Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

BTC

• BTC's Open Interest spiked significantly with Longs piling in as Shorts were squeezed. Open Interest remains high, and Funding Rates are back to positive, suggesting the Short squeeze is mostly over.
• BTC will now need a strong Spot bid to continue higher.

Technical analysis

• BTC is battling to reclaim its old range between $91,700 and $98,900, and so far it's holding above $91,700 well.
• A key on-chain level is $92,500, this is the Short-Term Holder cost basis, so that's a key level for BTC to maintain above if it can.
• We're currently looking at the main zone of support is between $90,000 (psychological level) and $91,700. A break below $90,000 would likely lead to a retest of the Yellow Box at $86,000.
• The local resistance is likely to be at $95,700 with $98,900 as the main horizontal resistance for the price.
• The price is close to overbought territory on the RSI. It could push higher here, but further upside in the short term is likely limited.

• Next Support: $90,000
• Next Resistance: $95,700
• Direction: Neutral
• Upside Target: $98,900
• Downside Target: $86,000

Cryptonary's take

Our conviction here in the next move isn't high and we're relatively unsure of what we'll get in terms of short-term price action. We'll be flexible on our entry levels depending on how price action responds over the coming week. For now, we're still patient.

What’s next?

ETH

• ETH's Open Interest has also kicked up slightly with Funding staying quite positive, although it has remained positive throughout. There hasn't necessarily been much of a Short-squeeze in ETH.

Technical analysis

• ETH has shot higher from the $1,530 horizontal support, and the price is now battling to reclaim the next horizontal level at $1,745, and so far, it's holding up well.
• Price broke out from the local downtrend line, and the price is moving closer now to the main downtrend line.
• The next major set of horizontal resistances are at $2,000 and $2,160. If ETH can hold $1,745, and push towards a breakout of the main downtrend line, then $2,000 would be the first target.
• To the downside, if $1,745 is lost, we'd expect $1,530 to be a relatively strong level of support.
• The RSI has broken out of the downtrend and it's in middle territory, suggesting that there is plenty of room for further upside.

• Next Support: $1,745
• Next Resistance: $2,000
• Direction: Neutral/Bullish
• Upside Target: $2,000
• Downside Target: $1,530

Cryptonary's take

Of course, ETH would need to hold $1,745. In the short term, this does look positive, and if ETH can hold $1,745, then a move to $2,000 is likely.

The key will be whether ETH can hold $1,745, so we'll give this a few more days and see how price action develops, and we'll look to formulate a more concrete view following the weekend.

Simply put, the key level for ETH is $1,745 and how the price reacts here.

SOL

• SOL's Open Interest is also up substantially with Funding resetting to more meaningfully positive. This suggests that Shorters have been blown out, and the leverage market has returned to a more Longs-dominated market again.

Technical analysis

• After breaking out of the downtrend line, SOL has reclaimed the horizontal level of $148.
• Price is now continuing to head higher and targeting the next horizontal resistance at $162. We think $162 might be the local top, assuming the price can get there.
• To the downside, we'd like to see $148 hold as support, but we wouldn't be surprised to see $136 also revisited over the next month.
• The RSI is pushing close to overbought territory, which may mean that further upside for price is capped.
• We still expect that we'll see SOL at $120 again over the coming 1-2 months.

• Next Support: $148
• Next Resistance: $162
• Direction: Neutral
• Upside Target: $162
• Downside Target: $130

Cryptonary's take

How price reacts/behaves there will be key, although we are expecting $162 to potentially be a local topping area. Our view remains that this is just a relief rally and that we'll see a revisit of at least $120 in the coming 1-2 months.

And again, for that reason, we remain patient.

HYPE

• HYPE has had a big move higher off the lows, with prices consistently reclaiming key levels.
• The price is now at the key level of $18.50 which is a horizontal resistance. Beyond $18.50, $20.80 is the next major level. We don't expect the price to breach above $20.80.
• Price was in a clean uptrend, which price has now broken below. Price will need to swiftly reclaim it. We wouldn't be surprised to see a move into $19.60, and then for the price to be rejected from there.
• To the downside, the key horizontal levels are $18.50 and then $17.10.
• The RSI is close to being overbought. So, a further move higher is possible, but a substantial further upside is likely limited here in the short term.

• Next Support: $17.10
• Next Resistance: $20.80
• Direction: Bearish
• Upside Target: $20.80
• Downside Target: $14.50

Cryptonary's take

We wouldn't be surprised to see HYPE back at, at least $14.50 in the coming 6 weeks' time. For this reason, we remain patient, and we're expecting prices to rise to the local top in the coming days/week.