This is a technical analysis post by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
Bitcoin continues to trade within a counter-trend rising channel on the hourly chart that sits inside a larger descending trend, leaving price action finely poised.
A clean break above $96,500 would be technically bullish, as this level marks the confluence of the channel top and the broader bearish trendline, and would argue for a revival of the medium-term uptrend. The weekly chart supports this scenario, with the repeated defense of the 100-week simple moving average, signaling downside exhaustion and growing risk of a bullish reversal.
However, the structure also leaves room for renewed weakness if buyers fail to force confirmation.
A downside break from the hourly counter-trend channel would validate the downtrend line and open the way for another test of the $80,000 area, where the market previously found support.
ETH
Ether’s technical structure mirrors BTC’s, trading within a counter-trend rising channel on the hourly chart amid a broader descending trend. A decisive break above $3,200, the channel resistance, would confirm bullish revival, exposing $3,620, the Nov. 10 lower high resistance.
Downside risks persist if sellers invalidate the counter-trend channel. A break below would reinforce the larger downtrend, opening recent lows near $2,630 as initial support ahead of deeper correction.
Overall, $3,200 remains the pivotal level to watch.
XRP
Payments-focused XRP is testing the critical $2 support line once again, which has repeatedly signaled seller exhaustion this year through long-tailed weekly candles. The momentum looks bearish as evidenced by the sharply declining 5- and 10-week SMAs confirm bearish momentum.
A breakdown below this level risks triggering holder capitulation, exposing $1.63, the 61.8% Fibonacci retracement of the 2024-2025 rally, as next major support.
Conversely, consecutive daily closes above $2.30 would invalidate the bearish lower highs pattern and signal bullish revival. $2 remains the key pivot in this symmetrical setup.
SOL
Solana continues exhibiting range-bound indecision, trading within a sideways channel defined by $145 upper resistance and $120 lower support, with current levels near $134.
The lack of directional momentum persists, leaving the next significant move contingent on a clear breach of this consolidation range. Bullish resolution of the range would create room for a move to $160 and higher via measured move analysis. A downside break would extend the broader downtrend.
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