This is a technical analysis article by Omkar Godbole, CoinDesk Analyst and Chartered Market Technician.
Bitcoin The hourly chart continues to trade within a counter-trend ascending channel, which is within the larger downtrend, keeping price action in good stead.
A clear break above $96,500 would be technically bullish as this level marks the confluence of the channel top and the broader bearish trend line and would favor the resumption of the uptrend in the medium term. The weekly chart supports this scenario, with the 100-week simple moving average repeatedly guarding, indicating downside exhaustion and increasing risk of a bullish reversal.
However, the structure also leaves room for another round of weakness if buyers fail to force confirmation.
A downside breakout of the hourly countertrend channel would validate the descending trendline and open the way for another test of the $80,000 area, where the market previously found support.
Ethereum
Ethereum’s technical structure is similar to that of Bitcoin, trading within a counter-trend ascending channel on the hourly chart while within a broader downtrend. A decisive break above $3,200 (channel resistance) would confirm a bullish recovery and expose $3,620 (November 10 lower high resistance).
If sellers invalidate the countertrend channel, downside risk will persist. A break below would reinforce the broader downward trend, opening the recent low near $2,630 as initial support before further correction.
Overall, $3,200 remains a key level to watch.
Ripple
Payments-focused XRP is once again testing the key $2 support line, which has repeatedly signaled seller exhaustion this year via long-tailed weekly candles. The sharp decline in the 5-week and 10-week moving averages confirms the bearish momentum, which looks bearish.
A move below this level could trigger capitulation among holders, making $1.63 (61.8% Fibonacci retracement of the 2024-2025 rally) the next major support level.
Conversely, consecutive daily closes above $2.30 would invalidate the bearish lower high pattern and signal a bullish recovery. $2 remains the key pivot in this symmetrical setup.
Sol
Solana Continuing to show range-bound indecision, it is trading within a sideways channel bounded by resistance above $145 and support below $120, with current levels near $134.
The lack of directional momentum remains, and the next big move depends on a clear breakout of this consolidation range. By weighing the trend, a bullish resolution in this range would create room for a move toward $160 and beyond. A downside breakout would continue the broader downtrend.
