BTC Breaks Out as ETH and SOL Rally

For the past two weeks, the crypto and stock markets have been surging in a parabolic trend as traders remain optimistic, expecting one more interest rate decrease soon. How long will this optimism last? Let’s dive right into it!

7 Days Heatmap

‍BTC has been stronger than ever, trading within a clear rising wedge pattern.

This week is no different, with BTC surging by over 2.7%. As a result, the entire market followed, including ETH with a 1.58% increase and SOL surging by over 10%.

BTC Analysis

‍BTC broke through the $65,000 level, which is an indication that the bulls are still in full control, as highlighted in our last BTC analysis.

As long as the optimism persists, our expected target is the upper bound of the channel at $69,000.

On the other hand, if BTC retests the lower bound of the wedge pattern at $63,500, we will be looking for long positions, anticipating the next upward impulse movement.

ETH Analysis

‍As anticipated in our latest ETH update, it rejected the lower bound of the rising flat wedge pattern (marked in red).

Now, we are expecting a continuation toward the upper bound of the pattern at $2,800.

If ETH retests the $2,570 level again, which aligns with the lower bound of the wedge, we will be looking for new short-term long positions.

Quote of the week

‍The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.
~ Victor Sperandeo

Closing Remarks

‍In summary, the crypto and stock markets have experienced significant growth, driven by optimism around a potential interest rate decrease.

BTC has maintained strong momentum, breaking through $65,000 and trading within a rising wedge pattern.

If the optimism continues, BTC could reach $69,000, with the next support level at $63,500 for potential long entries.

ETH rejected the lower bound of its rising wedge and is expected to push toward $2,800. A retest of $2,570 may offer new opportunities for short-term long positions.

Interested in more insights? Explore our most recent market outlook edition.