Transcription
Hey folks, welcome to verified investing.com. My name is Gareth Soloway, chief market strategist here, and today we're diving into bullish continued chart setups on crypto and again, mainly Bitcoin, but the altcoins continue to have broken out, at least a few of them. And the breakouts here, these are not normal breakouts. They're not like short-term breakouts. Some of these, like XRP, if it plays out to target, you're looking at 50% potential upside from the recent lows. That sends it basically back to a buck 50, maybe even more. So, huge things right here.
Before we get into the charts, just a reminder, guys, Gareth's Top Squad is the premium of this YouTube channel. You just go to my main YouTube page right here and you can click join. And I just gave out another 20% coupon code over the weekend for a service on verified investing. I'm basically rotating. So you get literally a coupon code for about 20% off every single week. And again, that saves you anywhere between hundreds of dollars to $50 to $20. It basically covers the cost. Plus, you're supporting me and verified investing, which I just think it reinforces for me that you guys are like that I'm doing this for a reason, that people are learning, that people are getting information that's valuable. So, I do thank you guys. If you're already Gareth's Top Squad, from my heartfelt nature here, thank you. You guys mean the world to me. It's reinforcement that I'm doing positive here. And, uh, I know you should say, "Oh, Gareth doesn't need that." But listen, it, it helps. It motivates me to give you guys as much as I can.
All right, let's get into the charts here. Bitcoin, you, a lot of people will look at this and say, "Oh, this is a bear flag." And potentially, they could be somewhat right, although it's a little unusual to have a lower low here. Usually bear flags would be like this, right? You would go like this, like the former pattern here. Notice how this low here was the low. All right? So, this is one of the reasons why, near-term at least, I'm bullish, is because you had your fall. This was a little bit of a bear flag here and then it played out. Now you actually have made potentially a newer move which is forming bullish. So, notice how right here, and this is a really, really important educational point, is when you have a drop for a bear flag, you really want to have low, higher low, higher low, and that creates your inside bar consolidation which then eventually plays out to the downside. Here we had a low and we've made a lower low. Now, most people say, "Oh, well, it's a solo that's actually, but it doesn't fit the ideal position of a bear flag." Little things like that matter, guys. I mean, this is the nuance of being one of the great traders. If you're going to get there, you got to know these things.
Now, one of the things I really like here, we talked about in the past, you have kind of this inverse head and shoulders, shoulder, potentially head, shoulder maybe forming, but I even just like the simplicity of cup and handle pattern here. And this is a really bullish chart, guys. This is a really bullish chart near-term on Bitcoin. Now, you're going to have resistance right here, right? So, I mean, right around 67,000, this high pivot, uh, that's going to be short-term resistance, but the longer this consolidates, it builds energy to be able to blow through that. Now, you might get a small pullback, but again, and this is really, this is another important point, right? When you have a resistance trend line, all right, when you kind of do this, right, where you come down and you come up here and then you go like this, this is forming a bull flag or cup and handle, right? And the longer this goes sideways, the more energy. Think about it like you're at the gas station and you're filling your tank up, right? So the idea here is that if you just got a a candle or two to fill up, that's the equivalent of maybe getting in a gallon of gas or a liter of G, whatever, wherever you are in the world, whatever metric you want to use. But the longer you consolidate, you're really able to put in a ton of gas. The longer the better in terms of refueling because the idea is is that once you get started on your journey, the more you've refueled, the more you can surge to the upside. And that's really what we're starting to see. Let me get rid of that right here.
All right. So the idea here is, sure, you're going to have a little bit of a test at 67,000 pierce, but the longer we've now consolidated, I think this is going to go higher. Remember, we did the measurement prior for this pattern formation, and it really has us going up to this trend line where we connect this former pivot down. Notice again how literally every high right in here, high pivot, high pivot, high pivot, high pivot goes right along there. That's your target. So, that's what I'm looking at.
Now, listen. Is this, am I saying we're in a new bull market paradigm and we're going to all-time highs? No, I'm not saying that. And I think we have to be realistic, right? Everything for me is generally shorter-term. Now, I still love Bitcoin longer-term. Like, if you ask me five years out, do I think Bitcoin's at a new high? I do. I do. Um, but shorter-term, I'm not convinced that the low is in yet because we haven't made on the bigger time frame higher lows. We're still making lower lows. And that's really how you analyze it, right? So, another important kind of analysis technique is, you know, when you're looking at the short-term daily chart, you're looking at a swing trade. That's going to be a swing trade. It's going to play out over the next couple months or maybe next couple weeks. But really, further out than that, that's not going to be helpful. But when we go to the weekly chart, we look at the bigger structure of the chart. And you could see high, lower high, lower high, low, lower low. And even here was a lower low. And so you're still in a downtrend. We haven't taken out this former high here to make a higher high. So we can't say that, oh, we're now in an uptrend. In addition, I'm still stuck on the fact that you have the even number of 50,000 here. And that may still need to go down. So, short-term upside to the approximate level of, uh, 71, 72,000. And then we have to see. We could end up heading back down to let's say 50,000 or so before we put in a major bottom on Bitcoin.
All right, let's go to ETH chart real quick. We'll go through a few of these others. Let's go back to the daily chart. You do have a classic inverse head and shoulders here. And again, what I love showing here, guys, is notice how again, shoulder, head, shoulder. The, the head always has to be your lowest point. So again, notice it was close here, but this actually made a lower low. So it fits the criteria. This obviously was far higher off, um, than than the head. So that fits. And then what I think is so cool is your neckline connects this armpit to this armpit. And then look, see how you broke out, you confirmed, and then you retrace. That's very normal. You retrace, and then you get, this is the refueling, what we just talked about in the video prior. Refuel. Now, it didn't get a lot of refueling, but it's still refueling in here. Then you look for that next move up. What would be the measurement here on this pattern formation? We can do it very simply. Take the low of the head vertical, shoot it up there, and we go wherever we broke out. That's where you do it from, right at that point. Your target is 2150, which is basically right in here. Makes sense. It was consolidating there. That's going to be resistance. So, 2150 on the upside. But that chart pattern looks very, very good overall.
Solana continues to be one of my favorites. Again, great bullish refueling consolidation. Bigger breakout here. There's going to be some resistance at this high pivot, which we already hit at around 83. I think this refueling gets us through that, and I think we're going back to this high near 100 on that.
XRP, I mentioned this has a big potential. Look at this. It's already starting to break out here, guys. So, you had your first breakout. Let's, let's get rid of that for now. All right. You had your first breakout, which is an epic long wedge pattern. And by the way, some people hate XRP, some people love XRP. I couldn't care less about XRP. It could be XYZ, it could be ABC. The idea is I'm trading the chart because as soon as you start to like something or dislike a project in crypto or a stock or whatever, or a person like Elon Musk, oh, I hate him, I love him, whatever it is, you're losing the focus. You're becoming emotional, and as soon as you become emotional, you, you, you're going to lose. You're going to lose because you're going to make the wrong decision at the wrong time. You're going to stay in something too long or you're going to not buy it when it's a great chart setup. Right? So, just, just my two cents on that is don't let emotion cloud your judgment. The idea here is wedge pattern, big breakout, consolidation, retested the scene of the crime. You now have a secondary short-term pivot line right here, which as we can see, high pivot to high pivot to high pivot. It's now trying to break out. And I say trying because it hasn't closed today yet. And we have to see confirmation, but still very, very good. And if we get that, we should easily take out this 118. And we really should head back to 130, all the way maybe to 135. And really, if this completes, I think you could head back to about 150 up here. All right. But we'll have to watch and see. We want to see what happens with the Clarity Act. Does it help? You know, and again, there's been a lot of back and forth on the Clarity Act. Is it as good as it was meant to be? Frankly, again, I'm following the charts. You know, Clarity Act or XYZ Act. Frankly, I couldn't care. Um, it's the chart is the paradigm, the, the, the key factor. That's the explosive factor that's going to tell me what the probabilities are.
All right, so XRP looks good. Let's look at Hyperliquid real quick here as we go through this one. Uh, Hyperliquid again, if we look at, let's go to the other Hyperliquid chart, um, here. Let's go from Pith here. Um, that broke down, retraced. I told you last week that retrace, what do we know? Rejected, right? Support, support, support breaks, retraces, rejection. It's starting to form a bear flag. So, right now, that does not look great.
Let's look at Zcash here. Zcash still holding this. Last video I did for you guys, we talked about this was holding on a bullish side. So, it still favors an upside move there.
Near protocol, haven't looked at this in forever. Near protocol downside support is right at this level. Um, right now it looks okay. Um, there's a secondary support right here that is essentially basically parallel, right? I mean, essentially parallel. That's your secondary support. So if it breaks here, it goes here. As long as it holds here, it actually doesn't look bad. Uh, you don't have a breakout yet. And the reason I say that is because you have this line connected right there. But you can keep an eye on it. It doesn't, the chart doesn't look bad, but it doesn't look amazing. I guess, I guess that's the way to put it. You know, it just, it kind of is what it is right now on the charts.
All right. Uh, looking at Chainlink here really quick. Again, I don't want to do too many of these. Chainlink looks good. You got your breakout. It never even was able to retrace and it just continues. And right now, your break point on this, if this can get through this area, look, high pivot to high pivot. Little pullback. If it can break through this 855 level, this has a shot at going well all the way up to 950, maybe even to 10 and plus. So, I mean, again, these charts look good in general. I mean, listen, not every crypto chart looks good. We know that. Um, because you can't paint, paint everything with the same brush, but generally speaking, Bitcoin looks good, ETH looks good, and most altcoins look good. Chartwise, it's telling me near-term upside, even if I'm not convinced yet that the bigger bear market is over yet. We'll see what happens.
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