Bitcoin (BTC) continues to navigate a counter-trend rising channel on its hourly chart, currently priced at $91,235.39. This upward movement occurs within a larger descending trend, leaving the market in a precarious position. A decisive break above the resistance level of $96,500 would suggest a bullish reversal, as this point coincides with the channel”s upper boundary and a significant bearish trendline. Such a move could signal a resurgence of the medium-term upward trend.
The analysis is further supported by the weekly chart, which shows the repeated defense of the 100-week simple moving average, indicating potential exhaustion of downward momentum and an increasing likelihood of a bullish turnaround. However, the current structure also allows for the possibility of renewed weakness if buyers cannot confirm their strength. A drop below the hourly counter-trend channel would validate the downtrend line, possibly leading to another test of the $80,000 support zone.
Ethereum (ETH) exhibits a similar technical setup, also trading within a counter-trend rising channel against a broader descending trend. A substantial break above $3,200, the channel”s upper resistance, would confirm a bullish revival, opening the door to a price target of $3,620, which represents resistance established on November 10. Nevertheless, if sellers manage to breach the counter-trend channel, it would reinforce the larger downward trend, with initial support located around $2,630 ahead of further corrections. Therefore, the $3,200 level is crucial for market participants to monitor.
XRP is currently testing the critical support line at $2, a level that has historically indicated seller exhaustion through long-tailed weekly candles. The prevailing momentum appears bearish, as reflected by the declining 5- and 10-week simple moving averages, which reinforce bearish sentiment. A breakdown below this significant support could trigger capitulation among holders, exposing $1.63 as the next major support level, corresponding to the 61.8% Fibonacci retracement of the anticipated 2024-2025 rally. Conversely, consistent daily closes above $2.30 would invalidate the current bearish pattern and signal a potential bullish revival, making $2 a pivotal point in this symmetrical setup.
Solana (SOL) is currently trading around $134.93, reflecting a state of indecision as it remains within a sideways channel defined by upper resistance at $145 and lower support at $120. The lack of directional momentum suggests that the next significant move will depend on a clear breach of this consolidation range. A bullish breakout could pave the way for an advance towards $160 and higher, while a downside breach would extend the prevailing downtrend.
In summary, market participants are advised to closely observe these critical levels for Bitcoin, Ethereum, XRP, and Solana as they navigate their respective technical landscapes amid ongoing market volatility.
