This post provides a technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
Bitcoin
Bitcoin’s 30-day implied volatility index (BVIV) has seen a significant decline to 48, piercing below the bullish trendline that was established since September’s lows. This breakdown indicates a waning of panic and the likelihood of further volatility reduction.
At the same time, the renewed downtrend of the US dollar index adds further support for ongoing BTC price gains. It’s noteworthy that the correlation between spot prices and volatility has largely remained negative since last November, emphasizing the inverse relationship.
From a technical standpoint, BTC has successfully regained the Friday high of $93,104 as support, solidifying its position in bullish territory above the Ichimoku cloud on the hourly chart. The next upward movement is anticipated with a bullish crossover in the MACD histogram, focusing attention on the $98,000 to $100,000 resistance zone defined by the descending trendline and significant psychological threshold.
The bullish perspective would face challenges if BTC were to drop below the Ichimoku cloud again, indicating possible weakening of upward momentum.
XRP
XRP appears to be forming a base around $2.20 in preparation for the next upward movement after successfully entering bullish territory above the Ichimoku cloud earlier this week. The current sideways movement aligns with a bearish crossover in the hourly MACD histogram; nevertheless, the lack of significant price decline highlights underlying strength and supports the prospect of sustained upward momentum.
Immediate resistance levels are found at $2.28 and $2.30.
Ether
Ether continues its upward trajectory following a confirmed bear trap, as shown by two consecutive green daily candles with minimal wicks, indicating solid buyer control. This positive price activity, supported by a favorable MACD histogram on the daily chart, suggests a high likelihood of continued gains targeting the October 10 low around $3,510.
Nevertheless, interim profits may depend on a corrective pullback to the previous resistance which is now acting as support at $3,100, especially since the hourly MACD histogram inches towards a bearish crossover, hinting at possible short-term consolidation before advancing again.
Solana
SOL is hinting at a potential breakout from its sideways movement, currently stabilizing near the upper range at $144.74. A clear breakthrough above this level is expected to generate additional bullish momentum towards $165, a target indicated through measured move analysis.
However, the hourly MACD histogram suggests an impending bearish crossover, indicating a possible short-term pullback or prolonged consolidation before the breakout takes place.
