Bitcoin ($BTC) suffered a huge price reversal on Monday and is now beginning its comeback. Altcoins generally went even further into the red, and now the big three of Ethereum ($ETH), Solana ($SOL), and Binance Coin ($BNB) are about to stage their own recoveries. How far up can they go?
$ETH retests huge triangle breakout
Source: TradingView
For the $ETH price on the weekly time frame, things are looking very good indeed. Monday’s price reversal just had the effect of forcing $ETH back for a retest of the huge triangle. This being successful, the coast would be clear for the $ETH bulls to free the price from this triangle and set off towards the all-time high.
If the all-time high at $4,878 can be achieved, the next target is the 1.618 Fibonacci at $5,310.
$SOL confirms bottom of channel
Source: TradingView
The 4-hour chart for $SOL shows that the price has been traversing within a descending channel. The worst point in Monday’s reversal coincided perfectly with the bottom trendline of the channel, from which the price has started its bounce.
If the $SOL bulls can push the price back to the top of the channel, a breakout from this would give a measured move to around $270, depending on how long the price takes to get back to the top, and where it potentially breaks out.
$SOL bull flag and retest of major horizontal support
Source: TradingView
On the weekly chart for $SOL, things are looking great. The Monday candle wick down has retested what is now hugely strong support at $202. Also, it can be seen that the channel is in fact a bull flag. Having just tested the bottom trendline of this bull flag, it would be likely that the price does get back to the top and break out from there. The measured move for this would be to around $340.
$BNB breaks out and confirms above huge ascending triangle
Source: TradingView
Another wonderful chart is that of $BNB. The weekly chart shows how the price has respected the ascending trendline since all the way back to the beginning of 2018.
Also, since 2021, the price has started to traverse inside a big ascending triangle, which broke out last week, and has retested this week.
Fibonacci targets overhead are at $1,000, $1,500, $2,000, and $2,500.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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