$BTC
BTC is still in an upward trend overall, which is why many people say that BTC will reach 120K, 140K, etc. I said last year that BTC may reach 150K in 2025, but the price movement is a curve movement back and forth, and a beautiful straight rise rarely exists.
In fact, our recent experience is oscillation. The price activity range of BTC is narrowed in an upward sloping channel. But to be honest, if you are doing intraday trading, it is easy to make money in this oscillation range, because it prompts the price range to the market. We only need to make one or two orders every day within the price movement range. If some traders have enough funds, for example, take a BTC investment, according to the 1% return rate, the past few days have been a stable return of 1,000 to 2,000 US dollars per day.
Then one day BTC will get out of the channel, what are the possibilities? Let's take a look at the current chart and the market it presents at this time today.
I marked the possible routes in pink and blue respectively.
On this 1-hour chart, the current upward sloping channel is actually leading to the top of a large downward sloping channel. BTC may reach 108K in the short term, possibly around June 25, and then two possibilities emerge from there:
the blue path - failing to break through the 108K resistance value and moving downward;
the pink path - breaking out of 108K and continuing to spiral upward.
$ETH
ETH is also positive in the medium term. It is possible to reach around $3,900 around August 3 this year. I don’t know what will happen further at this time. I need to accumulate more information every day.
At this stage, ETH is also fluctuating. Let’s look at its 1-hour chart.
The path it takes forms a small upward-sloping oscillation channel. From the chart, it is already at the end of this oscillation, and it is also very likely to produce two possible paths.
I also marked it on the chart:
Blue route: break out of the oscillation zone and advance to 3,900;
Pink route: briefly retreat a distance, and then break out of the oscillation zone again. If the ETH price chooses this route, then the important support price is $2,500, or it may be $2,300.
$SOL
SOL is still struggling in the very important support price range of $168 to $180.
If SOL can overcome this support price range, then SOL will have a long period of upside.
If SOL loses this battle, then SOL will drop to $126 in the short term, because $126 is a strong support point recently.
Therefore, for traders or investors who like to trade SOL, my personal advice is to wait and see the results of its battle, and then make plans.
XRP
XRP was one of the most powerful coins last year. But this year it seems to have been stuck in a downward channel.
Recently, more than $60 million of XRP was transferred to Coinbase, which may also impact XRP's performance.
In the short term, it is likely to follow a route called a head and shoulders top. Those who have studied my trading courses may know what I am talking about. If you haven't studied it, it doesn't matter.
Let's take a look at the current chart, and I have also marked its two possibilities.
Blue route: XRP rushes to the upper resistance line of the downward channel, with a price of around $2.4. If there is momentum, it can look at $2.6 or even $2.8.
Pink route: XRP completes the head and shoulders top pattern, and the price drops to $2.0, or perhaps to $1.9. $1.9 is its recent strong support price. If $1.9 is lost, it will drop to the support line below the channel near $1.4.
SUI
Among these 5 tokens, SUI is likely to fall in the short term. It is also possible that it has gone out of the head and shoulders route. I think it wants to revisit $2 and then set sail. Of course, it is also possible that it will go up after the shock. The market always has various possibilities. We must accept the changes every day.
Notes:
1. It should be noted that on Friday, June 6, at night, US time, the United States will announce the unemployment rate again, which may cause market fluctuations.
Happy Trading ! See u next time