This is a sunny review of top tokens with CME futures of CoinDesk analyst and chartered market technician Omkar Godbole.
Bitcoin: It looks north; DEALER GAMMA, VOL AND DXY Focused
Bitcoin
Only records, which dropped the past $ 123,000 early Monday, continuing the march up to $ 140,000 levels indicated by a strong breakout in the blackrock last week.
There is every reason to be incredibly bullish here as we face a “Goldilocks” moment for Bitcoin: a pro-crypto US president calling for ultra-low interest rates against the rear fiscal splurge and stock market highs. This is an uninterrupted alignment of BTC factors.
Price charts do not display signs of popular indicators such as Kamag -child index (RSI) and the transfer of the average convergence/difference -It (MACD) The bearishly variety and basic averages, 50-, 100- and 200-day simple moving average (SMA) Stay with bullishly one above the other day -to -day and intraday charts.
Watch a breakout with the combined open interest in BTC Perpetual Futures listed on the shores ashore as an additional bullish development.
Generally, prices will appear on the track to test the $ 130,000 at the upper end of the climb in parallel channel drawn on April 9 and June 22 lows and the high on May 22.
That said, we can be for integration -including between $ 120,000 and $ 130,000 for some time. Here’s why:
Market makers are long gamma
Market makers options have long gamma on strikes from $ 120,000 and $ 130,000 according to the derivit activity that Amberdata monitors. Most of those were concentrated on July 25, August 1 and August 29 to expire.
This means that market makers are likely to buy low and sell high within that range to balance their net exposure to neutral, arresting price volatility. That can maintain range prices, thinking other things are equal. A similar dynamic that is likely to be played in advance this month, maintaining prices tethering the $ 108,000- $ 110,000 range in a few hours.
Dvol upswing
The Bulcoin’s Bull Run from $ 70,000 to $ 122,000 is characterized by a breakdown in the historic positive relationship between the price of the area and DVOL’s deribit, which measures the 30-day indicated or expected price disturbance. In other words, DVOL is less than trending throughout the price rally in a classic dynamic like Wall Street.
However, Dvol seems to have found a bottom around the annual 36% since late June. Moreover, applying technical analysis indicators such as MacD to DVOL suggest that the index can easily turn higher, and this may mean a BTC price correction, considering the two variables that are now negatively connected.
DXY ends
The dollar index, which tracks the value of the greenback against the major currencies, has bouncing about 17% to 97.00 this month. The recovery penetrates the downtrend line, representing the seller from early February.
The breakout indicates the end of the downtrend. It came as potential US penalties in countries that buy Russian oil could raise energy prices, a positive outcome for independent energy in the US and USD, as Ing said in a note to clients Monday.
The accelerated recovery at DXY can climb upside down with dollar denomination assets such as BTC and gold.
- Take Ai: When market makers are “long gamma,” this means their delta (exposure to direction) Increases as the price moves in their favor and decreases when it moves against them. This usually leads to a stabilized price effect: as the BTC rises to $ 130,000 market makers will sell some BTC to maintain their delta-neutral positions, and if it sinks to the $ 120,000 they buy. It can create a “pinning” effect, preserving BTC for $ 120,000- $ 130,000 range, especially as an approach to July and August.
- Resistance: $ 130,000, $ 140,000, $ 146,000.
- Support: $ 118,800, $ 116,650, $ 112,000.
Eth: Still stuck to an expanding triangle
Despite the 22% month-to-date gain, the ETH remains stuck to an expanding channel, identified by trendlines connecting May 13 and June 11 highs and lows hit on May 18 and June 22.
Like writing, prices are pushed against the upper trend, but the possibility of a convincing breakout looks bloody due to the sun -the -day stochastic flashing overbought conditions. In these situations, a pullback usually sets the stage for a breakout, which will change the focus of $ 3,400, a level that traders are targeting options.
- Ai gets: Sun -stochatic excessive thought indicates that momentum is stretched, making a convincing push above the upper pace that is unlikely in the short term.
- Resistance: $ 3,067 (The 61.8% fib retracement)$ 3,500, $ 3,570, $ 4,000.
- Support: $ 2,905, $ 2,880, $ 2,739, $ 2,600
Sol: Dual Breakout Reinforced
On Friday, we discussed the dual bullish breakout in the Sorans’ Sol (Sol). It was strengthened by Monday’s bounce, which marked a speedy recovery from the minor price of the weekend. A move up to the high $ 168 of Friday will add to bullishness, strengthening the case for a rally at $ 200.
- Ai gets: Rapid recovery from the weekend, strengthening breakouts, is important. This indicates that previous bullish signals are not “fakes” and that there is a basic interest interest that wants to walk with minor pullbacks.
- Resistance: $ 180, $ 190, $ 200.
- Support: $ 150 (The 100-day SMA)$ 145, $ 125.
XRP: Macd Flips Bullish
XRP’s (XRP) The weekly chart of the MacD Histogram crosses above the zero, indicating a bullish shift in emotion. The pattern is reminiscent of the Bullish MacD trigger at BTC which sets the stage for a record rally from $ 70,000 last year.
That, with the 14-day RSI that has signed the strongest bull momentum since December, has pointed to an upcoming breakout above $ 3 and a rally on new lives high in the near term. Watch the differences of Bearish RSI on the intraday charts as those who can mark the temporary pullback of price.
- Ai gets: “BTC’s Bullish MacD Trigger Note”: This comparison is strong. If the XRP complies with a similar pattern at the previous BTC record rally, it suggests the potential for a significant and prolonged climbing.
- Resistance: $ 3.00, $ 3.40
- Support: $ 2.20, $ 1.90, $ 1.60.
