I’m probably going to start writing a post every Monday morning on cryptos. That’s a good day to do it because the pivot week on cryptos ends on Sunday night, so the weekly pivots on the daily charts I post on Monday mornings will be the new ones.
BTCUSD made an interesting looking low a few days ago and I wrote a post that day about the possible bull flag low that might now be in. Since then on BTCUSD the possible RSI 5 buy signal has fixed and BTCUSD has rallied well to break back over the daily middle band yesterday. If that is converted into support then the next obvious target will be bull flag megaphone resistance, currently in the 71,300 area. On a break above that the bull flag target would be a retest of the all time high not far above.
BTCUSD daily chart:
There’s no obvious reversal pattern on BTCUSD yet, but there is a possible IHS neckline in the 63.8k area. If we see a pullback from that area, ideally back into the 58.4k area, then that could set up an IHS that on a sustained break up would look for at least a test of flag resistance.
BTCUSD hourly chart:
As I mentioned in my last post the corresponding low on ETHUSD set up the support trendline on a very decent looking bull flag descending triangle. ETHUSD is also back over the daily middle band and, if that holds, the next obvious target on ETHUSD will be flag resistance, currently in the 3900 area.
ETHUSD daily chart:
SOLUSD didn’t reach the obvious support trendline, though I have marked in a possible alternate triangle support trendline. Flag resistance is currently in the 171 area.
SOLUSD daily chart:
There is also a very decent looking bottoming pattern on SOLUSD, in this case a double bottom. On a sustained break over 154.78the target would be in the 188 area, close to the May high at 188.83.
SOLUSD hourly chart:
A serious low may now be in on all three of these cryptos, on BTCUSD there is an obvious path to a retest of the all time high, and on ETHUSD and SOLUSD an obvious path back to retest the 2024 highs, and from there a very possible retest of their all time highs. We’ll see how this develops from here.
We did our free monthly Chart Chat at theartofchart.net yesterday. If you’d like to see the recording of that you can see that here.
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15th Jul 2024