Bitcoin Faces Increased Correction Risks Amid Exhaustion of Uptrend
Bitcoin: Correction Risks Mount
Bitcoin (BTC) trades near $120,000 with positive dealer gamma at $120,000 and $120,500 strikes. A breach of support between $116,000 and $117,000 could lead to a retest of the May high below $112,000. Conversely, moving above $120,000 may push for record highs.
- Resistance levels: $120,000, $123,181
- Support levels: $116,000-$117,000, $114,700, $111,965
Ether: Hits 7-Month High
Ether (ETH) rose nearly 2% to $3,937, then pulled back to $3,880. The RSI indicates potential bearish divergence, and on-chain fundamentals do not match rising prices. Key support remains at $3,510; falling below this increases downside risk.
- Resistance levels: $4,000, $4,100, $4,382
- Support levels: $3,770, $3,510, $3,000
XRP: Retreats from Support-Turned-Resistance
XRP (XRP) has reversed gains, retreating from $3.35. The hourly chart shows a violation of the bullish trendline and MACD crossing below zero, indicating bearish momentum. Focus shifts to July 24 low of $2.96, with further attention on May high of $2.65.
- Resistance levels: $3.35, $3.65, $4.00
- Support levels: $2.96, $2.65, $2.44
Solana: Not Out of the Woods Yet
Solana (SOL) is trading above the hourly Ichimoku cloud, suggesting upward momentum with a possible retest of $200. However, a move below $184 may lead to an accelerated pullback to the 200-day SMA at $163.
- Resistance levels: $205-$206, $218, $252
- Support levels: $184, $163, $126