This is a daily analysis of Coindesk analyst and the approved market technician Omkar Godbole.
The key story Tuesday morning focuses on BTC / USD – representing the wording of the Bitcoin dollar – and the Dogecoin Bitcoin, side in binance, (DOGE / BTC) Pair, both run to secure the opposite head and bullish shoulders on their time cards.
An escape confirmed in Bitcoin could prepare the field for a new test of $ 120,000, a scenario discussed on Monday. Similarly, a potential escape in DOGE / BTC could point out a significant outperformance for Dogecoin to come.
But the key question will remain: will these eruptions materialize? The technical image supports the bulls, with the simple mobile averages of 50, 100 and 200 hours making optimistic trends, trend regularly north and reinforcing the momentum upwards. Add to that the strong feeling of the market powered by increasing expectations for Fed rate drops next week and beyond – a catalyst that can galvanize the rotation of retail funds of the monetary market funds and in Bitcoin and Altcoins.
Doge has an additional bullish rear wind – the ETF hopes.
XRP: MacD returns up bullish
XRP approaches the upper limit of a two -month descending triangle motif, delimited by trend lines connecting the highs of July 18 and August 14 along August 3 and 1.
A decisive rupture above this training would signal a resumption of the wider rise trend, opening the way to a rally around $ 3.38 – the top of August – and potentially $ 3.65, the peak reached in July.
The technical configuration is promising. The positive feeling is preparing on the Bitcoin market, associated with a positive crossing in the MacD daily histogram of XRP, improves the probability of a successful rupture of the descending triangle. The positive crossing of the MacD indicates a renewal of the bullish change of the momentum.
Bears need a drop below $ 2.67 to restore downward trend.
Floor: 61.8% FIB retracement probes
Solara is trendy to the north, marked by a series of higher and higher ups which highlight an upward trajectory. The prospects are still reinforced by the simple ascending sloping mobile averages of 50, 100 and 200 days, painting an encouraging technical table. During the writing, Sol seems ready to exceed the level of Fibonacci retracement of 61.8% of the sale from January to April.
A step above this key level “gold ratio” could attract Momentum buyers, which has potentially driven soil to the resistance zone test between $ 260 and $ 280.
