Key Insights:
- Bitcoin’s bullish trend is gaining confidence.
- Ether has successfully surpassed the $2,800 resistance zone.
- Solana demonstrates significant upward momentum with a recent breakout.
- XRP faces pivotal resistance levels.
Bitcoin: Is $120K the Limit?
Bitcoin’s (BTC) trajectory is trending upward, supported by signs like the “negative dealer gamma buildup” and the IBIT’s bull flag breakout. The strength of this momentum is confirmed by the 14-day RSI over 70 and a positive MACD histogram.
BTC Chart
Identifying resistance levels in this new territory is complex. The $120,000 strike call on Deribit is currently the most sought-after option, showing a $2.37 billion open interest, hinting at crucial upcoming levels.
Options Chart
The Coinbase premium has turned negative today, indicating reduced demand in the U.S., coupled with a dip in the perpetual futures open interest across offshore exchanges. These indicators suggest cautious optimism among traders.
A potential bearish divergence on the hourly RSI signals that the bullish trend may stall.
Noteworthy Price Levels:
- Resistance: $120K
- Support: $113,666 and $119,965
Ether: Breaking Through
Ether (ETH) has cleared the $2,800 zone, a critical barrier for prices since May. Spot volumes show strong backing for this breakout, and signals from the Guppy moving average are bullish. Anticipate movements beyond $3,066 with pullback support around $2,600.
ETH Chart
Ether Price Levels:
- Resistance: $3,066, $3,400
- Support: $2,880, $2,600
Solana: Twin Breakouts
Solana (SOL) previously achieved a high of $166, indicating a potential target of $200 based on the latest inverse head-and-shoulders breakout. Watch for resistance levels between $180 and $190, while significant support lies around $145.
SOL Chart
Solana Price Levels:
- Resistance: $180-$190 range
- Support: $145
XRP: Strength is Key
XRP recently achieved $2.58, marking the highest price since mid-May. This signals robust bullish momentum, with the 14-day RSI crossing above 70. A break above $2.65 could mark further advances, with $3.00 as a potential target.
XRP Chart
XRP Price Levels:
- Resistance: $2.65, $3.00
- Support: $2.20
