This is a technical analysis post by CoinDesk analyst and chartered market technician Omkar Godbole.
bitcoin
Bitcoin The 30-day implied volatility index (BVIV) has contracted sharply to 48, decisively breaking below the uptrend line established from the September lows. This breakout indicates a dissipation of panic and the possibility of further compression in volatility.
At the same time, the renewed bearishness of the US Dollar Index provides additional tailwinds for sustained BTC price appreciation. It is notable that the spot-volatility correlation has remained predominantly negative since November last year, underscoring the inverse relationship at play.
Technically, BTC has successfully reclaimed Friday’s high of $93,104 as support, securing a foothold within the bullish territory above the Ichimoku cloud on the one-hour time frame. The next bullish impulse is anticipated by a bullish crossover in the MACD histogram, with attention shifting towards the $98,000 to $100,000 resistance band defined by the descending trend line and the key psychological barrier.
The bullish outlook would be threatened if BTC broke below the Ichimoku cloud again, indicating a possible erosion of bullish momentum.
XRP
XRP appears to be building a base near $2.20 for the next leg higher after decisively crossing into bullish territory above the Ichimoku cloud earlier this week. The predominant sideways consolidation coincides with a bearish crossover on the hourly MACD histogram; However, the absence of concomitant price erosion underscores the latent underlying strength and supports the case for sustained bullish momentum.
Immediate overhead resistance lies at $2.28 and $2.30.
Ether
Ether is extending its advance following a confirmed bearish trap, evidenced by two consecutive daily green candles characterized by low wicks, indicating clear buyer control. This bullish price action, reinforced by a positive MACD histogram on the daily chart, indicates a strong probability of a continued rally targeting the October 10 low near $3,510.
However, interim gains may depend on a corrective pullback towards previous resistance now acting as support at $3,100, as the hourly MACD histogram approaches a bearish crossover, potentially portending near-term consolidation before the next bullish leg.
solarium
SOL is causing a breakout from its sideways channel, currently consolidating near the upper boundary at $144.74. A decisive break above this level would likely catalyze further bullish momentum towards $165, the level identified with the help of the measured movement method.
However, the hourly MACD histogram is primed for a bearish crossover, indicating a possible short-term pullback or an extended consolidation phase before the breakout materializes.
