I’ve been writing and talking over the last few months about the overall likely bull flag setups on Bitcoin (BTCUSD) and Solana (SOLUSD), and the bull flag resistance on Bitcoin was briefly broken a few days ago before the current modest retracement.
I was writing on Wednesday about the small H&S on Bitcoin, which didn’t make target and then failed yesterday on a break over the right shoulder high at 67.8k. That fail has a target at a retest of the October high at 69.5k.
BTCUSD 60min chart:
I mentioned on Wednesday that there was very possible support at the daily middle band on the way to the small H&S target and that is where the low was, so the daily middle band, currently at 65,395, has now been established as main support.
On a move back over 69.5k there is now a larger bull flag target fixed at a retest of the all time high at 73.8k.
BTCUSD daily chart:
I’ve mentioned a couple of times that though Ethereum (ETHUSD) is big and still popular, it may be relatively weak in the future. Mainly the issue is that in terms of transaction costs and speed, Solana is much cheaper and faster. Many would argue that Ethereum has good prospects longer term but I’d note that this week at least Solana has been strongest, Bitcoin next, and then Ethereum trailing behind. I suspect that may well be the case much of the time over coming years.
Ethereum has been trailing this week, but has backtested double support at the daily middle band and the 50dma, and they are holding so far.
ETHUSD daily chart:
Solana has been the strongest this week, and is getting close to main bull flag resistance, currently in the 184 area. On a break above, the bull flag target would be a retest of the 2024 high at 209.86.
SOLUSD daily chart:
In the short term Solana is still finding resistance at the rising megaphone resistance that I showed on Wednesday. I have two support trendlines that I am watching on a retrace here, short term rising support now in the 167.75 area, and rising megaphone support now in the 160.75 area.
SOLUSD 60min chart:
