CRYPTOCURRENCIES – January 2, 2022

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Several pairs are showing signs of outperformance against BTC. Following charts are some that can complete well-defined consolidations and offer directional movement. The first chart is against USD and one of my favorite setup. Breakout from the text-book rectangle can offer significant upside potential.

ANTUSD

ANTUSD formed a 4 month-long well-defined rectangle with the upper boundary acting as resistance at 14.8 levels and the lower boundary as support at 2.5 levels. This is a wide trading range and a breakout has price target that can offer 100% return. The price target stands at 28 levels.

SOLBTC

This was an opportunity I covered in the last special cryptocurrency report. SOLBTC continues to consolidate in a tight range. I still think the chart pattern can act as a bullish continuation, a possible cup & handle with the horizontal boundary acting as resistance at 0.043 levels. The handle part can be identified as a possible rectangle chart pattern. Breakout above 0.043 levels can target 0.062 levels.

ETHBTC

I’ve covered ETHBTC in previous reports. I think ETHBTC completed a multi-month long rectangle with the upper boundary acting as resistance. The resistance became support at 0.08 levels. Price target for the rectangle stands at 0.104 levels. ETH can continue to outperform BTC.

AVAXBTC

Another cup & handle continuation can be identified on AVAXBTC price chart. The 2 month-long bullish continuation chart pattern has a horizontal resistance at 0.0025 level. Breakout can target 0.0034 levels resulting in a BTC underperformance against AVAX.

ARBTC

ARBTC formed a 4 month-long rectangle/channel with the upper boundary acting as resistance at 0.0014 levels. The upper boundary has been tested several times. Breakout can target 0.0020 levels resulting in BTC underperformance.

 

AERGOBTC

AERGO is another cryptocurrency that can start outperforming BTC. A year-long H&S bottom can be identified with the right shoulder acting as an ascending triangle. Breakout can complete both chart patterns and result in a trend reversal.

MDTBTC

MDTBTC is possibly trying to complete a massive base formation, a possible rectangle reversal. This is another pair, if completed on the upside, can result in a BTC underperformance.