6 hours ago
This is simply a regular investigation by CoinDesk expert and Chartered Market Technician Omkar Godbole.
The cardinal communicative Tuesday greeting centers astir BTC/USD — representing bitcoin's dollar-denominated terms — and the Binance-listed dogecoin-bitcoin (DOGE/BTC) pair, some racing to unafraid bullish inverse caput and shoulders breakouts connected their hourly charts.
A confirmed breakout successful bitcoin could acceptable the signifier for a re-test of the $120,000 level, a script discussed connected Monday. Likewise, a imaginable breakout successful DOGE/BTC could awesome notable outperformance for dogecoin ahead.
But the cardinal question remains: volition these breakouts materialize? The method representation supports the bulls, with the 50-, 100-, and 200-hour elemental moving averages realigning bullishly, trending steadily north, and reinforcing upward momentum. Add to that the beardown marketplace sentiment fueled by increasing expectations for Fed complaint cuts adjacent week and beyond — a catalyst apt to galvanize rotation of retail funds retired of the wealth marketplace funds and into bitcoin and altcoins.
DOGE has an further bullish tailwind – the ETF hopes.
XRP: MACD flips bullish
XRP is rapidly approaching the precocious bound of a adjacent two-month-long descending triangle pattern, delineated by trendlines connecting the July 18 and Aug.14 highs alongside the Aug. 3 and Sept. 1 lows.
A decisive breakout supra this enactment would awesome a resumption of the broader uptrend, paving the mode for a rally toward $3.38—the August high—and perchance $3.65, the highest reached successful July.
The method setup is promising. The affirmative sentiment brewing successful the bitcoin market, coupled with a affirmative crossover successful XRP's regular MACD histogram, enhances the likelihood of a palmy breakout from the descending triangle. The MACD's affirmative crossover indicates a renewed bullish displacement successful momentum.
The bears request a driblet beneath $2.67 to re-establish the downtrend.
SOL: Probes 61.8% Fib retracement
Solana (SOL) is trending north, marked by a bid of higher lows and higher highs that underscore a bullish trajectory. The outlook is further strengthened by the upward sloping 50-, 100-, and 200-day elemental moving averages, coating an encouraging method picture. As of writing, SOL appears poised to surpass the 61.8% Fibonacci retracement level of the January-to-April sell-off.
A determination supra this cardinal "golden ratio" level could pull momentum buyers, perchance driving SOL toward investigating the absorption portion betwixt $260 and $280.
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