holding that around that two dollar level. I really want to see kadano get above that 2.47 to 2.50 thats, its overhead ceiling right now. So any time any time spent between that two dollars to 2.50 could just grind its not too much of a bad sign as long as it just keeps holding its low thats. The big thing for me, so the grave danger is, is if this low is broken and we do start working our way down. It is looking at that dollar 45 to 1.50 could be the next major support zone. Solana, like the rest of the crypto space, just isnt, getting any momentum either its dropping and then closing in the middle or strong on the bar rallying and then closing on. The low of the bar were getting closes consistently in the 130s. Weve got 1′ and weve got 136 135 and then previous session was 136.
. The major support level, which im sure many of you know have been watching, is that 130 bucks. I really want to see 130 bucks hold for solana to stay in a relatively strong accumulation. Phase if we start to drop below there its telling me that this has been distribution and were going to have further to fall to the next support zone and for solana it could be sub 100. We do have the psychological level at 100, but the next real support zone i see is around that 82 to 84 bucks. So just like the other three markets, lowes holding, is the aim of the game. 130 bucks for solana as well is critical for me, so we really want to see some energy come into the markets rather than rather than just this slow grind, but a slow grind also isnt bad its, not a market crash, its just the market needing some time To kind of recoup and rebuild some energy, but what it does mean is we could be in this for weeks to months, which is absolutely awesome news for people who feel like they missed the boat last time. This is the time to be getting prepared for the next phase of the bull market time now to get everything in order not when the market is screaming up thats when everyones scrambling and making mistakes and missing the boat, the quiet times are the best times to Be getting prepared and getting focused on what it is you want to be putting your money into in the next bull market.
So, while the markets are flirting with some pretty grave danger on the underside, but very close to these support levels, which could become resistance if they break down the flip side to all of this is if we start to break some tops, those overhead levels were watching. The 44k is for bitcoin the 3300s for ethereum, the 2.50 for cadano and for solana. I didnt give you one but ill go back and give you one now if we do start to break the overhead support levels, rather resistance levels in solana at about 152 bucks, then thats going to change the narrative. I always need a trigger to tell me whether its going to be bullish or bearish and now like weve, been looking at for days as were just in this grind. This indecisive phase that could take time, but if we start to break the overhead levels, thats changing my thinking for the short to medium term, as do the under underside levels, which will change my thinking for being confirmed that we are going to be in a grind. For longer and what this overhead level looks like for the total market cap, like i was saying before, is that 2 trillion is the first trigger and then weve got the 50 level which comes in at about 2.1 trillion once we start breaking this level from where We are at right now this is going to put the next stage of the bull market like ive been talking about in full swing.
Breaking these levels, for me will be confirming it, of course, ill need to be seeing on the day whats happening, but the way i see it right now, thats going to get the next stage of the bull market happening in a major way, so were just going To have to see how it plays out and if these support levels can hold now, i hope you enjoyed this market update. Let me know what you think about the markets in the comments section.