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In the short term there are very clear bull and bear scenarios here on Crypto, clearest on SOLUSD (Solana), though on the bigger picture these are still likely bull flags forming.
In terms of that larger picture, resistance is still at the daily middle bands, and on BTCUSD (Bitcoin) that is currently in the 61,246 area. A sustained break above that likely signals that the move to retest the all time high at 73.8k is in progress.
BTCUSD daily chart:
Just as excitement about Bitcoin ETFs goosed crypto to lifetime highs, so, too, did chatter about Ethereum ETFs push $ETH higher. It seems to me that about $2815 is a firm limit.
A decent looking low on crypto was made a few days ago. On the bigger picture these are likely bull flags forming on BTCUSD (Bitcoin), and SOLUSD (Solana), and probably on ETHUSD (Ethereum) as well, though the setup is muddier there. All three are still below their daily middle bands though and, while that remains the case, we could still see lower lows before they likely go higher.
SOLUSD daily chart:
I was laying out a possible bearish scenario on SOLUSD (Solana) on Thursday morning. It wasn’t my main scenario but I was saying that on a break under support at 165, it might well deliver. I was planning to write about that in a post this morning as something we would likely see this week. Annoyingly however, I see that my downside target was reached this morning, so I am regretting not writing the post on Saturday. You can see that premarket webinar from Thursday 1st Aug here, and I start talking about crypto at 06.26.
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