Transcription
Hey folks, welcome to verifiedinvesting.com. My name is Gareth Soloway, chief market strategist here.
In today's video, we're going to discuss my January 11th video where I said there were bull flags forming on the altcoins. Just a week before that, I had alerted to the latest bull run that we did see of about 25 to 30% in all coins. And then again, just after that, we looked at the bull flags forming.
In addition, we're going to go over Bitcoin. Bitcoin remains within its bare flag. But remember, within a bare flag is actually bullish in the near term because it's stuck in a parallel, which keeps price from dropping and can actually push price back up. My upside max target has been 100,000. We are getting close to that level. I still think there's a good chance we get there. We're going to all look at the charts here. Charts of altcoins, ETH, Salana, Bitcoin, XRP, some other altcoins as well, but ultimately nailed it. I hope some of you guys caught these latest calls. This has been fantastic if you're into crypto like I am.
All right, let's go to Bitcoin. So, here we are, guys. So, number one, here is your parallel channel. Now the bigger macro pattern as I've discussed is a bigger move down which again this is an inside bar action right and ultimately this pattern will eventually and this is probability based so there's no guarantees but eventually the likelihood is it will resolve itself to the downside. However, as long as it holds this line and I've done videos for the last multiple weeks saying as long as it holds this trend line then it's neutral to upside bias. Right? Why? Well, because in the near term, this is support and this is resistance, right? So, you have a very defined chart which tells you when you're down here, you buy and again look for a move up here. And if you get up here, then you can start to sell into that, which again would be right at that 100,000 level.
And again, just to go over this and really kind of, you know, give you guys the keys to the castle. And I'm all about this, by the way, folks. And I want to be clear on this is that I am an institutional investor and trader. I've trained hedge funds and their traders. I've worked with hedge funds, institutional money, and I've also obviously run verified investing here and the amount of knowledge that you pick up from the institutional side. I love giving you guys a lot of these insights because most retail is focused on emotional response, right? That's what the institutions actually gauge and want you to be because that's how they get exit liquidity. That's, you know, when something's at all-time highs and the insanity is just like bye bye bye bye. They're just sitting there unloading. Think about Bitcoin at 127,000. Look at where it is now, right? Um, and there was so much hype back then. I mean, Trump was just in office, all these other things. And vice versa. Think about the panic and fear when you're at lows. That's when you have to think that institutions are buying. They want you to be panicking and selling and ultimately they're buying.
So in any case, the point being is let's talk about the 100k level. Why is that significant? Because again, this level is very keen, right? So you can see there's and I've talked about this before, but basically we have this trend line right here, which again marks, look at this pivot low, pivot low, pivot low, pivot low. Now, one of the key principles in technical analysis is that when you have a support line like this, right, and it breaks down, this is going to be resistance for res. So here it's support and then bounce bounce bounce bounce support breaks now it becomes resistance right and so that's one of the key principles of technical analysis. So the idea is here's support bouncing a bouncing ball on the support. It breaks through the floor. This will be resistance. Now there's no guarantees that it doesn't go higher here. This as a technician is just what we need to respect.
Remember my goal and this is a way I've trained my brain. And by the way, I'm in the middle of writing a book on psychology ultimately that is what's going to be in the book and I think it will be very, very helpful to many of you to understand how to push through and train your brains to stop getting influenced by social media. By the way, this is new, right? I mean listen, there was always hype, right? I mean, you know, 20, 30 years ago, 40, 50 years ago, you know, you could have turned on CNBC or Bloomberg or whatever, and yeah, they're going to influence you, but it's nothing nothing like what you and I deal with today if we're around social media. The hysteria is X 100x, a thousandx times. It's incredible. And so, you really have to be even more solid on your brain train so that you can be on point with levels.
All right. So, going back to the charts here, what we have is Bitcoin. This is going to be your upside resistance. I'm still optimistic. We're going to probably get to about a 100,000 at that point. I have a long with Smart Money Crypto members. So, if you go to verified investing, I have a service called Smart Money Crypto and I trade crypto. We've been long Bitcoin. We had a lot of altcoins. I've unloaded some. I actually just rebought on the bull flag video that I did the other day for you guys. So, you guys get a lot of the keys to the castle. You just don't get my exact entries and exits. But ultimately, that's exactly what I've done here. Right? So, um, looking for a little bit more upside. Now, to be fair, sometimes I unload a little bit prior to the level. Um, I don't know if I will this time, but the reasoning there is just in case it doesn't hit exactly that level, I don't want to miss the party and then have it crash back down, right? And so, again, I'm a swing trader. If you're a hodler, whatever that that that's fine and which is awesome, but again, this video is geared more towards the shorter term movements on Bitcoin.
Now, let's go to ETH here. Now, ETH had hit major support. We talked about this, right? So, ETH again, if we look at the charts, this look at this support level down here on ETH. I mean, all this support, support, support, support. Remember, a ball slamming against the roof, roof, roof, roof, roof, breaks out. What's going to be support? This side, and there it is. Hits it, hits it, and then starts to incline low, higher, low, higher, low, higher, low. That creates this. Then you get this kind of parallel channel area. This is where I think ETH can go to about 36 to 3,700 on the charts. Then it starts to run into a lot of resistance. Notice here guys, this is important here. Look at right in this range here. You have all of these lows right through there, right? So all of that as resistance is going to play into it.
Now quickly going to XRP. All right. And by the way, that's that's unfortunately it's also a bare flag on um on on Ethereum, right? So, even if we get upside, the charts are still saying, okay, short-term neutral to upside bias, but midterm potentially another down move, right? And by the way, next level, if it breaks those recent lows that we saw a month, two months ago, you're looking at about 2100. I will be a buyer there. Of course, I'll keep you guys posted in these videos, uh, as always.
All right, but XRP, great breakout and retrace. This was the beginning. This is kind of like the bull. This isn't a great bull flag, but it's a classic retrace. When you get such vertical spikes, you tend to get more sharp corrective moves. But look at this, guys. You want to see something really cool here? Look at this. If we do a fib on this look, take the low, the beginning of the move, and look at where it pulled back. Your exact 618 Fibonacci retrace. That is golden right there. That's golden pocket as many of you guys may know. But look at the pop there on that. So, that's a great one there.
If we look at Salana, take a look at Salana. I'm still long Salana by the way. Um I love this potential pattern setup on Salana. Um this is one of the trades that I'm long with Smart Money crypto members. But this to me is an inverse head and shoulders. First resistance is going to be 155, but it could easily blow through that. If we want to calculate our measured move target, um you take the low of the edge to the neckline and then you extrapolate that out from the breakout. We should get up to 170 if this pattern completes fully. Now again, will I hold all the way up there? That's a bigger question. Uh again, I try not to get overly greedy because when in the past I get overly greedy. That's emotion and emotion tends to make you miss the exit and then it pulls back and then you start, you know, basically you get emotional, right? And that's that's never good for the P&L. Okay, so that's awesome there as well.
Couple other charts here, guys, that were just fantastic. Let me look at Cardano here. Cardono, same thing. Breakout, there's your bull flag. This is what the January. And by the way, you can always go back. All of this is public right on my YouTube. You can see all these videos. Every video is there. So, my bad calls and my good calls. Frankly, this happened to be one of my good calls. Breakout retrace. And there it is. Now, it's meeting some resistance here. But the thought process is, can we get a little consolidation and then another breakout? If it does, it's going to about 48 cents. 48 cents maybe as high as this low pivot at around 49 cents. So, 48 to 49 cents. That would be a nice level there.
Uh chain link. Uh let's take a look at this one. Same thing, right? So you had a little bit of different because this gives you that bare flag upside target of around 1530 but same thing up move consolidation and you still had the breakout right I mean you still have had a trend line here right there I mean look highs to high right there it tags breaks out retraces boom it should continue up and this by the way this aligns with what we're seeing on Bitcoin and on ETH.
And by the way, even Micro Strategy MSTR. Um MSTR I love MSTR I'm long MSTR with smart money stocks members if you're into stock trading or stock swing trading in smart money stocks. Uh we're long this and we're in the money on this. I've been accumulating down in this lower range and it's now starting to really push up. We should see this. Honestly, it should get back to about 200 I think at least. Um but we'll have to watch and see on that front.
All right guys, listen. My goal here is always education. Um obviously there's nuggets of literally I've traded for 27 years now. Um I've learned many lessons the hard way. I still learn hard lessons, frankly. I still have losses. I still do stupid things as we all do. But the key is I just am continually learning and trying to minimize those bad decisions. Um, and slowly I do better and better. And I think we have to all understand that is that there's no perfect recipe. It's not like you're going to wake up one day and be a great investor or trader. It's a learning curve. But the great thing about it is the curve as you learn. Yeah, you have small setbacks, but it's like three steps forward, one step back, three steps forward, one step back. It's basically a chart, right? We can chart our progress and it's generally up and to the right in terms of profitability, in terms of win rate, etc. And we just keep going at it. And that's the key.
You guys have a great rest of your day. Thank you so much for tuning in. Again, folks, my pleasure for giving you whatever I can here. And again, please comment, share with your friends these videos. That would mean the world to me. Thank you so much. Take care.