This is an article of technical analysis by the Coindesk analyst and technician of the approved market Omkar Godbole.
XRP: not yet out of the woods
Xrp
The cryptocurrency focused on payments, jumped 11% on Thursday, which would have broken out a scheme of Taurus flag to suggest an upward renewed momentum. However, it is not yet clear, because the prices remain much lower than the crucial level of $ 3.65, where a low -cut “tweezer” headset scheme occurred last month.
The top of the brush clip is an lower inversion scheme, comprising two candles with identical peaks which represent a clear rejection point, in this case $ 3.65. It was as if the market was trying to climb twice twice and had met a wall of sales pressure bricks in the same place, a sign that the ascending momentum completely blocked.
The bulls must therefore overcome the significant supply point of $ 3.65, a decision that would invalidate the lower inversion model.
However, this may be easier to say than to do, because the data on the chain suggest that holders are seated on substantial profits and are strongly encouraged to sell to current assessments.
“THE [XRP] Profit / net loss not achieved (NUPL) Remains at high levels that we have not seen since the peak of 2021, reaching levels similar to those observed in 2018. These high values indicate that the market still offers significant unpaid profits, which historically represent potential distribution areas and price correction, “said Alphractal Research on X.
- Resistance: $ 3.38, $ 3.65, $ 4.00.
- Support: $ 2.99, $ 2.72, $ 2.65.
Bitcoin: BTC awaits a breakup
Bitcoin (BTC) recent withdrawal is currently taking the form of a descending channel (white lines) In its main main trend (yellow lines). This model is a classic “Bull Breather” which suggests that the market consolidates its recent gains.
The recent rebound in the price of the 50 -day simple mobile average (SMA) further strengthens the strength of this consolidation. For merchants, this means that even if the short -term trend is always corrective, the path of the slightest resistance remains upwards.
A decisive escape from the downhill channel would confirm a continuation of the broader rise in trend, which potentially gives a decision to record tops greater than $ 123,000. Conversely, a movement lower than the May summit by $ 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: a major break
Ether joined over $ 4,200, reaching the levels seen for the last time four years ago. The cryptocurrency left an extended symmetrical triangle which contained its price from the summit of all time at the end of 2021, which is a major bullish signal.
The decisive break, in particular on a graph with this long time horizon, indicates that the market has officially entered a new powerful powerful trend, opening the door to a remedy for record summits greater than $ 4,800.
- Resistance: $ 4,400, $ 4,875, $ 5,000.
- Support: $ 4,000, $ 3,941, $ 3,737.
