This is a daily analysis of the top -tokens with CME futures by Coindesk analyst and chartered market technician Omkar Godbole.
Bitcoin: RangePlay continues with MACD teasing flip flip
Bitcoin (BTC) hit a record high over $ 123,000 on July 14 before entering a period of consolidation. Prices have since been range between resistance to $ 120,000 and support for $ 116,000, with Bulls once again failing to establish a foothold over the former in the last 24 hours.
This chopped trade, along with the flattening of the intraday movement averages and the daily MacD histogram, which suggests a bearish shift, has increased the risk of a withdrawal. Still, the Lows appearance line remains intact, keeping hope alive for a bullish resolution that can lead to new record heights.
- AI’s Take: Bitcoin shows debilitating momentum as it consolidates below the $ 120,000 resistance where the MACD histogram suggests a potential bearish shift.
- Resistance: $ 120,000, $ 123,181.
- Support: $ 116,000, $ 115,739, $ 111,965.
XRP: July Bullish Trend threatened
Like BTC, the XRP (XRP) has been missing clear direction recently, trade in minced between $ 3.35 and $ 3.65. What has changed in the last 24 hours is that the trend line representing the price increase from $ 2.2 to detect heights has been broken, strengthening the case for a bearish dissolution of the recent range.
Furthermore, the spread between Bollinger Bands has expanded to levels that suspected the correction in December. Bollinger bands are volatility bands located two standard deviations above and below the active 20-day simple moving average.
In the event that the lower end of the recent interval does not have a risk of an extended decline.
- AI’s Take: While the Bollinger band spread on a perennial highlights of extreme volatility and an upcoming breath, the violation of the Uptrend line guarantees caution for bulls.
- Resistance: $ 3.65, $ 4
- Support: $ 3.35, $ 3, $ 2.65.
Ether: Consolidation probably as Bollinger -tbands expand
Ether’s (ETH) sharp increase from its low level near $ 2,200 has paused this week, with prices withdrew to $ 3,600 from a high of $ 3,850. A short-term consolidation in a wide range looks likely as the Daily Charts Bollinger band has expanded to their highest level since April-May 2021.
This expansion is a classic technical signal that the market has experienced a period of extreme volatility and strong directional movement, which suggests that it may now be due to a period of the area or a “breath” before the next major move. This view is supported by the 14-day relative strength index, which has topped the so-called overbought or over 70 zone.
- AI’s Take: Ether’s Rally has pushed its RSI over 70 and expanded its bun ties to their highest level since 2021, both signaled an extremely overbought market.
- Resistance:$ 4,000, $ 4,109At $ 4,382.
- Support: $ 3,480, $ 3,081, $ 2,879.
Sun: Looking north
Solana’s Sun (Sol) is withdrawn to under $ 200 from writing. Still, the Bull case remains intact, as suggested by the upward slope of intraday and daily short movement average.
The Bollinger Bands have been expanded to their highest level since the first quarter, ending a long-lasting low volatility coil to suggest that Bullish directional determination. In addition, the 50-day simple sliding average (SMA) appears on the field to move over the 200-day SMA in what is known as the Bullish Golden Cross.
All of this suggests that sun could press the upper end of the rising channel with a potential move to $ 215 and higher.
- AI’s Take: The price action is contained in a well -defined rising channel that demonstrates that the rally from Low’s April is a strong and consistent appearance. The recent outbreak to the top half of this channel reinforces the bullish momentum further.
- Resistance: $ 218, $ 252- $ 264.
- Support: $ 187- $ 185, $ 163 (50-day SMA), $ 145.
Read more: Disposed Unemployment in Blockchain? Data shows only 12% of Ethereum, 25% of Solana protocols have revenue
