Bitcoin (BTC) ended November down around 7%. This is in stark contrast to the worst-case prediction of $ 98,000 by PlanB, creator of the popular stock-to-flow model. Although the analyst described this as a “major shortcoming,” he said he would make up for it Reserve price another month.
In the report “weekly in the chainIn their latest issue, Glassnode analysts say Bitcoin’s November correction is “the least severe in 2021”. Analysts now expect Bitcoin to see a rally before Christmas, similar to the 47% rally in December 2020 or the stronger 80% rally that happened in December 2017.
In other positive news for bitcoin bulls, Bloomberg analyst Eric Balchunas said the Fidelity Advantage Bitcoin ETF is awaiting regulatory approval to list on a bitcoin exchange. In this case, Fidelity becomes the largest management company to offer a physical Bitcoin ETF.
Can the bulls maintain current recovery momentum and move towards higher levels? Let’s check out the top 10 cryptocurrency charts to find out.
Bitcoin has been clinging to the 20-day EMA ($ 58,463) for the past two days. This shows that the bears are defending the 20-day EMA, but the bulls haven’t given up much.
BTC / USDT daily chart | Source: TradingView
Buyers are trying to get the price back above the 20-day EMA. If they are successful, it suggests that selling pressures may ease. After that, the BTC / USDT pair can rebound to the 50-day SMA ($ 60,828).
This is an important level for the bears as a break above it will pave the way for a rally into the overhead resistance area at $ 67,000 to $ 69,000.
Conversely, if the price drops from current levels or the 50-day SMA, it indicates that traders are selling on a rebound. After that, the pair may fall back to the 100-day SMA ($ 54,343). A break and close below $ 53,256.64 could cause the price to initiate a deeper correction.
Ether (ETH) broke, closing above the resistance of $ 4,551 on November 30th. Continuous buying on December 1st brought the price near an all-time high of $ 4,868.
ETH / USDT daily chart | Source: TradingView
The 20-day EMA ($ 4,380) has started rising and the Relative Strength Index (RSI) has moved into positive territory, showing that the bulls are back in control. Your advance above $ 4,868 will invalidate the Forward Head and Shoulders (H&S) pattern.
After that, the ETH / USDT pair could begin its march north with a target of $ 5,796. Conversely, if the price deviates from the overhead resistance, the bears will seek to lower the pair below the 50-day SMA (4,289). If they do, the pair can drop to $ 4,000.
Binance Coin (BNB) bounced off the 20-day EMA ($ 602) again on Nov. 30, showing that sentiment remains positive and traders are rallying on the downside.
Daily BNB / USDT chart | Source: TradingView
The BNB / USDT pair can now rebound to the resistance level of $ 669.30. A breakout and a close above this resistance can complete an inverted H&S pattern that has a target of $ 828.60.
The all-time high at $ 691.80 could offer resistance, but if the bulls break this barrier the pair could begin its journey towards the target of the pattern.
If the price goes down from $ 669.30, the bears will try again to pull and hold the pair below the 20-day EMA. If successful, the pair can slide to the 50-day SMA ($ 559).
Solana (SOL) swiveled above the 20-day EMA (USD 213) on November 30, but the long wick on the real body shows it is selling at higher levels. The bulls continued buying on December 1st, pushing the price up to the resistance line of the symmetrical triangle.
Daily SOL / USDT chart | Source: TradingView
A breakout and close above the triangle indicate that the uncertainty between the bulls and the bears has resolved on the upside. The SOL / USDT pair may soar to $ 240 first and then retest the all-time high of $ 259.90. The goal of this setup is $ 310.96.
If the bulls fail to keep the price above the resistance level, it will indicate that the bears will continue to sell during the rebound. The bears must go down and hold the price below the triangle to indicate the formation of a local top.
Cardano (ADA) continued its downward move on November 30th, but the bulls bought the dip and are trying to continue the December 1st rally, where the bears can be a major challenge.
Daily ADA / USDT chart | Source: TradingView
The 20-day EMA is sloping down and the RSI is in negative territory, showing that the bears have the upper hand. If the price falls off the 20-day EMA, the bears will try again to resume the downtrend. The downside could accelerate on a break below $ 1.40.
Also, if the bulls push price above the 20-day EMA, it signals that selling pressures may ease. Thereafter, the ADA / USDT pair may rebound to a break of $ 1.87 and above to the 50-day SMA ($ 1.96).
Ripple (XRP) bounces off strong support at $ 0.85 and faces resistance at the 20-day EMA ($ 1.04) as seen from the long wick of the November 30th candle. One small plus point is that the bulls don’t give up a lot of ground.
XRP / USDT daily chart | Source: TradingView
If the price stays at the $ 1 psychological level, the bulls will take one more step to break the overhead barrier. A breakout and close above the moving averages could signal that the XRP / USDT pair could get stuck between $ 0.85 and $ 1.41.
Conversely, if the price declines from current levels, it suggests that traders are selling against overhead resistance during rallies. The sale could accelerate on a breakthrough and close below $ 0.85. After that, the pair can slide to $ 0.70.
Polkadot (DOT) rebounded from $ 32.21 on November 28, reaching the cutout of a forward H&S pattern. The downward sloping 20-day EMA ($ 40) and the RSI below 43 show that the bears have the upper hand.
DOT / USDT daily chart | Source: TradingView
If the price breaks down from current levels or the 20-day EMA, the bears will seek to push the DOT / USDT pair below $ 32.21. If that succeeds, sales could intensify and the pair may fall to $ 26.
This bearish sentiment will be negated if the price breaks out and closes above the 20-day EMA. Such a move could open the door to a rally to the 50-day SMA ($ 43.63). If the bulls overcome this hurdle, the rally can extend as high as $ 49.78.
The long wick of the Dogecoin (DOGE) candlestick bar for the past two days shows that the bears are defending the 20-day EMA ($ 0.22). This shows that sentiment is still negative and traders are selling on rallies.
Daily DOGE / USDT chart | Source: TradingView
Now the bears will try to push the price down to $ 0.19. Breaking below and closing below this support may pull it back down to the critical $ 0.15 level. The 20-day EMA is sloping down and the RSI is in negative territory, suggesting that the path of least resistance is on the downside.
Contrary to this assumption, if price starts from the current level or support at $ 0.19 and breaks above the 20-day EMA, it will signal that traders are consolidating on the downside. Thereafter, the DOGE / USDT pair may rebound to the 50-day SMA ($ 0.24). The rally could accelerate if the price breaks above this level.
Avalanche (AVAX) formed a doji candlestick pattern on November 30th showing the uncertainty between bulls and bears. That indecision cleared up on December 1st as the bulls pushed the price higher.
AVAX / USDT daily chart | Source: TradingView
The AVAX / USDT pair should face strong resistance at the 61.8% fib retracement level at USD 129.26. If the price deviates from this resistance, the bears will take one more step to pull the price below the 20-day EMA ($ 110).
If they do, the couple can drop to the psychological level of $ 100. A break and close below this support could signal a near-term turnaround.
Conversely, if the bulls push the price above $ 129.26, the pair may rise to $ 137.06 and then challenge the all-time high of $ 147.
SHIBA INU (SHIB) regained the breakout of $ 0.000040 on Nov 29 and has climbed to the top. This move attracted some aggressive bears and prompted them to buy their short positions. This pushed the price down to $ 0.00054 on November 30th, but the long wick on the candlestick shows a lack of demand at higher levels.
Daily SHIB / USDT chart | Source: TradingView
The 20-day EMA ($ 0.00045) has flattened and the RSI is near the middle, indicating possible near-term range-bound action. The SHIB / USDT pair can trade between $ 0.000035 and $ 0.00054 in just a few days.
If price breaks and holds the 20-day EMA, the pair can fall to $ 0.000035. Alternatively, if price rebounds from the 20-day EMA, the bulls will seek to push the pair above $ 0.00054. If successful, the pair can climb to $ 0.000065.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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According to Cointelegraph
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