coindesk.com
This is a technical analysis post by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
Bitcoin
Bitcoin's $BTC$93,344.80 30-day implied volatility index (BVIV) has contracted sharply to 48, decisively breaking below the bullish trendline established since the September lows. This breakdown signals a dissipation of panic and the potential for further volatility compression.
Simultaneously, the US dollar index’s renewed downtrend provides additional tailwinds for sustained $BTC price appreciation. It is notable that the spot-volatility correlation has remained predominantly negative since November of last year, underscoring the inverse relationship in play.
Technically, $BTC has successfully reclaimed the Friday high of $93,104 as support, securing a foothold within bullish territory above the Ichimoku cloud on the hourly timeframe. The next upward impulse is anticipated upon a bullish crossover in the MACD histogram, with attention shifting towards the $98,000 to $100,000 resistance band defined by the descending trendline and key psychological barrier.
The bullish outlook would come under threat should $BTC break back below the Ichimoku cloud, signaling potential erosion of upward momentum.
$XRP
$XRP seems to be building a base near $2.20 for the subsequent upside leg after decisively crossing into bullish territory above the Ichimoku cloud earlier this week. The prevailing sideways consolidation coincides with a bearish crossover in the hourly MACD histogram; however, the absence of concomitant price erosion underscores latent underlying strength and supports the case for sustained upward momentum.
Immediate overhead resistance resides at $2.28 and $2.30.
Ether
Ether is extending its advance following a confirmed bear trap, evidenced by two consecutive green daily candles characterized by minimal wicks, signaling clear buyer control. This bullish price action, reinforced by a positive MACD histogram on the daily timeframe, signals a strong probability of continued upside targeting the October 10 low near $3,510.
However, interim gains may be contingent upon a corrective retracement to the former resistance now acting as support at $3,100, as the hourly MACD histogram approaches a bearish crossover, potentially foreshadowing short-term consolidation before the next leg higher.
Solana
$SOL is teasing a breakout from its sideways channel, currently consolidating near the upper boundary at $144.74. A decisive breach above this level would likely catalyze further upside momentum toward $165, the level identified with the help of the measured move method.
However, the hourly MACD histogram is poised for a bearish crossover, signaling a potential short-term pullback or extended consolidation phase before the breakout materializes.
