Meanwhile, Bitcoin continues to head down its own downward trajectory. Major altcoins are following suit. What is the best possible level to catch the bounce on Ethereum ($ETH), Solana ($SOL), and Binance Coin ($BNB)?
$ETH rejected from large triangle top
Source: Trading View
When looking at the $ETH price on the weekly time frame It can be seen that rejection has just occurred at the upper trendline of the large triangle that $ETH has been in since the end of 2021. That said, the price has fallen. and touched the bottom of the triangle close to the 0.618 Fibonacci, causing a bullish bounce.
Is $ETH rebounding or is there additional downside?
Source: Trading View
The 4-hour time frame for $ETH shows the price moving upwards in a wedge pattern. The price is now deciding to bounce back from the bottom of the wedge. This also coincides with the 0.236 Fibonacci (a very bullish bounce if that happens) or perhaps it falls below the wedge and heads towards one of the lower Fibonacci levels. It will signal a bullish bounce back. Prices can be taken from the chart above. If the price drops all the way down and stays below $3,000, this could turn the uptrend negative.
$SOL Heads Back Down to Major Horizontal Support
Source: Trading View
The weekly chart of $SOL prices shows that the latest bull run succeeded in setting new all-time highs. Instead of pushing up, $SOL price came down again. This is much healthier for the overall price. And it looks like the price may fall to the lesser support at $210 or the main support at $202. This will affect the price structure of the building above the bull flag. It also received support from its peak in 2021.
Is $SOL falling or bouncing?
Source: Trading View
The 4-hour chart for $SOL shows how the price has turned around. In fact The price is in danger of bottoming in this time frame. It is possible that Fibonacci 0.382 has become a bounce back level. But a slight move down and below $222 could mean further declines. Fibonacci 5.0 is holding support at $210, while Fibonacci 0.618 is slightly below key support level at $202. All may be good levels for entry into the position.
$BNB declines from large range top
Source: Trading View
The weekly time frame for $BNB is self-explanatory. The price has been in a large range since the beginning of May 2021. The price appears to be rejecting from the top of this range. And it remains to be seen where the bounce will come from.
Possible entry for $BNB but set tight stop loss.
Source: Trading View
The 4-hour time frame for $BNB shows an ascending channel which the price is moving through within. An excellent place to open a position may be the bottom of the channel. This coincides with horizontal support at $610.
Remember that this strong support can fail. And therefore, stop loss should be used. Lower lows may signal the end of the uptrend. At least in the short to medium term.
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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