However, both BTC and ETH are entering overbought territory on the shorter timeframes, indicating they may be due for a pullback or consolidation soon.
Meanwhile, Solana has failed to keep pace with the wider altcoin market's gains. After losing its uptrend line, SOL appears vulnerable to further declines, especially if Bitcoin sees profit-taking.
One outlier bucking the overall bullishness is RUNE, which had a nice bounce from our identified support zone but now faces stiff overhead resistance.
So, in summary, momentum remains on the upside for now – let’s see how this goes.
You can jump to the analysis of assets you are most interested in by clicking the directional links below.
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. "One Glance" by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.
BTC update
BTC's Open Interest is high while Funding is at 0.0085%, indicating there is still some Short interest here.We could still see a further volatile move from here.
Technical analysis
- BTC has had a brilliant move overall, smashing through the $43,900 horizontal resistance along with the local resistance of the orange box.
- BTC has now moved into the main horizontal resistance of $47,200—a key level for price to overcome.
- BTC is in a local uptrend. While price remains in this trend, we can see a continuation of the trend.
- If price does break down, we'd want to see $43,900 hold as new support. Below this, we have $40,800, although this seems further and further away.
- The RSI is now in overbought territory on the 12-hour and the 1D timeframe.
Cryptonary's take
Because price has moved up so much, we wouldn't be a buyer at this level unless there is a clear break of the highs in the $48k's, and then we'd let it run and buy the first decent pullback.However, we are also not looking to Short the market here, even though our gut feeling is that this is a local top.
But we do not rule out a move into the $48k area and then a push higher from here. Our lack of confidence stems from the fact we’ve been wrong on the strength of this rally.
So, it is very difficult to see where price goes from here. Our feeling is that this is a local top.
Let's see, though!
ETH update
The OI on ETH isn't too bad; it’s up but not super high, while the Funding is also flat. So, there is not much excess leverage or overweight in positioning here.Technical analysis
- ETH has entered its local orange box, which could act as a resistance for price in the short term.
- ETH above the $2,340 horizontal level is bullish; dips should be bought above this level.
- The overhead resistance is at $2,640. If ETH breaks above that level, then $3,100 would be the next target.
- ETH is also in a local uptrend; if this uptrend holds, we can expect the bullish momentum to continue.
- The RSI on the 12hr is now in overbought territory. It's just something to be aware of now, particularly if price goes higher and puts in a bearish divergence.
Cryptonary's take
It was a really positive move by ETH, and it is now starting to hold some of these higher levels more confidently.If ETH does reject at the local orange box, then $2,340 to $2,400 should be a good support. If ETH does break down, $2,133 to $2,200 is a good buying zone for the long term.
SOL update
SOL's Open Interest is massive again.Perhaps the only positive to the mechanics is that the Funding rate is 0.01%, meaning that neither Longs nor Shorts are out of balance here. We expect further volatility.
Technical analysis
- SOL remains beneath the uptrend line, having rejected once in the orange box and also now looking like it may reject again. We are sceptical here.
- $95 is the local natural support.
- $79 is the major horizontal support and should really be bought into.
- The RSI remains clean, nowhere near overbought territory.
Cryptonary's take
SOL has moved up with the market but hasn't moved up as strongly as other coins.There is a lack of momentum with SOL since it lost its uptrend line. We are sceptical here, and if BTC can't break out of $47,200 and it does pull back, we'd probably expect a bit more of a hard rejection here for SOL.
We have been wrong on the overall strength of this market rally, so our conviction in our call here isn't super strong.
But we feel that SOL has lost momentum since it lost its uptrend line, and if BTC is at a local top, then SOL could pull down considerably. If BTC breaks out further, SOL could shove higher to $117 in the short term. However, this is not the most likely scenario. We think a pullback is the most likely path!
RUNE update
- RUNE has bounced really well from the yellow box that we had called to be filled since RUNE was at $7.00.
- RUNE has now broken out of its main downtrend line, shoved past the horizontal resistance of $4.78 and is now battling at the $5.31 horizontal level. Again, this was a move that we called for.
- If RUNE can hold above $5.31, then further upside to $5.80 is possible.
- The RSI is now entering into overbought territory on multiple timeframes.
Cryptonary's take
RUNE is at a key battle here.We drew the blue arrows on the chart long ago, trying to predict RUNE's direction. So far, they have played out perfectly. Let's see if this continues.
A continuation of the arrows would be a move down from here.
Recommended from Cryptonary
