Profit-taking fervour among long-term holders is hampering Bitcoin’s (BTC) ability to stay above $100,000. Altcoins such as TRX and AVAX Coin are facing key resistance levels with mixed technical setups. This points to potential bounce or deeper corrections. Crypto analyst Yashu Gola analyses technical pictures of these 3 strong tokens.
BTC price forecast: $300,000 target for 2025!
Bitcoin’s weekly chart shows that the price is in the breaking phase of the cup-and-handle pattern. A cup-and-handle pattern forms when the price enters a period of consolidation after a U-shaped rebound. As a rule of technical analysis, the pattern resolves when the price breaks above the common neckline resistance and rises by the maximum distance between the cup’s trough and the neckline.
We apply this technical rule to the cup and flashlight pattern on the BTC price weekly chart. In this case, it takes the upside target above $300,000, up 219% from current price levels. Bitcoin faced selling pressure at the intermediate resistance level around $101,930 today. If the pressure continues, the cryptocurrency risks falling towards its peak of $69,000 on November 2021. Conversely, a break above the $101,930 level would send BTC into a price discovery mode. The next potential target is above $150,000, aligned with the 2,618 Fib line.
TRX price prediction: More collapses ahead?
Tron’s price fell by about 46.50% after hitting the cup-and-handle breakout target. At the time of writing, the token is consolidating below $0.272, aligning with the 1.619 Fib retracement level. TRX’s weekly relative strength index (RSI) is at 69.40 at the time of writing. This suggests there is room for further correction. Therefore, if TRX continues to hover below $0.272, the probability of it continuing its correction towards the 50-week exponential moving average (50-week EMA; red wave) around $0.150 will increase until 2025 March. The downside target stands around $0.786 with a Fib retracement line of 0.155.
AVAX Coin price prediction: Is a 40% breakout next?
On the weekly chart, Avalanche is testing the upper trendline of the giant symmetrical triangle pattern it recently broke to the upside as support. This leaves the AVAX Coin market in a bias conflict. However, it is possible that a decline at the upper trendline could accelerate the sell-off. Or a bounce from the same place is likely to trigger a strong price recovery period. In the event of a bounce, the upside target for the next AVAX Coin would be around $ 63. Meanwhile, a decisive close below the upper trendline of the triangle is likely to push the price down towards the lower trendline support and coincide with the $25 support of 2024 June.
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