Bitcoin Breaks Out of Bullish Pennant
Following the Federal Reserve FOMC meeting, where Chairman Powell confirmed that interest rates will remain unchanged, bitcoin and the crypto market experienced a surge in prices. Bitcoin managed to break through the top of its bullish pennant pattern, which it has been trading within since last week. The cryptocurrency saw a 4.8% increase after the FOMC meeting, reaching the 0.382 Fibonacci level before experiencing a slight pullback. With October’s bullish monthly close, this breakout may just be the beginning of more significant movements for bitcoin.
Solana Surges and Breaks Resistance
Solana ($SOL) once again stood out as a top performer in the crypto market. It broke through its up-sloping channel, indicating a highly bullish move, and surged past the major resistance level. The price of $SOL rose by as much as 22% on Wednesday before retracing slightly below $44. On Thursday, it continued to rise, reaching the resistance level at $43.56. The next resistances are expected at $59 and $68, with a major resistance level at $75. Recent positive developments and news have contributed to a 110% increase in $SOL over the past couple of weeks.
Ethereum Lagging Behind
Ethereum, considered one of the leading layer 1 blockchains in terms of market cap and developer activity, has been lagging behind in this crypto bull market. Currently trading within its own up-sloping channel and above the 200-day moving average, Ethereum is facing a downward trendline that began in mid-April. While it has experienced more sideways movement compared to bitcoin and Solana, Ethereum is still within a large ascending triangle pattern that formed since May 2022. A breakout above $2,000 could propel Ethereum towards the top of its channel, potentially reaching resistance at around $2,500.
Hot Take: Bitcoin Takes Charge Again?
With bitcoin breaking out of its bullish pennant and the overall positive sentiment in the crypto market, it raises the question of whether bitcoin will take charge once again. The recent surge in prices for bitcoin, Solana, and Ethereum indicates a potential shift in momentum. As the leading cryptocurrency, bitcoin’s performance often sets the tone for the broader market. If it can maintain its bullish momentum and continue to make significant moves, it may lead the way for other cryptocurrencies to follow suit. Keep an eye on bitcoin’s price movements as it could signal the next phase of the crypto bull market.
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