Bitcoin Struggles at $122K Golden Ratio, Key Resistance to Break for Bull Continuation
Bitcoin (BTC) remains rangebound between $116,000 and $120,000, with the spotlight now on $122,056 — the 1.618 Fibonacci extension level, often referred to as the “golden ratio.” Derived from major market inflection points (2018 and 2022 lows, and the 2021 high), this level is seen as a key test for the current uptrend.
A decisive break above $122K would signal renewed bullish strength, with eyes then set on the 2.618 Fib extension at $187,929. But failure to clear this hurdle could mark a local top and trigger downside risk.
BTC Technical Snapshot
- Resistance: $120,000, $122,056, $123,181
- Support: $116,000, $114,700, $111,965
XRP Holds Firm at $2.995, Double Bottom Pattern in Play
XRP has defended the $2.995 support level — the 38.2% Fibonacci retracement of the recent June–July rally — with price action forming a potential double bottom. The neckline sits at $3.33, a breakout above which could pave the way toward the $3.65 mark.
However, momentum remains weak with a negative MACD and downward-sloping short-term moving averages. A close below $2.995 would likely negate the bullish setup and open the door for deeper correction.
XRP Technical Snapshot
- Resistance: $3.33, $3.65, $4.00
- Support: $2.995, $2.65, $2.58
Ether Shows Weakness as MACD Turns Bearish
Ether (ETH) is stuck in a wedge formation, signaling indecision. Momentum indicators have weakened, with the daily MACD histogram flipping negative and all key hourly moving averages flattening.
A drop below $3,510 — the July 25 low — could confirm a short-term breakdown, potentially dragging ETH back to $3,000. Bulls will need to push above $4,000–$4,100 to reclaim control.
ETH Technical Snapshot
- Resistance: $3,941, $4,000, $4,100
- Support: $3,510, $3,000, $2,879
Solana Teeters at Channel Support, Bears Test Trendline
Solana (SOL) is nearing the lower bound of its ascending price channel that’s held since late June. A breakdown below this level would confirm a bearish shift, likely targeting the confluence of daily SMAs near $160–$162.
The July 28 swing high at $195 remains the immediate upside level bulls must reclaim to regain momentum.
SOL Technical Snapshot
- Resistance: $195, $206, $218
- Support: $160–$162, $156 (61.8% Fib retracement), $126
