This is an analytical post by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
Bitcoin has rebounded sharply from the $80,000-$83,000 support area, testing the Friday swing high at $93,100. A breakout at this level would reveal the trendline drawn from the record highs of October 8, which remains a critical near-term resistance.
Consolidation appears more probable before any breakout, as the hourly MACD histogram shows shallow bars above zero, signaling a decrease in upward momentum. The daily MACD, however, continues to show a bullish stance, suggesting a favorable outcome from the consolidation.
On the downside, the $80,000-$83,000 support level is crucial for bulls to protect.
XRP
has again risen from the long-standing $2 support, moving bullishly above the Ichimoku cloud on the hourly chart. An intraday uptrend is clearly forming, but it remains to be seen if it can breach the immediate resistance zone of $2.28-$2.30.
Successfully crossing this zone would shift focus to the bearish trendline around $2.50. If it fails to breach the resistance area, a drop to $2.00 could occur.
ETH
Ether’s hourly chart shows a classic bear trap, with price action faking a breakdown below the lower boundary of the descending channel before bouncing back.
This kind of price movement following a significant downtrend suggests that selling pressure has been absorbed and that buyers have set a path of least resistance to the upside.
With bulls now in control, price action is looking toward Friday’s swing high at $3,100, with potential progression toward the $3,500 low from the October 10 selloff. On the downside, the $2,600-$2,700 range continues to be the significant support area.
SOL
Solana appears to be nearing the upper limit of a clearly defined sideways channel close to $145. A decisive move above this point would propel prices towards $165.
The breakout may not happen immediately, as the hourly MACD indicates a slowdown in bullish momentum. However, the daily MACD remains positive, indicating that an eventual upside is more likely.
