This is a technical analysis article by Omkar Godbole, CoinDesk Analyst and Chartered Market Technician.
Bitcoin
Bitcoin’s The 30-day Implied Volatility Index (BVIV) contracted sharply to 48, falling decisively below the bullish trend line established since the September lows. This collapse signals the dissipation of panic and the potential for further volatility compression.
At the same time, a new downward trend in the US dollar index has provided additional impetus for the continued appreciation of Bitcoin prices. Notably, the spot volatility correlation has been primarily negative since November, highlighting the inverse relationship at play.
Technically, BTC has managed to reclaim Friday’s high of $93,104 as support, establishing a foothold in the bullish zone above the Ichimoku Cloud on the hourly time frame. The next upward momentum is expected to occur on a bullish MACD-histogram crossover, with attention turning to the $98,000 to $100,000 resistance band defined by the descending trendline and key psychological hurdles.
The bullish outlook will be threatened if BTC breaks below the Ichimoku cloud, suggesting that upward momentum may be weakened.
Ripple
After decisively entering bullish territory above the Ichimoku cloud earlier this week, XRP appears to be establishing a base for subsequent gains near $2.20. The current sideways consolidation is consistent with a bearish crossover on the hourly MACD histogram; however, the price has not declined in response, highlighting the underlying underlying strength and supporting the case for continued upward momentum.
Immediate overhead resistance lies at $2.28 and $2.30.
ether
Ethereum is extending its gains after confirming a bear trap, as evidenced by two consecutive green daily candles, characterized by minimal wicks, indicating that buyers have clear control. This bullish price action, coupled with the strengthening of the positive MACD histogram on the daily time frame, suggests that continued gains are likely to target the October 10 low near $3,510.
However, medium-term gains may hinge on a corrective pullback towards the former resistance at $3,100, which currently acts as support, as the hourly MACD histogram is approaching a bearish crossover, possibly signaling short-term consolidation before the next leg higher.
Solana
SOL is preparing to break out of the sideways channel and is currently consolidating near the upper limit of $144.74. A decisive break above this level, which is determined using the Measured Movements method, could push the price further towards $165.
However, the hourly MACD histogram is poised for a bearish crossover, suggesting a possible short-term pullback or extended consolidation phase before a breakout materializes.
