XRP Charts Signal Caution to Bulls as Bitcoin Awaits Breakout and Ether Goes Bonkers
Main Idea
XRP remains below a critical resistance level, signaling caution for bulls, while Bitcoin and Ether show potential for breakout movements.
Key Points
1. XRP is below the $3.65 level, where a bearish 'tweezer top' pattern previously emerged, indicating potential for profit-taking.
2. XRP's Net Unrealized Profit/Loss (NUPL) is at elevated levels similar to those seen in 2021 and 2018, suggesting possible distribution and price correction.
3. Bitcoin's recent pullback may form a descending pattern, with potential for a breakout to record highs above $123,000 if it holds above key support levels.
4. Ether has rallied to over $4,200, with resistance levels at $4,400, $4,875, and $5,000, and support at $4,000, $3,941, and $3,737.
5. Key resistance and support levels for XRP, Bitcoin, and Ether are provided, highlighting critical price points for potential market movements.
Description
This is a technical analysis post by CoinDesk analyst and Chartered Market Technician Omkar Godbole. XRP: Not out of the woods yet XRP (XRP), the payments-focused cryptocurrency, surged 11% on Thursday, reportedly breaking out of a bull flag pattern to suggest renewed upward momentum. However, it's not yet clear, as prices remain well below the crucial $3.65 level, where a bearish "tweezer top" candlestick pattern occurred last month. The tweezer top is a bearish reversal pattern, comprising two...
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