In my last post on Thursday I was looking at the possibility that the bullish consolidation on Solana (SOLUSD) particularly might see another lower low as part of a bull flag forming, and the jury was still out on that this morning.
On the daily chart Solana has still been holding the daily middle band, currently at 239.41, as resistance. The path to a lower low is still open, and there are some attractive targets.
SOLUSD daily chart:
On the 15min chart the possible bull flag channel I posted on Thursday broke but a second option was established. That channel support is currently in the 203.5 area.
SOLUSD 15min chart:
On Bitcoin (BTCUSD) I was suggesting on Thursday that the hit of the daily 3sd upper band at 104k might well deliver some consolidation before going higher and we’ve been seeing that.
BTCUSD daily chart:
On the 15min chart there is no obvious pattern forming so apart from expecting to see a new all time high soon there isn’t much in the way of short term clues.
BTCUSD 15min chart:
Both Bitcoin and Solana have daily RSI 14 sell signals fixed of course, and there is another brewing but not yet fixed on Ethereum (ETHUSD), but I’m leaning towards these delivering a decent retracemenht early next year.
in the short term the bull flag target on Ethereum at a retest of the March 2024 high at 4092.73 was reached over the weekend, and I’m expecting to see Ethereum retest the all time high at 4865.94 in the first half of next year.
ETHUSD daily chart:
There is an interesting pattern setup on the Ethereum 15min chart, with a decent quality rising megaphone formed from the 3016.13 low. In the short term we may well see a test of the megaphone support trendline, currently in the 3740 area.
ETHUSD 15min chart:
On the bigger picture I’m leaning bullish across the board with the caveat that the fixed daily RSI 14 sell signals on Bitcoin and Solana (and possible one brewing on Ethereum) are warning that a longer and deeper consolidation may be coming within a few weeks.
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