16 hours ago
This is simply a regular investigation of apical tokens with CME futures by CoinDesk expert and Chartered Market Technician Omkar Godbole.
Bitcoin: Bollinger bands tighten
BTC's continued consolidation betwixt $116,000 and $120,000 calls for renewed absorption connected Bollinger bands, which person present tightened to levels past seen earlier the precocious February volatility detonation that saw prices driblet from $95,000 to $80,000 wrong days.
Tighter bands bespeak that the marketplace is coiling up and gathering vigor for a large determination successful either direction. Bollinger bands are volatility bands placed 2 modular deviations supra and beneath the asset's 20-day elemental moving average.
This presumption is accordant with the VIX's bullish August seasonality that suggests heightened terms turbulence for stocks and bitcoin implicit the coming 4 weeks.
A interruption beneath $116,000 would connote downside volatility explosion, exposing the erstwhile resistance-turned-support astatine $111,965. Conversely, a speedy determination to caller beingness highs appears apt if tighter Bollinger bands resoluteness bullishly.
- AI's take: The significant contraction of volatility, particularly aft a beardown uptrend, often signals that the terms is coiling up for a ample and perchance explosive move successful the adjacent future.
- Resistance: $120,000, $123,181.
- Support: $116,000-$117,000, $114,700, $111,965.
XRP: Lower precocious established
XRP fell 3.59% connected Monday, creating a reddish candle with a salient precocious wick, suggesting seller dominance. The cryptocurrency printed a little precocious astatine $3.33, the archetypal since peaking astatine $3.65 with a bearish tweezer apical pattern, indicating a imaginable deeper pullback ahead. This suggests that it's lone a substance of clip earlier the mini-ascending transmission seen connected the hourly illustration gives way, exposing the caller debased of $2.95 and perchance the May precocious of $2.65. The hurdle astatine $3.35 indispensable beryllium flooded to negate the bearish bias.
- AI's take: Traders should chiefly absorption connected whether XRP tin decisively reclaim and clasp supra the important $3.35 level, which present acts arsenic contiguous resistance. A nonaccomplishment to bash truthful would reenforce the regular chart's bearish reversal signals (tweezer top, little high), suggesting further downside,
- Resistance: $3.35, $3.65, $4.00.
- Support: $2.95, $2.65, $2.44 (the 200-day SMA).
Ether: RSI diverging bearishly
Ether's 14-day comparative spot scale (RSI) has diverged bearishly from the price, with the MACD histogram nearing a antagonistic crossover confirmation. These developments suggest a imaginable pullback to the higher debased of $3,510 registered connected July 24. A usurpation determination could widen the pullback toward $3,000.
- AI's take: Traders should chiefly absorption connected the bearish divergence displayed by the RSI, which signals weakening momentum contempt Ether's caller terms high.
- Resistance: $4,000, $4100, $4,382.
- Support: $3,731 (daily low), $3,510, $3,000.
Solana: XRP-like structure
SOL established a little precocious astatine $195, reinforcing the bearish tweezer apical signifier astatine $205-$206. Additionally, the cryptocurrency has dived retired of a mini-ascending transmission and the Ichimoku unreality connected the hourly chart, suggesting the way of slightest absorption is to the downside. The absorption astatine $195 needs to beryllium topped to invalidate the bearish bias.
- AI's take: "Tweezer Top" candlestick pattern astatine the highest of the rally, instantly followed by the enactment of a "lower high" is simply a almighty bearish reversal pattern, indicating that the beardown upward momentum from July has apt ended
- Resistance: $195, $205-$206, $218.
- Support: $184, $163, $126.
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