In a recent analysis by renowned cryptocurrency expert Carl Runefelt, the CoinSpeech team compiled the most important insights from his appearance. Below, you can watch Carl Runefelt’s new video and read more about his key observations on Bitcoin and Ethereum trends.
Bitcoin’s Current State: Resistance and Support
Bitcoin is experiencing a minor correction, raising the concern: “Will Bitcoin go even lower?” According to Carl, the major resistance level to watch is around 71.9k. “We’ve tested this 1, 2, 3, 4, 5 times now,” he points out, suggesting that multiple tests make a breakthrough more likely for the bulls.
Critical Levels to Watch
Important support has been identified at $67,000, with substantial resistance at $71.9k. These two lines are vital for anyone in a long position. Carl warns, “If we break the support, then I think we’re going to have to postpone the bull market a bit.” The next logical support level could be around $60,500.
Carl’s Trading Insights
Sharing his own trading positions, Carl revealed he still holds a $1.1 million position, and despite possible danger if Bitcoin declines, he has managed to profit $60,000 thus far. Discussing his remarkable entry point, he says, “I have the lowest entry for Bitcoin out of anyone that I’ve seen.”
Ethereum Analysis
Ethereum is also under the spotlight as it undergoes a correction. Carl emphasizes the importance of Ethereum, remarking, “If you want to predict altcoins, then you first have to predict Ethereum.” He argues that to forecast Ethereum trends, Bitcoin’s role as the “king” must be considered.
The Cup and Handle Pattern
Highlighting this technical pattern, Carl notes, “This cup and handle is so obvious” and reassures his audience that the handle breakout has already begun. He remains optimistic yet cautious, hoping to witness the pattern’s fulfillment.
Watch the full video here: