This is a technical analysis post by Omkar Godbole, CoinDesk Analyst and Chartered Market Technician.
Bitcoin
Bitcoin’s BTC$93,344.80 The 30-day Implied Volatility Index (BVIV) has sharply contracted to 48, decisively below the bullish trend line established since the September lows. This collapse signals the possibility of an end to the panic and further compression of volatility.
This is the daily chart of BVIV. (Trading View)
At the same time, the renewed downward trend in the US dollar index will provide further tailwinds for the sustained rise in BTC price. It is worth noting that the correlation between spot and volatility has remained primarily negative since last November, highlighting the existence of an inverse relationship.
Technically, BTC has managed to reclaim Friday’s high $93,104 as support and has secured a foothold within bullish territory above the Ichimoku cloud on the hourly time frame. The next uptrend is expected with a bullish crossover in the MACD histogram, which shifts attention to the $98,000 to $100,000 resistance band defined by a downtrend line and a key psychological barrier.
If BTC breaks below the Ichimoku cloud, the bullish outlook will be under threat, suggesting that the upward momentum could weaken.
BTC hourly chart in candlestick format. (Trading View)
XRP
After decisively entering bullish territory above the Ichimoku cloud earlier this week, XRP appears to be building a foundation near $2.20 for a subsequent uptrend. The predominance of sideways consolidation coincides with a bearish crossover in the hourly MACD histogram. However, the lack of associated price declines highlights underlying strength and supports the likelihood that upward momentum will continue.
Immediate overhead resistance lies at $2.28 and $2.30.
XRP will be integrated. (Trading View)
ether
Ether is extending its rally following a confirmed bear trap, evidenced by two consecutive green daily candles featuring minimal wicks, indicating clear buyer control. This bullish price action is reinforced by a positive MACD histogram on the daily time frame, indicating that the rally is likely to continue with a target near the October 10 low of $3,510.
However, any temporary rally could hinge on a corrective retracement to the previous resistance at $3,100, which is currently acting as support, as the hourly MACD histogram approaches a bearish crossover, which could portend short-term consolidation before the next high.
ETH daily chart. (Trading View)
Solana
SOL signals a breakout from the sideways channel and is currently holding near the upper limit of $144.74. A decisive breakout of this level could provide further upward momentum towards $165, the level identified using the measured move technique.
However, the hourly MACD histogram is poised for a bearish crossover, indicating the possibility of a short pullback or an extended consolidation phase before a breakout materializes.
This is the 1 hour chart of SOL. (Trading View)