This is a technical analysis article by Coindesk analyst and franchised market technician Omkar Godbole.
XRP: Not leaving the woods
XRP
a payment-focused cryptocurrency, surged 11% on Thursday It is reportedly outbreak The cow flag pattern suggests update momentum. However, it is not clear at this time, as the price is well below the crucial $3.65, while the bearish “Tweezer Top” candlestick pattern occurred last month.
Tweezer top is a bearish reversal pattern, including two candles with the same high point, representing a clear rejection point, in this case $3.65. It seems like the market is trying to climb new levels twice and encountering brick walls of sales pressure at the same location, indicating that the upward momentum has completely stagnated.
Therefore, the Bulls need to overcome the obvious supply point of $3.65, a move that will invalidate the bearish reversal pattern.
However, this may be easier said than done, as the data on the chain suggests that holders sit on large profits and have a strong incentive to sell at current valuations.
“(XRP) Unrealized Profits/Losses (nuupl) The levels that have not been seen since the peaks in 2021 remain at a high level, similar to those observed in 2018. These high values suggest that the market still has significant unrealized profits, which historically represents the areas of potential distribution and price corrections,” Alphractal said on X.
- Resist: $3.38, $3.65, $4.00.
- support: $2.99, $2.72, $2.65.
Bitcoin: BTC is waiting for breakthrough
Bitcoin (BTC) The recent callback is currently taking the shape of a drop channel (White Line) Within its main limit (Yellow Line). This model is classic “bull breathing” that shows that the market is consolidating its recent earnings.
Prices rebounded from the 50-day simple moving average (SMA) This strengthening of this consolidation is further strengthened. For traders, this means that while the short-term trend is still corrected, the path with minimal resistance remains.
The decisive breakthrough in the downgrade channel will confirm that a broader uptrend will continue and potentially transfer above the $123,000 high. Instead, moves below the May high of $111,965 will increase the risk of selling out to $100,000.
- Resist: $120,000, $122,056, $123,181.
- support: $111,965, $104,562, $100,000.
Ether: Major breakthrough
Ether’s rally reached over $4,200, and the level rose four years ago. Cryptocurrencies have erupted from an extended symmetric triangle that has been at the highest point since the end of 2021, a major bullish signal.
A decisive breakthrough, especially on the charts over this time, suggests that the market has officially entered a new, strong upward trend, opening the door high to retesting the record above $4,800.
- Resist: $4,400, $4,875, $5,000.
- support: $4,000, $3,941, $3,737.
