BTC

BTC recently rose to $107,114 but faced resistance, just 2.4% shy of its all-time high of $109,588. The price has formed a minor ascending channel (purple parallel channel). In the short term, a breakout above this channel may still face resistance at the historical high.

If a breakout occurs, investors can wait for a pullback to the upper channel line before entering long positions. Alternatively, if the price fails to break out and tests the channel’s support, long positions can also be considered, with a take-profit target set at the all-time high.

While this strategy is somewhat simplistic, it offers a favorable risk-reward ratio. BTC has been performing strongly recently, with no bearish signals in the short term, making it a suitable time for long positions.

ETH

ETH recently broke out of a descending channel (purple parallel channel) but faced resistance around $2,600, which aligns with a previous high. If the price pulls back from this resistance, support is expected between $2,500 and $2,480, the former being a high-volume trading zone and the latter the Fibonacci 0.618 level.

Investors can consider entering long positions in this range, with a take-profit target around $2,650, based on the channel’s height and near the Fibonacci 1.272 level.

Reference levels:

Direction: Long

Entry: $2,480 - $2,500

Take-Profit: $2,650

Stop-Loss: $2,430 - $2,440 

SOL

SOL’s price action mirrors that of the other two assets, currently in a consolidation pattern, forming a descending wedge. As of writing, it’s priced at $172, within a high-volume trading zone.

If the price breaks out, investors can enter long positions or wait for a pullback to go long. The take-profit target, based on the wedge’s height, is approximately $200. If the breakout fails, long positions can be considered when the price retests the lower wedge line, with the same take-profit target and a stop-loss set at 2-3%.

Reference levels:

Direction: Long

Entry: $160 - $163

Take-Profit: $200

Stop-Loss: $155

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.