Transcription
Hey folks, welcome to verified investing.com. My name is Gareth Soloway, here to deep dive into the action in the altcoins. All right, so listen, there's some interesting moves. Remember a couple weeks ago I said, guys, be ready for an altcoin push up of 20 to 25%. We got that. In fact, most went about 30%. Now, we've seen a pullback, and the question is, is the run over, or is it setting up for the push in the altcoins?
The charts right now are bullish, believe it or not. And as of now, it looks like we could be on the verge of another leg up, maybe another 20 to 25% move over the next week or two. So, let's dive into the charts. We're going to start with ETH here. And ETH. Again, this chart, by the way, as altcoins go, this is not my favorite chart, but it still is a chart we want to focus on, right? So, number one, have technical support right here. This is support as it was resistance over here and over here, right? So, again, you kind of had this down move over here, bare flag, which is where it forms, then a breakdown, then it comes up, struggles in here, and finally breaks out. And then again, once resistance breaks, it then becomes support. And that's what we have right here.
Now, the positives for Ethereum is that you have a trend line here. And this is showing us that essentially low, higher low, higher low, higher low, and higher low. And so again, higher lows are telling us that price is hanging in there. It means that buyers are not allowing price to make a new low. There are more buyers than sellers right now in ETH. Now, overall, is this a mid to long-term bare flag? Probably. So, again, that's why these calls that I'm making are much shorter term in duration, but right now, this is what we want to see. We want to see again, we have the big push up and then the retrace right here. We had a big push up, retrace, then another push up here as well. The other thing to take note of is we're really watching closely this. Do you guys see this exact high here to the exact high there? Which is why price stopped on a dime, right? Okay. So, this is really, really important. What we're looking for now is we now have essentially a wedge formation, right? We can even take away this trend line. We now have this wedge formation and we're looking for a breakout on ETH above 3250. If we get a 3250 breakout, we likely are heading back up to 3700. I want to show you that trend line here. All right, right in here. This would be that trend line. In fact, I'm going to flip the colors for us so it stands out. And what we can really see here is you have your low and then it kind of goes away. We kind of kiss it right here. Goes up here and chops all around. Comes here. We break. Now it becomes resistance down. If we can break out of the wedge, we go back to that level 37 to 3800. All right. So again, that is what we're looking at right now is you're in a wedge right now. It's bullish. What we need to see is a break above 3,200 here. If that happens, we should go to 37 to 3,800. Now, the way you keep a stop on this position, right? Does a technical trader have to be looking at side coin? All right. Great. If we're bullish, am I always right? Not always right, right? And so how do I know if something is failing? How do I know if the bigger macro bare flag is breaking down to get the heck out of an ETH trade here? And the answer is very simple. We go back to here. If we break and confirm below this trend line, it's a clear breakdown and that's at around 2950 to 2940. So, where current price is right now, we're trading around $3,100. What's nice about that is we're only risking about $200 of risk. And if I'm correct and we look at this and we're at 3100, we get up to 32, maybe it pulls back, right? Maybe a little bit like that. And we break up, we're looking at upside of basically 76 to 100 versus risking 200. And that's where your risk-reward as a technical trader comes in. This is so important, folks. I can't stress it enough. How psychology, human psychology plays such a big role in our own investing and everyone's investing, right? If if you're long ETH, the only thing you want to hear, and again, this is a generalization. It's not true about you guys necessarily, but generally, we only want to hear the bull case, right? Well, why 5,000? Why is ETH going to 10? Why is it going to 50,000? But in reality, the investors that will become the multi-millionaires, they are the ones that see when something changes and their thesis gets broken, they can exit as quickly as possible, keeping their loss small. By keeping losses small, technically you could be a 50/50 trader, meaning 50% of the time you're only winning, but you actually could be very profitable. Now, for me, I'm higher than that in the 70 to 80% range, but you still got to monitor that loss. Keep it small so that you keep building your bags. You keep building your portfolio, your financial independence. All right? So, let's keep that in mind. You guys are really set up here. So, be clear on this. This pattern is overall, even if we break up here, this is still, and we can let's just say we break up here, right? This is still from this move down here, right? This would still be a down move, choppy inside bar. Even if we go up here, it would still be a bare flag. So the mid to long-term is bearish, but short-term is bullish. We need to see a break above 3,200. If we break this trend line at 2940, get the heck out as it's going to come down probably to 2100.
All right, now we're going to get into some other coins out there. Let's take a look at XRP. XRP had an amazing move. I talked about this breakout occurring. It even went further than I thought. This is what I love to see when you break out. Retraces are your buyable opportunities. So, where am I looking to re-buy on this? Well, very simple. Take a trend line here and you basically connect it through. So, what I'm looking at is a buy around $2 on XRP. Why? Why is this line important? Let's look at it. Pivot low right through. So, here, but it's right to that secondary low. And then it goes through this high. So it broke down and then it retraced again and then we broke out. We got back above it. This now stands to be support. So if price comes down, it should catapult to the upside on the chart. So right now on XRP, that would be my level to watch. And I always like to clean up my charts. Maybe it's a little OCD, but bottom line is I'm looking for a $2 buyable opportunity on XRP.
Now, what about Solana? Solana here, folks. And by the way, just to be crystal clear, when I did that video a couple weeks ago talking about the bullish move on altcoins in my service, Smart Money Crypto, um, I loaded up on a bunch. I exited all but two. I still have a little and I have a very small amount of Solana here. All right. Other than that, I took profit on Chain Link and I took profits on, you know, Cardano, all these other ones out of them, which is fine. It's worked out better because they pulled back. But I'm looking to get back in here in the coming days. Now, if we flip back to the charts, we have Solana. Solana is doing what I love to see. So, number one, this was the breakout that I called for. Great move up on Solana. Basically went from 120 to 140 and change, which is a nice percentage move. What it's doing right now, everyone should know this pattern. What type of pattern is this? It's a bull flag. This to me looks like it's setting up to make another move up. Next resistance is going to be right in here at around 155. All right. Right. So I have still and I'm still holding some Solana here.
Now if we go Cardano, let's take a look at Cardano. Cardano, same thing. Look at the beauty of this chart. So number one, we have a trend line here which broke, right? So we had a breakout and it's bull flagging. Notice how it's coming in. So this is my buyable level. Look at this. Look right from here, right through this top, right through this top and right there. In other words, it's so close. Like basically 38 cents is a good buyable opportunity, in my humble opinion. Now listen, even if it breaks 38 cents, it's going to have major support at a retrace down here at 32 to 33 cents. That would be my add level. And then a stop could be used. Anything below basically 31.5 cents, you would just stop out and just have it again. Not a big loss, right? I mean, we're trading at levels here that are minimal in the crypto space. But this again is a bull flag consolidation. I would favor an upside break on that one.
How about Chain Link here? See what Chain Link is looking like. Same sort of chart here. Again, we look at Chain Link. You can see right through here there's a ton of support. Needs to fall just a tiny bit more to about 1275. High pivot. So again, broke down, moved up, chop, chop, chop, chop, pulled back, came up, pierced, got rejected, then broke out, broke out of this down sloping trend line. Now flagging again. We want to see it hold this 1275. That would be the buyable level. Even if it breaks, this will be huge support at about 1165, right? And also a double bottom right down there, too, which is very cool as well.
All right, Avalanche here, guys. This was one that we had. We made well over 20%, I think almost 30% on this breakout. It was awesome. Um, again, bull flagging here. Where would that big support level be? I'll just draw it right in. It's about as easy to spot as anything. Look at this guys. So, again, if you can't see it, it's okay. I know people that are new, but look that. So, this these levels right here broke down, then became resistance. All in here was resistance and then broke back above. That means this has become support. So you broke out flagging and then the catapult to the upside. All right.
So again, folks, at least for me right now, these charts are looking really solid based on technical analysis. Remember, I couldn't care less about any of these altcoins. I couldn't care less, frankly, about Bitcoin. They're they're avenues for me to make money for myself and my family. And because I have no bias, I see the chart as it is. And when I say as it is, it tells me based on what I'm looking at on the chart what the probability is. Is it is it bullish? Is it bearish? Meaning are is there more chance of upside? Is there more chance? Now, just because there's a little bit more chance of upside doesn't mean I go long. It's when it gets to a heightened level, meaning that it's a bull flag plus it's pulled back into the key support. If it does, pull the trigger. All right? And when it gets to a certain level, I take my money and I say, "Thank you very much." And thank goodness I've done this over the last few years with altcoins because if I was a hodler in altcoins, I have I most of them I would have been crushed in. And I know a lot of people out there haven't been in that and that stinks, but it's one of the positives about being a swing trader, right? um in a lot of these altcoins. Now, Bitcoin, obviously, swing trader. Yes, I probably made more money than if I had just hodddled, but at the same time, at least hodddling in Bitcoin has worked pretty good um on a lot of these altcoins. It all right, you guys are amazing. Thank you so much for spending your time with me here on this Sunday. I will keep you guys posted every little nuance of the way. I do a on crypto usually every three or four days. New video on stocks, commodities every three or four days. I try to splice them up so you guys get a nice kind of taste of what we do here at Verified Investing. Remember, it's all charts, no BS, meaning probabilities and technical analysis. No, you know, influencer BS where they're pumping their bags or whatever they're doing. I stuff drives me nuts. All right, you guys are amazing. Have a great one. Take care.