Bitcoin (BTC), has just broken out of a bull flag. The next stage of its upward journey awaits. With the king of the cryptocurrencies heading higher, the altcoins will not be far behind. $ETH and $SOL are potentially already beginning their own price surges.
Support is firming up for $ETH – $2,800 next?
Source: TradingView
The daily chart for $ETH shows that the sideways period is still ongoing, at least until now. That said, the $2,400 horizontal support level is firming up, and if the bulls can get the price beyond the current $2,600 resistance, $2,800 would be next.
At the bottom of the chart, the Relative Strength Index (RSI) is showing the indicator line pointing upwards and it has broken beyond the yellow moving average. All bullish moving forward.
$ETH breaks back above mid-level of price range
Source: TradingView
The weekly chart for $ETH illustrates how the price has been going sideways within a range since breaking beyond the descending trendline. This range stretches from $2,200 up to $2,800, with the midway point being at $2,500. The price is currently back above the mid-level and so it might be expected that another test of the top of the range could be next. This will be crucial for the bulls to get above so that they can concentrate on taking out the all-important previous swing high at $4,110. If they can do this, it is game-on, and the all-time high of $4,860 will not look so daunting.
$SOL confirmation of breakout, or another fakeout?
Source: TradingView
Things were looking up for the $SOL price earlier on Thursday as a breakout appeared to be taking place. However, the price has dipped back down and It now remains to be seen whether this is a confirmation of the breakout, or whether it is another fakeout.
Given that there is also some horizontal support at this current level, a retest of the breakout looks to be the favourite outcome. The RSI at the bottom of the chart has the indicator line perhaps about to similarly retest the breakout beyond the yellow moving average. A quick candle wick down to the ascending trendline is also a possibility. Time will tell.
$SOL still bullish on weekly chart
Source: TradingView
In spite of $SOL’s recent dip the weekly chart still looks very promising. The price is still beyond the upper trendline of what could be a falling wedge, rather than a descending channel. As long as it is still there by the end of play on Sunday, another candle opening beyond the trendline would be bullish.
At the bottom of the chart, the Stochastic RSI indicator lines are currently crossing back over. This would also be a very bullish signal if this is still the case by the end of this week.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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