This is a daily analysis of the upper tokens with CME Futures by Coindesk analyst and approved market technician Omkar Godbole.
Bitcoin: resistance at $ 120,000?
Bitcoin (BTC) Upwing has gathered the rhythm, as indicated by the “construction of the negative gamma accumulation of the concessionaire” and the escape of the Ibit bull flag. The momentum of Taurus seems strong, highlighted by the 14-day RSI at the top of 70 and the MacD histogram producing higher bars above the zero line-no reason to worry about the bulls, or is it?
With prices in Uncharted territory, the identification of the resistance becomes difficult, and we therefore examine the market of options for the indices. On Deribit, the strike call of $ 120,000 is the most popular option with an open interest of $ 2.37 billion and could be the next key level to look at.
The Coinbase premium went negative at the start of the day today, suggesting lower demand on the market in the United States in parallel with a drop in the day after the cumulative interest of perpetual term contracts on offshore exchanges. The two factors call for caution on the part of the Bulls.
Meanwhile, the RSI of the time graph requires attention, because a potential downward divergence can emerge, signaling a break in the upward trend and a possible correction.
- AI: The UNCHARTED market in territory makes it vulnerable to a decline despite the overall positive feeling.
- Resistance: $ 120,000
- Support: $ 113,66 (FIB of 23.6% of the recovery of June low)$ 119,965 (High May)
Ether: the bulls cross the supply area
Ether (Eth) Finally managed to clean the supply area at around $ 2,800, which capped up in May and June. A resumption of occasional volumes supports the break and associated with the new Haussier signal of the Multiple Multiple Guppy System, suggests a potential for a higher continuous movement, beyond $ 3,066, the FIB retracement level of 61.8% of the downward trend from December to April. With prices firmly above the Ichimoku cloud, alongside an RSI greater than 70 and an increased MacD, withdrawals, if necessary, are likely to be superficial and well supported at around $ 2,600.
- AI: Ether’s escape over the $ 2,800 supply area suggests a potential change in the feeling of the market and a bullish continuation.
- Resistance: $ 3,066, $ 3,400, $ 3,525
- Support: $ 2,880, $ 2,600, $ 2,370
Solana: Double escape
Ground (GROUND) The price rally at a summit of $ 166 sparked a reverse head and shoulder escape and marked a crossing in the Taurus territory above the Ichimoku cloud. It’s the double escape! The measured movement method applied to the inverse H&S breach suggests a potential rally at $ 200. On the upper track, prices may meet resistance between $ 180 and $ 190, characterized by intrajournal summits from May. Lowering, $ 145 is a key support, which, if lost, could embrace the bears.
- AI: The double escape signals a solid bullish confirmation, offering the bulls a convincing case to continue upwards. Prudent traders should always manage risks with stop-loss orders and wider market conditions.
- Resistance: $ 180 – $ 190, $ 200.
- Support: $ 150 (the 100 -day SMA)$ 145 and $ 125.
XRP: the strongest bull’s momen since January
Xrp
went to $ 2.58, the highest since May 14, the 14 -day RSI crossing more than 70 for the first time since January to suggest the strongest momentum in six months. The MacD histogram also paints an upper image, supporting a potential rupture above the resistance at $ 2.65 (High May). After that, the accent would drop to $ 3.00 and $ 3.39 (the annual summit). XRP’s perpetual open interest has reached a new peak of 833 million XRP, supporting the rally.
- AI: The XRP market indicates an important optimistic force.
- Resistance: $ 2.65, $ 3.00, $ 3.39.
- Assistance: $ 2.20, $ 1.90, $ 1.60.
