Bitcoin Seeing Severe Exhaustion of Bullish Momentum
Bitcoin (BTC) remains directionless near $120,000, despite positive dealer gamma at the $120,000 and $120,500 strikes suggesting volatility suppression. However, a break below the crucial $116,000-$117,000 support could retest the May high near $112,000. Conversely, surpassing $120,000 might lead to record highs. A minuscule 0.12% green bar on July 22 on the three-line break chart signals potential uptrend exhaustion, strengthening the case for a pullback. Key resistance levels are $120,000 and $123,181; support sits at $116,000-$117,000, $114,700, and $111,965.
Ether (ETH) recently hit a seven-month high of $3,937, invalidating last week’s indecisive Doji signal. However, a quick pullback to $3,880, coupled with RSI divergence and a potential bearish MACD cross, hints at a correction. On-chain metrics also show weakening momentum. The $3,510 support is crucial; a break could trigger a more significant decline. Resistance lies at $4,000, $4,100, and $4,382; support at $3,770, $3,510, and $3,000.
XRP experienced a reversal, retreating from the $3.35 support-turned-resistance. Bearish signals include an RSI violation of the bullish trendline, a MACD histogram crossing below zero, and a tweezer top pattern on the weekly chart. This suggests a retest of the July 24 low ($2.96) and potentially the May high ($2.65). Resistance levels are $3.35, $3.65, and $4.00; support is at $2.96, $2.65, and the 200-day SMA ($2.44).
Solana (SOL) traded above the Ichimoku cloud, suggesting renewed upward momentum and a potential retest of $200. However, a tweezer top formation at $205-$206 remains, and a break below $184 could accelerate a pullback to the 200-day SMA at $163. Resistance is at $205-$206, $218, and $252; support is at $184, $163, and $126.
