BTC Faces Golden Fibonacci Hurdle at $122K, XRP Holds Support at $3

6 days ago

This is simply a regular investigation of apical tokens with CME futures by CoinDesk expert and Chartered Market Technician Omkar Godbole.

Bitcoin: Golden Ratio Eyed

As bitcoin (BTC) continues to commercialized level successful the $116,000-$120,000 range, the monthly illustration shows $122,056 arsenic cardinal absorption that needs to beryllium breached to corroborate continuation of the bull run.

That level represents the 1.618% Fibonacci extension, originating from the December 2018 lows, the December 2022 lows, and the 2021 high.
The 1.618% hold is highly important due to the fact that it's derived from the "Golden Ratio," a revered mathematical changeless successful finance. The level is wide recovered successful quality and art, which is wherefore galore judge it besides influences quality science and marketplace movements.

After a marketplace breaks supra its erstwhile grounds precocious successful a beardown uptrend, arsenic BTC did successful November by moving supra $70,000, the 1.618% hold is seen arsenic a almighty people country wherever bulls thin to instrumentality profits and bears initiate caller positions.

It is, therefore, nary coincidence that momentum appears to person stalled close astir $122,056. A steadfast determination supra this level would beryllium an denotation that buying unit remains beardown capable to sorb profit-taking and bearish resurgence astatine cardinal levels, shifting the absorption to the 2.618% hold astatine $187,929.

Conversely, continued uptrend exhaustion astir the 1.618% level could embolden bears, perchance starring to a apical successful the bull market.

Resistance: $120,000, $122,056, $123,181
Support: $116,000, $114,700, $111,965.

XRP: Focus connected 38.2% Fib retracement

Since past Thursday, the pullback successful the payments-focused cryptocurrency XRP (XRP) has stalled, with bears repeatedly failing to found a foothold beneath $2.995, the 38.2% Fibonacci retracement of the June-July rally. The terms action, erstwhile viewed connected the hourly chart, suggests a treble bottommost enactment astatine $2.995, with the neckline absorption astatine $3.33 (the July 28 high).

A determination supra $3.33 would corroborate the breakout and unfastened the doorway to a retest of the caller precocious of $3.65. That said, arsenic of the clip of writing, the antagonistic regular illustration MACD and downward-sloping hourly illustration averages suggest otherwise. Traders, therefore, request to support an oculus retired for a determination beneath $2.995, which volition apt output a deeper decline.

Resistance: $3,33, $3.65, $4.00
Support: $2.995, $2.65, $2.58

Ether: MACD flips bearish

Ether is trading indecisively successful a wedge-like signifier marked by converging trendlines. However, prospects of a notable pullback are improving, arsenic the regular illustration MACD histogram, a trend-following indicator, has flipped negative. The 50-, 100-, and 200-hour SMAs are present flat-lined, indicating a nonaccomplishment of upward momentum. A determination beneath the July 25 debased of $3,510 would connote a short-term inclination reversal, shifting the absorption to $3,000. On the higher side, a FOMO rally whitethorn unfold erstwhile the $4,000-$4,100 scope – the beardown absorption portion from 2024 - is crossed.

Resistance: $3,941 (the July 28 high), $4,000, $4100.
Support: $3,510, $3,000, $2,879.

Solana: Rising transmission astatine risk

SOL's terms is astatine hazard of diving retired of the bullish trendline drawn from higher lows established since June 22. Such a determination would corroborate a bearish displacement successful trend, perchance starring to a trial of the 50-, 100-, and 200-day SMAs, which are coiled astatine astir $160-$162. The little precocious of $195 established connected July 28 is the level to bushed for the bulls.