This is a technical analysis post by coindesk analyst and chartered market technician Omkar GodBole.
XRP: not out of the forest yet
XRP
Payment-focused cryptocurrency, rose 11% on Thursday, allegedly exit a bull flag pattern to suggest renewed speed. However, this is not yet clear, as prices remain below the significant $ 3.65 level, where a slowdown “tweezer top” was the candlestick pattern last month.
The Twezer Top is a recession inverted pattern, including two candles with the same high that represents a clear rejection point, in this case $ 3.65. It is as if the market tried to climb a new level twice and met with a brick wall to sell pressure at the same place, an indication that the top speed has come to a complete standstill.
Therefore, bulls need to remove the significant supply point at $ 3.65, a step that will invalve the recession of the recession.
However, this can be easy, as on-chain data shows that the holders are sitting at sufficient profits and have a strong incentive to sell in the current assessment.
“(XRP) Pure unrealistic profit/loss (NUPL) The 2021 does not live at the level after the summit, reaches the same level as those seen in 2018. These high values indicate that the market still bears significant untrue profits, which historically represents the areas of potential distribution and price improvement, “the research firm Alfractal said on X.
- resistance: $ 3.38, $ 3.65, $ 4.00.
- Help: $ 2.99, $ 2.72, $ 2.65.
Bitcoin: BTC wait for a breakout
Bitcoin (BTC) Recently Pulback is currently taking the shape of a descending channel (White lines) Within its primary uptrend (Yellow lines)This pattern is a classic “bull breath” that states that the market is strengthening its recent profit.
Recent bounce of price from 50-day simple moving average (SMA) Further reinforces the strength of this consolidation. For traders, this means that while the short -term trend is still corrective, the least resistance is the reverse.
A decisive breakout from the descending channel will confirm the continuity of wide uptrend, possibly a step to record high records above $ 123,000. In contrast, a step below a high level of May of $ 111,965 will increase the risk of deep sales to $ 100,000.
- resistance: $ 120,000, $ 122,056, $ 123,181.
- Help: $ 111,965, $ 104,562, $ 100,000.
Ether: major breakout
Ether rally rally at a rate of over $ 4,200, which has been seen in the last four years ago. Cryptocurrency has been broken by a long -term symmetrical triangle, with its price since all time at the end of 2021, which is a major rapid indication.
The decisive brakeout, especially on a chart with this long horizon, indicates that the market has officially entered a new, powerful uptrend, opening the door for a reette of a record high of a record higher than $ 4,800.
- resistance: $ 4,400, $ 4,875, $ 5,000.
- Help: $ 4,000, $ 3,941, $ 3,737.
