As a seasoned crypto investor with over a decade of experience under my belt, I find myself intrigued by the current state of the market. The recent downturn was a stark reminder of the volatile nature of this space, but as always, it presents opportunities for those who can read the charts correctly.
As a researcher observing the cryptocurrency market, I’ve noticed an intriguing turn of events. After a significant price drop on Monday for Bitcoin ($BTC), it appears to be making a resurgence. The trend seems to be echoed in the altcoin sector, where prices have plummeted even further into the red. However, it seems that the leading trio – Ethereum ($ETH), Solana ($SOL), and Binance Coin ($BNB) – are poised for their own rebound. The question on everyone’s mind is: How high could they climb?
$ETH retests huge triangle breakout
On a weekly basis, the Ethereum price is showing promising signs. The price shift on Monday served to pull back Ethereum for a reevaluation of the large triangular pattern. If this retest proves successful, it will pave the way for Ethereum bulls to break free from this triangle and surge towards its all-time high once more.
If the all-time high at $4,878 can be achieved, the next target is the 1.618 Fibonacci at $5,310.
$SOL confirms bottom of channel
On the 4-hour SOL chart, we can see that the price has been moving inside a downward trend channel. Remarkably, the lowest point of Monday’s turnaround matched precisely with the lower boundary of this channel, marking the start of an upward rebound.
Should the supporters of SOL manage to drive the value towards the channel’s peak, a breach of this level could initiate an estimated progression to approximately $270, considering both the speed at which the price reaches the peak and the exact point of potential breakout.
$SOL bull flag and retest of major horizontal support
On the weekly chart for SOL, things are looking optimistic. The long wick on Monday has retested a very robust support level at $202, which now appears strong. Furthermore, it’s evident that the trend forms a bull flag channel. Given that price has just tested the lower trendline of this bull flag, it seems probable that the price will return to the upper part and potentially break out from there. The projected move based on this pattern suggests a potential increase up to around $340.
$BNB breaks out and confirms above huge ascending triangle
As an analyst, I find the weekly chart of BNB quite captivating. It demonstrates that the price has consistently adhered to an ascending trendline since early 2018, a testament to its resilience and potential for growth.
Starting from 2021, the price trend moved within a large upward-sloping triangle. Last week, it broke through this pattern, but this week, it has briefly revisited the same level.
Fibonacci targets overhead are at $1,000, $1,500, $2,000, and $2,500.
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2024-12-10 15:11