Bitcoin is re-testing its June & July 2023 highs. In this process, it is getting clear which cryptocurrencies can be considered in case Bitcoin holds this current level. In case Bitcoin succeeds in clearing $31.4k, which is the breakout level, we will see some cryptocurrencies rise multi-fold. Those are the tokens that we want to consider buying now, the ones that provide leverage on BTC strength. While XRP is one of them, as explained in multiple articles (XRP Long Term Bullish Reversal Continues To Improve and XRP: The Most Fascinating Crypto Chart, In Disguise), we will focus on 3 setups that are truly explosive short to medium term. All they need is a tiny bit of sustained momentum in Bitcoin and broad markets.
In our latest crypto alert, available for premium members in our research area (available for existing and new members), we shared 3 top tokens and concluded:
Arguably, these 3 cryptocurrencies qualify as the best candidates to double in the coming months. All we need is a tiny bit of bullish momentum in markets and BTC.
Let’s focus on chart readings in this public blog post. We do not cover symbols in the public space, as said multiple times, the symbols are made available in the premium research area.
Chart-wise, the strongest of the three tokens already broke out in overnight trading today. We alerted premium members, a few days ago, about the potential of a big breakout, exactly at the breakout point which is indicated with the green arrow.
Why is this setup explosive?
Can it invalidate? Only in case price comes back down, below the falling trendline, will this breakout invalidate. The probability of this to happen is low. Why? Because there is plenty of upside potential on this chart before resistance levels are achieved. What we mean by that is that a breakout invalidation is more likely to occur if there is strong resistance right above the breakout level. That’s not the case with this chart setup.
We believe this token is set to double in the coming months. It quadrupled back in Q1 of this year.
The second token that is explosive is one that plays in the AI-league. We covered this one recently in Is This AI Token Ready To Rally?
Chart-wise, this is a great illustration of an explosive setup:
- The 6-month consolidation is very strong because (a) it is setting higher lows (b) it is happening above the critical 50% retracement level which is represented by the fine purple line.
- This token has cleared 2 falling trendlines during its consolidation, the 3d one is being tested now.
- A move higher will clear the falling trendline as well as the 38.2% retracement level (fine yellow line).
The reversal is bullish, the power that comes with a breakout will be exceptional. We believe this token can double in the coming months, provided BTC remains strong.
The 3d top cryptocurrency for November of 2023 was covered a few weeks ago in this public post: The Most Bullish Cryptocurrency Chart Setup Of October 2023. While this token did not break out, not yet, it remains a prime candidate for a big move higher.
Chart-wise, we will repeat what we already said a few weeks ago:
- A bullish triangle.
- The previous breakout, back in January, resulted in a 300% rise.
- Price came back down, throughout 2023, but it respected the critical 50% retracement level, on a 3-day closing basis. That’s is very, very bullish! It’s a bullish as the AI-token we featured a month ago (article hyperlink above).
- This token is now consolidating between its 50% and 38.2% retracement level (Fibonacci level). That’s the most bullish type of consolidation imaginable.
- The upside potential is 100%.
This token must now move higher, in order to clear its falling trendline, after which the W-structure will be confirmed as a ‘bullish reversal.’
Invalidation? Only if price moves lower from here, below the 50% retracement level.
Chart readings are instrumental when looking into cryptocurrencies. The crypto market requires a deep understanding of chart setups and structures. That’s why we focus on how to read charts in our public crypto blog posts.
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