On-demand technical analysis: Mapping the week

Bitcoin (BTC)

Recently, Bitcoin reclaimed the $66,500 price point, but it's facing significant resistance around the $70,000 level. This zone is crucial, as there has been substantial selling pressure. We’ll likely need a significant catalyst from macroeconomic factors to break through this level. Until we see a clear breakout and Bitcoin sustains daily closes above this resistance, it's wise to approach with caution. The technical analysis highlights the importance of recognizing these resistance levels and avoiding impulsive long positions until a breakout and retest confirm a new support level.

Despite the resistance, it's not advisable to short Bitcoin, as the overall market bias remains bullish. Instead, stay patient and monitor how Bitcoin behaves around this critical resistance. Waiting for a significant breakout that turns the resistance into support provides a safer entry point for long trades. This cautious approach aligns with broader market dynamics and acknowledges the historical selling pressure at the $70,000 to $74,000 range.

Solana (SOL)

For Solana, there is significant selling pressure similar to Bitcoin, but there's more room for a swing trade opportunity. The resistance here isn't as strong as Bitcoin's, so there's potential for a move from the current levels up to higher resistance zones. The strategy involves waiting for a pullback into the support area and looking for demand before entering a position.

Solana offers a more favorable setup for a swing trade compared to Bitcoin due to the lesser selling pressure. Monitoring the asset for a move into support, followed by signs of demand, could provide a good opportunity to enter a long position. The difference in selling pressure between Solana and Bitcoin highlights the varied opportunities across different assets, with Solana showing more immediate potential for a positive move.

Ethereum (ETH)

Ethereum has been interesting to watch, especially around the $3,025 price point. Recently, it showed potential to grind higher, but it hasn't yet achieved the momentum seen in other assets like Solana. The 61.8% retracement level around $3,000 is a critical zone to watch for accumulation opportunities.

If you're interested in Ethereum, consider accumulating around the $3,000 level, especially if it shows support there. Ethereum's recent lack of strong momentum compared to other assets means it's less of a high-conviction play right now, but the potential for a good opportunity exists if it holds support around key levels.

Injective (INJ)

Injective Protocol is currently at around the $23.40 level, which has held strong during Bitcoin's recent retracement. This area presents a potential buying opportunity if Bitcoin holds up. Monitoring Bitcoin's behavior is crucial, as Injective's performance is likely to follow.

Injective has shown resilience at the $23.40 level, making it an attractive point for a potential long position. Keep an eye on Bitcoin's movements, as Injective's price action will be influenced by the broader market trend. This level has previously provided support, suggesting a good entry point if the market conditions remain favorable.

Pendle (PENDLE)

Pendle is in a less defined area, trading around $3.845. While there has been some buying interest here, the stronger support lies below. Waiting for a move down to the significant support level would provide a better buying opportunity, especially given the double bottom potential and strong confluence with major Fibonacci levels.

Patience is key with Pendle. The current level offers some potential, but the more significant support below provides a stronger case for accumulation. Waiting for a drop to this key level would align with the technical indicators, presenting a better risk-reward scenario.

Shiba Inu (SHIB)

Shiba Inu has shown substantial demand, which is evident from its strong move earlier in the cycle. The recent pullback is a good opportunity for accumulation, especially with the increasing market optimism and potential for meme coin cycles to drive prices higher.

Shiba Inu offers a compelling case for accumulation at current levels, particularly given its past performance and the broader market's improving sentiment. Look for accumulation opportunities around the 0.00001640 level, where the price has shown support before.

Rune (THORChain)

Rune has been gradually gaining strength, reclaiming key levels on its way up. The asset shows potential for long-term opportunities as it continues to reclaim these levels, indicating growing market confidence.

Monitor Rune for further reclaiming of key levels, as each successful reclaim strengthens the case for a long position. Patience is crucial, as the asset's increasing strength suggests more opportunities may arise as it solidifies its position.

Kaspa (KAS)

Kaspa is trading near its all-time high, showing strong performance this cycle. Breaking out and retesting this level would signal a robust buying opportunity, as it would enter price discovery mode and potentially ramp up significantly.

Kaspa's current position near its all-time high makes it a candidate for close monitoring. A breakout and successful retest of this level would provide a strong buy signal, leveraging its strong performance and market strength.

Gala (GALA)

Gala has been in a downtrend, and it's not advisable to touch it until it reclaims key levels. Patience is necessary here, waiting for the asset to regain bullish momentum before considering any long positions.

Wait for Gala to reclaim the key levels around the yellow box region before considering a position. This cautious approach ensures that the asset has regained enough strength to justify a long trade.

Avalanche (AVAX)

Avalanche needs to reclaim and retest the $31 level to provide a good long opportunity. An inverted head and shoulders pattern around this level add to the potential bullish setup.

Monitor Avalanche for a reclaim and retest of the $31 level. This would confirm a bullish setup, supported by the inverted head and shoulders pattern, making it a strong candidate for a long position.

Chainlink (LINK)

Chainlink has shown resilience, holding up better than many other assets that were around last cycle. Given its strength and recent performance, accumulation around the $12 level is advised.

Chainlink's resilience makes it a good candidate for accumulation around the $12 level. Its stronger performance compared to many other assets suggests it could continue to hold up well in the current market.

Dogecoin (DOGE)

Dogecoin has reclaimed key levels and shown strength this cycle. Before accumulating, it’s wise to wait for a further push out and retrace back into the $0.12 to $0.13 price point.

Patience is key with Dogecoin. Waiting for a push-out and retracing back into the $0.12 to $0.13 level ensures a better entry point, leveraging its demonstrated strength this cycle.

Popcat (POPCAT)

Popcat has been one of the best-performing assets, showing strong structural support and forming higher highs and higher lows. Look for accumulation opportunities around the $0.60 to $0.50 levels.

Popcat's strong performance makes it a top candidate for accumulation around key support levels. Monitoring $0.60 and $0.50 levels for buying opportunities aligns with its bullish structure and historical strength.

Toncoin (TON)

Toncoin has been stagnant, but a potential wedge pattern could provide a new opportunity. Keeping an eye on this pattern could lead to a strategic entry point if validated.

We always say that TON time in the market beats timing it, but wedge patterns have proven to be such a pivotal setup this cycle so let’s stay up to date on this. 

Jupiter (JUP)

Jupa shows a strong correlation with Solana, making it a potential beta play. Watching the dollar mark and $1.76 levels for entry points can provide a solid opportunity, mirroring Solana's movements.

Given Jup's correlation with Solana, it can serve as a beta play. Monitoring key levels around the dollar mark and $1.76 for accumulation provides a strategic entry, leveraging its similarity to Solana's price action.

DogWifHat (WIF)

Wif has recently shown signs of demand at the yellow box region but has started to trade lower again. Over the next week, it's crucial to monitor how Wif holds up in this region. If a supportive structure can be identified, it may provide a strong trading opportunity. Currently, it doesn't qualify for a trade due to insufficient validation of support and risk calculation.

For now, it's best to remain patient with Wif. By waiting for clearer signs of support and a defined risk structure, we can make more informed trading decisions. Keeping a close eye on the yellow box region in the coming days will be essential to determine if Wif can present a viable opportunity.