Bitcoin Again Runs Into 2017-21 Trendline, SOL Flashes 'Shooting Star' Warning

This is a daily analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole. A few days ago, CoinDesk highlighted three potential hurdles that could trip up bitcoin's (BTC) march toward $120,000, one of which was the well-established bull fatigue zone above $116,000, in place since ￰0￱ enough, BTC's recent bounce from lows around $107,200 has hit a wall, failing to break decisively beyond $116,000 since last ￰1￱ resistance aligns closely with a key trendline connecting the bull market peaks of December 2017 and November 2021, a price ceiling that’s capped BTC’s upside in July and August, as shown by the long upper wicks on the monthly ￰2￱ bulls tried twice already but couldn’t hold above this ￰3￱ the bulls crack it on a third attempt? ￰4￱ analysts expect bitcoin to continue grinding higher into year-end, buoyed by the widely anticipated Fed rate ￰5￱ a third consecutive failure here would strengthen the bears’ hand, potentially fueling a deeper ￰6￱ first warning signs of a breakdown could emerge if daily prices slip below the Ichimoku cloud, currently acting as a zone of ￰7￱ of writing, bitcoin trades within that cloud, offering little directional ￰8￱ above or below this cloud often signal shifts in momentum, so traders should watch carefully.

SOL’s ‘Shooting Star’ Warning While enthusiasm around a solana's (SOL) price prospects remains high, the technicals suggest a note of ￰9￱ Sunday, SOL formed a classic "shooting star" candlestick after hitting a multi-month high near $250, only to pull back sharply by the ￰10￱ pattern, a small real body with a long upper shadow after a protracted uptrend, as in SOL's case, signals that buyers pushed prices higher but ultimately lost control to sellers, who drove the price back down near the day’s ￰11￱ bearish signal was confirmed when prices dipped further to about $230 on Monday, indicating a possible trend ￰12￱ bulls to regain control, SOL would need to reclaim and hold above the $250 peak.

Otherwise, the path looks toward a deeper decline, especially if the Fed’s upcoming decision disappoints markets by implying a more hawkish stance over the coming months. Ether's narrowing price range Ether (ETH), meanwhile, seems to have lost its earlier momentum, drifting sideways after hitting an all-time high near $5,000 last ￰13￱ price action has formed a symmetrical triangle – a technical pattern representing indecision, where neither bulls nor bears are ready to make a decisive ￰14￱ triangles typically resolve with a breakout or breakdown, setting the tone for the next directional ￰15￱ now, it’s best to wait for clear signals as Ether’s price consolidates within this tightening range.