Major Breakouts In Crypto: Bull Run or Fake Out? - Gareth Soloway

Hey folks, welcome to verifiedinvesting.com. My name is Gareth Soloway, chief market strategist here. Now, as you know, I'm on vacation, but I'm still delivering some key analysis points. Today is going to be on crypto, major breakouts on multiple charts in the crypto market. Could the big bull run be starting or is this a fake out? We'll explore the key charts here. But if you look at my last crypto video I did last week, I talked about altcoins poised for a big move, and certainly they have. We've seen names like Solana rally 33% off of the recent lows. Other names have surged as well. I'm going to show you those charts and show you where the targets are. Yes, in smart money crypto, we are holding a bunch of these. And again, we are making some good money there. All right, let's dive into the chart. We'll start with obviously here. Bitcoin, what do we see here, folks? So again, nice little move to the upside. It looked like it was going to try to break down. But if we look at a trend line here, and this is a trend line I showed in my last video, I said, unless it confirmed below here, be careful. This could be a fake out. And certainly look at that trend line right there. What did we end up seeing? We saw a hit. So you're basically just connecting pivot low to pivot low. We pierced it. We bounced. We pierced it and closed below it. But that's not confirmation. You got to look for the confirmation signal. That'll tell you that the probability is that it's a breakdown versus a fake out. And we know that tendency is for algos to want to fake out retail many times over. So either way, great bounce in Bitcoin here, going from about $57,800 back to about $62,700. Now, the question is, do we have more upside? I would argue we likely do. But you are getting into some resistance. You might say, well, let me see, where's that resistance? And as always, I love to show you guys this. So see this initial pop and pullback in this low? So that low now, as of now, it's only minor resistance, but that is exactly where we're running into right now. You could see current price right there. Now, the reason why I think there's more legs to this is mainly because of sentiment. So if we look at sentiment, sentiment is so important because it measures the psychological nature of the market, in this case, crypto. And so I mentioned this in some of my previous videos when I was kind of saying down in this sub $60,000 range that we could be due for a bounce or a rally in crypto, the comments in YouTube, which are amazing technical indicator of psychology, they were unbelievably bearish, calling for zero, it has no worth, it has no this. And frankly, I'm not someone that should pass judgment on whether or not Bitcoin or altcoins have worth. I don't care, frankly. I'm here to trade the short-term move. And so when I see signals like that, it tells me there's a high probability as a technical psychology signal that you're going to get a move to the upside. In other words, people are too lopsided on the asset. And I think that's really what's happened. Now, in terms of upside, what I'm really looking for, and I think this is kind of my base case, is that we should head back to this trend line right here, right at the 73, 74,000 Now, obviously, that would change if we broke and confirmed below this 58,000 and change level. But as long as we hold this, I'm going to maintain a bullish bias near term for a move up to about 73 to 74,000 in the near term. Now, ultimately, do I think eventually we break down? I do. I still think there's further downside in the bear market of Bitcoin. But a couple of things have come to pass that I predicted. One was when we saw the semiconductors sell off, you would see money flow back into crypto. And it's only a near term thing, right? Because you'll get bounces in the semis. And ultimately, I still think that if money starts getting scared enough, it's not going to go to crypto. It's not going to go to biotech or even gold or silver. In the near term, you'll see everything sell off. And that's where you get that final flush out on Bitcoin and the altcoins. And just to kind of go over this is I showed you in the last video I did, I talked about the two phases. We're in phase number two of Bitcoin, right? And to do that, really what you want to do is you take your all time high here and we drag it down to the secondary pivot, right? And this is a pivot because you have essentially a move up and then you have a move down, right? So anytime you have kind of like mountain peak, that would be a pivot where on either side it is lower. We drag this down here, right? And ultimately, if we do that and we drag it down, we get what do we get? We get this pivot low right there. Look at how it came down and retested. Now, phase number one in Bitcoin was the weakest. That's the most detrimental, right? Big drop, bounce, drop. Phase number two occurred when we crossed over this midline and we're now in phase number two. In general, I would think we probably have to tag this downsloping line twice before that bottom is put in. So it still leaves room for one more flush out at some point in the future down to that line. And I'm going to be keeping an eye on that line very, very closely. Once we get there, phase number three begins, which is your bottoming phase. And that could be a rounded bottom cup and handle. That could be something like that. That's where I really start to say, OK, we've achieved the downside targets, the bigger trend lines at the lower levels, whether it's a completion of the bigger head and shoulders, I don't know. But ultimately, I'm still looking for sub 50 eventually. But it doesn't mean I'm not playing on a swing trade basis for a bounce in this zone. And that's exactly what I've been doing here. Not so much, by the way, with altcoins, excuse me, not Bitcoin, but more with altcoins, because honestly, I think I can get percentage wise. And so far, I've been correct. I can get a bigger bang for the buck out of the altcoins. All right. So we've discussed the upside potential. We also know that if this trend line breaks and confirms, we likely head down to this trend line. Now, where will that trend line be? That's the bigger question, right? If we kind of bring this in, this is going to continue right now. If we fell to it, it would be around 50000 in a month. It could be in the 40000 range and we'll have to continue to monitor that. OK, now let's go on to Ethereum or ETH. ETH is one that I do have along with smart money crypto members. And remember, you see my portfolio, you see everything in that. And sure enough, if you remember in the last video, I said if we break out here and I pointed out that this trend line. So this is your cycle trend line, your your midpoint line. Right. So this is that phase one was below the line. Phase two was above the line. We come back and we check in very similar to Bitcoin, but you can connect these and all of a sudden we get a near term breakout. And look at how this trend line is parallel to that trend line. That, my friends, is so cool to see because it tells you their structure to the downslope of that. Right. If when you have parallel lines, the parallels are important because it's essentially showing you that there's there's order in chaos, if that makes sense. So we all look at a chart. We're like, yeah, it's just going up and down and further down and then up. But there's actually an order to that. And when you discover that order and you can find a parallel line that's broken out, it usually gives you more probability. And remember, I discuss everything in my videos in the world of probabilities that you actually have something major here. And that's exactly what we have with ETH. Right. So if we go back to the chart here, there's your break and look at the move already starting on ETH. And sure enough, let me just zoom in again to it. We've already had a beautiful move. Do I think it's over? No, I don't think it's over yet, but we are coming into this area right here. Right. So right around this eighteen hundred level is going to be the first test for ETH. I think it will get through. It might need to pull back just a little bit. But right now, my upside bias is to around this low, which comes right through here, right around two thousand. If we get to about two thousand, that'll be where I start to say, OK, this is more likely where we're going to run into some major resistance. All right. Now, XRP was one that I was pounding the table on like it or hit it. I couldn't care less. Why? Because I'm a shorter term investor and trader. And this is where emotion. Right. So emotion can be your worst enemy. And honestly, usually it is. Right. And what I mean by that is that, you know, I've seen so many people that are like haters on XRP. And then there's other people that are just like they just love it. They're gaga over it. And I honestly, it's all it is, is a chart to me and I just trade it accordingly. And so when you have a wedge pattern like this and we'll go back to the chart, you have this wedge pattern that goes back. What did I say in my last video? I said, guys, the longer the wedge. So this goes back all the way back to twenty twenty five, early twenty twenty five. Right. The longer the wedge, when it finally breaks out, the bigger the move. And that's exactly what is occurring here. So XRP is already up from basically a dollar to a dollar seventeen. And this and listen, you're going to get pullbacks. Right. I want to be crystal clear on this. Nothing goes straight up. Nothing goes straight down. So we've got the breakout maybe a little bit higher than we'll probably retrace. And then you expect your next leg to the upside. All right. And again, I don't know how high this move will go, but ultimately at some point we get a retrace and that will be another trading opportunity for us as a technical trader. Right. So let's just say I exit my position here at, I don't know, one twenty five. Let's say it gets up there, which would be right around this pivot. It would also be kind of right around this pivot over here. I should get another chance to reenter, let's say, at one ten to one fifteen for another leg up at some point in the not too distant future. And that's, again, all about charting and looking at the levels on the charts. All right. So that's that one. Now, if we look at Solana, Solana, very similar. In fact, I pointed out in my last video, Solana was the strongest of all the coins that I was looking at. And the reason I say that is that while most coins had pulled back dramatically and even even Bitcoin had made a lower low right from the low over here, if we go back to Bitcoin and I love showing this. So here's that low on Bitcoin over here. Look, we made lower lows. But if you look at Solana, Solana had it. Here's your low and here's a higher low. So it showed relative strength. And sure enough, do we have a wedge pattern? It's not as far reaching as prior, but absolutely. And there's your breakout. Now, it looks like you're starting to pull back. So there might be a pullback. These highs with this trend line will now be technical support around seventy five dollars per coin or per token here. That would be a pullback buying opportunity on a retrace. As long as this level holds, as long as this trend line holds, that should be a viable opportunity on a retrace. So these are all things that we can always be watching for. And again, there's so many opportunities when you start to learn how charts work and the structure. And again, this is what it's all about, folks, is just being able to really isolate down what is probable. And when I say probable, I don't mean like fifty one percent to forty nine. I'm talking like I look if I'm going to take a trade, I'm taking seventy percent or greater probability. And again, there's never there's no such thing as one hundred percent. Right. We know that or at least I hope we all know that, you know, unless you have insider information, but we can still get our our probabilities up significantly. All right. Before we get into the other coins that I wanted to cover here today, folks, don't forget Rumble here. So and again, that that code, by the way, is not valid anymore. But Rumble here, Rumble Wallet is how I'm doing these swing trades right now. And again, it's the Rumble Wallet. You could find it on your app store under its Rumble Rumble billion, multibillion dollar company owns the Rumble Wallet, obviously, which gives me credence. Right. It makes me feel better about using it. And it's obviously backed by not some willy nilly firm. But also, again, it's just so easy to buy and sell crypto in here, as well as gold. And again, as gold is starting to bounce here and I'll do a video on gold tomorrow. These are the things that I start to say, OK, is there a swing trade opportunity on gold here? All right. To the long side. And we'll cover that in tomorrow's video. So you can see here, guys, and I put up Garrett Top Squad here. And please forgive me for little fumbles here and there. But essentially, the Rumble Wallet, guys, that is where it's at. And again, you can go to the app store. I'm on my laptop here. So I'm clicking. I'm basically working off two extra screens that I brought with me in the hotel here on the beach. But the idea is, is that by the way, this is a real background. It's too bright out there. So I would be super dark. So I have to obviously, you know, I'm doing it with a white the white wall behind me. And I just threw that up because this way you guys know why, like the video quality, the audio quality may not be as good as I'm on vacation. I'm literally in Mexico right now. So in any case, so Rumble Wallet's the place to go. Obviously, you saw Garrett Top Squad there. I will be putting out a video for just members today or tomorrow. Plus, there is a new discount code for verified investing coming out within the next few days as well. But Solana looks great here, guys. Other charts out there. What do we want to look at here? Cardano is finally getting a bounce here. Great bounce on Cardano. It'll have a little bit of resistance right around 19 cents. It should get up to 22 to 24 cents on Cardano. So finally, Cardano is waking up, guys. And again, as a swing trader, do I care where it is in a year from now? Not at all. All I care is that we're getting that bigger move up. Look at that beautiful move. We should at least get up into this 22 to 24 cent level there. You look at Chainlink. Chainlink has broken out as well. Beautiful breakout there. Near Protocol. I haven't looked at this in the last couple of days. Near Protocol has gotten a little bounce. This one's been a little stronger. So I mean, this one overall, the key on Near Protocol, anyone who's watching this or is in this, there's a trend line here. As long as it doesn't break and confirm below this trend line, it's fine. The chart technically structure-wise is fine. Hyperliquid, I know a lot of you guys like hype. If we look at Hyperliquid here, Hyperliquid's just kind of chopping. It's really, you know, and frankly, this one has been on a run. Again, resistance-wise, this upper level up here, right? So essentially, what I'm doing here is we're connecting this high with that high. If it ever gets up there, that would be massive resistance, probably a shortable opportunity right now around 85, 86 dollars. And then vice versa, this would be your support line down here, currently around 47 to 50 dollars on Hyperliquid. Again, I could go through a zillion charts out there, but the key here, folks, is that when it all comes down to it, we do have breakouts. Do I think the bear market is over in crypto? I don't buy that yet, but it doesn't mean I can't be long. Some swing trades, which I am with Smart Money Crypto members. All right, go check out the Rumble Wallet. I'll put the link in the description, guys. You guys have a wonderful rest of your day and I'll talk to you soon. Take care.