Crypto markets may be setting up for a short-term bounce, according to market strategist Gareth Soloway. After weeks of pressure and sideways movement, charts for Bitcoin, Ethereum and XRP are showing patterns that traders often watch for possible upside moves.
But this is not a call for new all-time highs. Instead, it is about short-term trading opportunities with defined risks.
Bitcoin is currently trading around the mid-$60,000 range after pulling back from higher levels. On the chart, Bitcoin has formed what traders call a bullish consolidation pattern. This means the price made a move up, then started moving sideways without breaking to new lows.
That is important.
As long as Bitcoin holds above the $60,000 area, the pattern stays valid. If it breaks below $60,000, the setup would likely fail.
If the pattern works, Soloway believes Bitcoin could see a short squeeze that pushes price toward $80,000 to $85,000. From current levels near $67,000, that represents roughly 19% to 25% upside.
He also explains risk versus reward. If someone enters around $67,000 and sets a stop near $60,000, the downside risk is about 10%. But the upside target could be double that. Traders often look for this kind of 2-to-1 reward compared to risk.
Ethereum is showing a similar chart structure.
Ethereum recently formed a green reversal candle and then moved into a tight consolidation range. This type of setup is known as a bull flag, where the price pauses before possibly moving higher again.
If ETH breaks upward from this range, Soloway sees a likely target near $2,600, and possibly as high as $2,800 in a stronger move. But like Bitcoin, the pattern only holds if support levels remain intact.
XRP looks more complicated than the others.
XRP recently broke major support, then tried to bounce back but faced rejection. Right now, it is stuck below strong resistance.
For XRP bulls, the key level to watch is $2.00.
If XRP can break and hold above $2, momentum could build quickly. But until that happens, the chart remains weaker compared to Bitcoin and Ethereum. The area below $2 is described as a “line in the sand” because it represents heavy resistance.
The next few weeks could be important for Bitcoin, Ethereum and XRP.
Cronos Network has paused operations after an exploit hit Tectonic, its lending protocol, with on-chain…
XRP is trading near $1.42 after pulling back from its recent $1.69 high, but its…
Michael Saylor’s Strategy, the rebranded MicroStrategy, has hinted that it could be back to buying…
Bitcoin is trading at $78,796.58, Ethereum at $2,478.28 and XRP at $1.40 as traders brace…
Russia’s largest bank, Sberbank, is preparing to expand crypto-backed lending beyond Bitcoin, planning to accept…
A British Bitcoin investor has recovered 61 BTC that he lost access to after the…
