This is a technical analysis post by Coindesk analyst and chartered market technician Omkar Godbole.
XRP: not out of the woods yet
XRP
The payments-focused cryptocurrency rose 11% on Thursday, reportedly broke out of a bull flag pattern to suggest renewed momentum upwards. However, this is not yet clear as prices remain well below the decisive $ 3.65 level where a bearish “tweezers” candlestick pattern occurred last month.
The Tweezer Top is a Bearish Reversing pattern that includes two candles with identical heights representing a clear rejection point in this case $ 3.65. It is as if the market was trying to climb to a new level twice and was greeted with a brick wall with sales pressure in the same place, a sign that the upward momentum has been completely stopped.
Bulls therefore have to overcome the significant supply point for $ 3.65, a step that would invalid the bearish reversing pattern.
However, this may be easier said than done, as data on the chain suggests that holders are on significant profits and have a strong incentive to sell at the current valuation.
“The [XRP] Net unrealized profits/losses (Nupl) remains at elevated levels that have not been seen since the 2021 top, and when similar levels like those observed in 2018. These high values indicate that the market still carries significant unrealized profits, which historically represents zones with potential distribution and price correction, “the research company Alphractal said at X.
- Resistance: $ 3.38, $ 3.65, $ 4.00.
- Support: $ 2.99, $ 2.72, $ 2.65.
Bitcoin: BTC Waiting for Breakout
Bitcoin’s (BTC) Latest withdrawal is currently taking the shape of a falling channel (white lines) Within its primary uptrend (yellow lines). This pattern is a classic “Tyrread” that suggests that the market is consolidated its recent winnings.
Price’s recent rejection from the 50-day simple sliding average (SMA) Further strengthens the strength of this consolidation. For dealers, this means that although the short -term trend is still corrective, the path remains with the least resistance to the head.
A crucial breakout from the falling channel would confirm a continuation of the wider uptrend, potentially giving a step to detect heights above $ 123,000. Conversely, a step below the high highest highest $ 111,965 would increase the risk of a deeper sale to $ 100,000.
- Resistance: $ 120,000, $ 122,056, $ 123,181.
- Support: $ 111,965, $ 104,562, $ 100,000.
Ether: Major Breakout
Ether has gathered for over $ 4,200 and reached levels last seen four years ago. Cryptocurrency is broken out of a prolonged symmetrical triangle that contained its price since constantly high at the end of 2021, which is a large bullish signal.
The crucial breakout, especially on a diagram of this long time horizon, indicates that the market has officially entered a new, powerful appearance that opens the door for a gene test of record highs over $ 4,800.
- Resistance: $ 4,400, $ 4,875, $ 5,000.
- Support: $ 4,000, $ 3,941, $ 3,737.
