“Bitcoin’s Multi-Month Rally Appears to have Hit A Significant Wall, with A Confluence of Bearish Signals Emerging Across Both Weekly and Daily Charts.”, – WRITE: www.coindesk.com
Bitcoin: Risks Deeper PullbackBitcoin’s (BTC) Multi-Month Rally Appears to have Hit A Significant Wall, with A Confluence of Bearish Signals Emerging Across Both Weekly and Daily Charts.
The Weekly Candlestick Chart Shows that Bulls have failed to establish a footold about the Macro Trendline Connecting the 2017 and 2021 Bull Market Highs. This Failed Breakout is Supported by Weakening Momentum, as The MacD Histogram, Thought Still Positive, Is Significant Lower Than Ists Peak in December 2024.
BTC’s Weekly Chart. (TradingView)
The Bearish Sentiment Is Further Reinforced by the 14-Week Rsi, WHICH HAS BROKEN ITS UPTREND LINE FROM The March Lows WHILE Continuing to Print A Series of Lower Highs.
On a short-term Daily Timeframe, The Shift in Momentum is Even More Pronounced. The Three-Line Break Chart, A Tool Designed to Filter Out Minor Noise and Confirm Trend Changes, Has Printed Three Straight Red Bricks (Bars) Control.
BTC’s Three-Line Break Chart. (TradingView)
The Combination of thesee Signals-A Failed Long-Term Breakout, Weakening Momentum, and A ConfirMed Short-Term Reversal Immediate Support at $ 11.965, The Former High Hit in May, for A Test of Dip Demand at $ 100,000.
PRICES NEED TO OVERCOME $ 122.056 to Invalidate the Bearish Setup.
- Resistance: $ 120,000, $ 122.056, $ 123.181.
- Support: $ 111.965, $ 112.301 (The 50-Day SMA), $ 100,000.
XRP: Challenging Downntrend LineWhile xrp
Is Attempting to Break Out of the Downtrend Line, Whosh Represents of the Recent Correction, the Overwhelmsing Moving Averages ACross Bothly and Daily Timeframs Not Occur ImmediaTely.
Xrp’s Hourly Chart. (TradingView)
On the Daily TimeFrame, The Price Has Seen A Modest Bounnce, But This Rally Is Capped by The 38.2% Fibonacci Retracement Level, Wich Is Acting as a Key Resistance. This Corrective Move is HapPening Against a Bearish Backdrop, With Both The 5 and 10-Day Simple Moving Averages (Smas) Continuing to Trend South, Confirming the Downward Bias. Further, The 50-, 100-, and 200-Hour Smas Are Stacked in a Bearish Configuration, All Trender South, A Classic Technical Signal of a Strong Downtrend.
Xrp’s Daily Chart. (TradingView)
Should We Close Above $ 3.00, The Focus would Shift to the Lower High of $ 3.33 Registered On July 28.
- Resistance: $ 3.33, $ 3.65, $ 4.00.
- Support: $ 2.72, $ 2.65, $ 2.58.
Ether: Bearish Outside WeekEther Fell Nearly 10% Last Week, Forming A Large Bearish Outside Week Candle, A Significant Bearish Pattern, Which Indicates that Sellers Are Looking to Regain Control.
Ether’s Weekly Chart. (TradingView)
This sentiment is reinforced on the Daily TimeFrame. The Daily Candlestick Chart Shows That 5- and 10-Day Smas Have Execurated A Bearish Cross, Confirming A Break in The Short-Term Uptrend.
SO, while the price have see of a modest bounce Since Sunday, Its Strenguth Is Questionable. This is Further Substantated by the Daily Three-Line Break Chart, WHICH HAS PRINTED Two Consecutive Red Bricks-A DECISIVE BEARISH Signal that Confirms The Trend.
The Combination of the Sece Long-Term and Short-Term Charts Suggests that the Path of Least Resistance is Now Lower.
- Resistance: $ 3.941, $ 4,000, $ 4.100.
- Support: $ 3.355, $ 3,000, $ 2.879.
Solana: Golden Cross Solana’s Recent PullBack Appears to be Meeting A Critical Test, with Bulls Successful Defending a Key Support Level Over The Past 24 Hours. The Price Has Bounced From The 61.8% Fibonacci Retracement of It Recent Rally, A Level Often Watched by Traders As A Strong Potential Price Floor in An Uptrend.
Solana’s Daily Chart. (TradingView)
Meanwhile, A Major Long-Term Signal Is On the Horizon: The 50- and 200-Day Smas Are Nearing A “Golden Cross.” While this is a langing indicator, a successful cross would be a Powerful Long-Term Bullish Signal, Confirming A Majoor Shift in Momentum and Potentlylyly.
For Traders, The Coming Days Are Critical, with The 61.8% FIB Level Needing to Hold Strong As Support While the Impening Golden Cross Provides a Bullish Long-Term Tailwind. Also Note that despite the defense of the fib Level, the short-term Trend Remains Bearish, with the 5- and 10-day Simple Moving AVERASES (SMAS) Continuing to Trend Lower.
- Resistance: $ 175, $ 187, $ 200.
- Support: $ 156, $ 145, $ 126.
Omkar Holds A Master’s Degree in Finance and A Charterred Market Technician (CMT) Designation.
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