This is a technical analysis piece by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
Bitcoin remains within a counter-trend rising channel on the hourly chart, nested inside a broader descending trend, setting the stage for key price movements.
A clear breakout above $96,500 would signal technical bullishness, as this level coincides with the channel top and the overarching bearish trendline, suggesting a potential medium-term uptrend revival. The weekly chart supports this outlook, reflecting a consistent defense of the 100-week simple moving average, which hints at downside exhaustion and an increasing likelihood of a bullish reversal.
Nonetheless, the structure also leaves open the possibility of renewed weakness if buyers do not secure confirmation.
A downside breach of the hourly counter-trend channel would affirm the downtrend and pave the way for another test of the $80,000 level, where the market had previously found support.
ETH
Ether’s technical structure mirrors that of BTC, operating within a counter-trend rising channel on the hourly chart in the backdrop of a broader descending trend. A decisive breakout above $3,200, the channel resistance, would validate a bullish resurgence, revealing $3,620, the lower high resistance from Nov. 10.
Downside risks remain if sellers disrupt the counter-trend channel. A breach below would fortify the larger downtrend, targeting recent lows around $2,630 as initial support before deeper corrections might ensue.
Overall, the focus remains on the pivotal $3,200 level.
XRP
XRP, focused on payments, is once more testing the crucial $2 support line, which has consistently indicated seller exhaustion this year via long-tailed weekly candles. The momentum appears bearish, as shown by the notably declining 5- and 10-week SMAs confirming this trend.
A fall below this level risks triggering capitulation among holders, targeting $1.63, the 61.8% Fibonacci retracement of the 2024-2025 rally, as the next significant support point.
Conversely, sustained daily closes above $2.30 would negate the bearish lower highs pattern and indicate a bullish revival. The $2 mark remains crucial in this symmetrical setup.
SOL
Solana continues to show uncertain range-bound trading, oscillating between the $145 upper resistance and the $120 lower support, with current values around $134.
The absence of strong momentum persists, indicating that the next major move hinges on a definitive breakout of this consolidation range. A bullish resolution would allow for an ascent towards $160 and beyond based on measured move analysis, while a downside breach would further the existing downtrend.
