BTC Hits New High, Faces Resistance, ETH Consolidates, SOL Eyes $165, TON Lags BehindBitcoin (BTC) broke through its previous high of $66,500 this morning, hitting a new high for this phase but still remains within a triangular convergence area. The upper resistance level is at $67,200
BTC Hits New High, Faces Resistance, ETH Consolidates, SOL Eyes $165, TON Lags Behind
Bitcoin (BTC) broke through its previous high of $66,500 this morning, hitting a new high for this phase but still remains within a triangular convergence area. The upper resistance level is at $67,200. To continue its upward trend, it needs to break through this resistance. Currently, the price is clearly at the lower edge of the resistance level. Short-term selling pressure is likely, and some price retracement is a normal occurrence. The lower support level is around $58,000. If you hold BTC, you can set a stop-loss order at the central position of $62,000. As long as it doesn't break below this level, you can continue holding. Once it breaks below, the rebound rally is pretty much over, and you should exit promptly.
Ethereum (ETH) is still consolidating between $2,200 and $2,800. In the previous article, we mentioned that it had been sideways around $2,400 for a week, showing a clear technical sign of sideways trading instead of a decline. Therefore, I see it as a good entry point below $2,400. Set your stop-loss at the box bottom support of $2,200. I believe many people have already bought ETH below $2,400. Ethereum's performance has been weaker than Bitcoin, so it hasn't broken through its previous high yet. However, overall, it is still in a bullish trend. Give it some time to digest the selling pressure, and it still has a good chance to challenge the box top of $2,800. The stop-loss position has moved up from $2,200 to $2,400. As long as it doesn't fall below this level, you can hold and wait for a rise.
Solana (SOL)'s rebound strength has been somewhat lacking compared to its past performance. The main reason is that capital has flowed into its ecosystem. The prevailing investment philosophy is "Value investing is a joke; go all-in on meme coins and take the crown." SOL's recent rebounds have been weaker each time. This is the fourth time it has attempted to break through the crucial level of $165. Personally, I think it will succeed this time, but it's still important to set stop-losses and prepare for the worst. Therefore, those who bought SOL below $140 previously should now move their stop-loss level up from $130 to $140. As long as it doesn't break below this level, there is still hope for further gains. Otherwise, the probability of downward breakout is higher.
TON's performance has been disastrous. It has been overtaken by SUI. The meme coins it launched are all underwhelming. Given the current bullish market, it's surprising to see it trading sideways. Those who bought TON around $5 previously should now set their stop-loss at $5. As long as it doesn't fall below $5, you can continue holding. Otherwise, cut your losses. It's too weak. It doesn't rise during a bull market, and when the market corrects, it will likely be the first to plummet.
BNB's recent performance has also been dismal. The news of CZ returning to society didn't bring any bullish momentum, instead, the price fell. The lackluster performance is obvious. Luckily, we didn't buy in, or else we would have been infuriated by its performance. The support level is at $550. If it breaks below this level, it's over.
In the current market environment, it is extremely difficult for small investors to make money in major coins. The opportunities lie within their ecosystems. Large investors can feast on the mainstream coins, while small investors struggle to get even a small bite. Therefore, when the market improves, focus on the relevant ecosystems.
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