This is a technical analysis article by Omkar Godbole, CoinDesk Analyst and Chartered Market Technician.
Bitcoin It rebounded strongly from the $80,000 to $83,000 support zone, hitting Friday’s swing high of $93,100. A breakout here would expose the trendline drawn from the October 8 all-time high, which remains important near-term resistance.
A breakout looks more likely to be preceded by consolidation, as the hourly MACD histogram produces shallow bars above zero, signaling a loss of upward momentum. Meanwhile, the daily MACD remains bullish, supporting a bullish consolidation resolution.
On the downside, the $80,000 to $83,000 support area remains a key level for bulls to defend.
Ripple
The price is moving higher again from long-term support at $2, crossing above the Ichimoku cloud on the hourly chart. An intraday uptrend is clearly forming, but whether it can clear the immediate resistance zone of $2.28 to $2.30 remains to be seen.
This would shift focus to the bearish trend line around $2.50. Failure to cross the resistance zone could lead to another drop to $2.00.
Ethereum
etheric The hourly chart shows a classic bear trap, where price action pretends to break below the lower limit of the descending channel and then begins to rebound.
This price action after a significant downtrend suggests that selling pressure has been absorbed and buyers have established a path of least resistance to the upside.
With bulls now in the driver’s seat, price action is eyeing Friday’s swing high at $3,100, with a possible drop from the October 10 sell-off towards the lows at $3,500. On the downside, $2,600-$2,700 remains a key support area.
Sol
Solana It appears to be approaching the upper limit of a clear sideways channel near $145. A decisive top above this level would be a rise to $165.
A breakout may not happen immediately as the bullish momentum on the hourly MACD is decelerating. However, as the daily MACD remains bullish, an eventual upward resolution seems more likely.