Bitcoin Breaks Above $38,000 Resistance, Positive Sentiment Continues
Bitcoin (BTC) has successfully broken above the overhead resistance of $38,000 on November 24, indicating a positive sentiment in the market and continued pressure from bulls. Adrian Przelozny, the CEO of Independent Reserve, has stated that the next two years are expected to be good for Bitcoin, with market activity likely to pick up in early 2024. The upcoming Bitcoin halving in April and the potential approval of spot Bitcoin exchange-traded funds are major catalysts for next year. With these events on the horizon, Bitcoin is likely to find buyers on dips.
Bitcoin Price Analysis
The BTC/USDT daily chart shows that Bitcoin has pierced the stiff resistance of $37,980, but the bulls are struggling to sustain the breakout. Both moving averages are sloping up, and the relative strength index (RSI) is above 61, indicating that the path of least resistance is to the upside. If buyers maintain the price above $37,980, the BTC/USDT pair could reach $40,000. However, a tough battle between the bulls and bears is expected at this level. To weaken the momentum, bears will have to sink the price below the 20-day exponential moving average (EMA). The short-term trend will turn negative below $34,800.
Ether Price Analysis
Ether (ETH) has broken above the resistance line on November 22, suggesting the start of the next leg of the up-move. The bulls are trying to flip the resistance line into support, and if they succeed, the ETH/USDT pair could start a northward march toward $2,200. This level may act as a formidable resistance, but if bulls overcome it, the pair could rally to the pattern target of $3,400. However, if the price turns down and plummets below the vital support at $1,900, this bullish view will be invalidated in the near term.
BNB Price Analysis
BNB (BNB) has jumped above $235 on November 22, but the bulls could not overcome the obstacle at the 20-day EMA ($239). The 20-day EMA has started to turn down, and the RSI is just below the midpoint, indicating a minor advantage to the bears. The short-term trend will turn negative on a break and close below the crucial support at $223. If this happens, a fall to $203 is likely. To prevent the downside, bulls will have to push and sustain the price above the 20-day EMA. The BNB/USDT pair may then spend some more time inside the large range between $223 and $265.
XRP Price Analysis
XRP (XRP) is currently trying to break above the 20-day EMA ($0.62), suggesting strong buying at lower levels. The 20-day EMA has flattened out, and the RSI is near the midpoint, indicating range-bound action in the short term. The XRP/USDT pair may swing between $0.56 and $0.74 for a few days. If the price rises and sustains above the 20-day EMA, the pair could gradually climb to $0.67 and thereafter to $0.74. However, if the price turns down from the current level and breaks below $0.56, it will signal the start of a sharper correction to $0.46.
Solana Price Analysis
Solana (SOL) has been trying to break above the $59 resistance for the past two days, but the bears have held their ground. The rising 20-day EMA ($52.80) and the RSI in the positive territory suggest that bulls have the upper hand. If the SOL/USDT pair can break above the overhead resistance, it could ascend to $68. On the other hand, if the price turns down from the current level, the bears will strive to tug the pair below the 20-day EMA. If they succeed, the pair may drop to $48, where buyers are likely to step in.
Cardano Price Analysis
Cardano (ADA) has been swinging above and below the $0.38 level for the past few days, indicating uncertainty about the next directional move. The upsloping moving averages and the RSI in the positive territory indicate a slight edge for the bulls. If the price rises above $0.40, it will signal the start of a new up-move to $0.42 and later to $0.46. However, if bears yank the price below $0.34, a fall to the 50-day SMA ($0.31) is likely. The ADA/USDT pair may then oscillate between $0.24 and $0.38 for a while longer.
Dogecoin Price Analysis
Dogecoin (DOGE) has been maintaining above the 20-day EMA ($0.08) for the past two days, but the rise lacks momentum. Buyers will have to propel the price above $0.08 to signal strength and a potential surge toward the target objective of $0.10. However, if the price turns down from $0.08, it will suggest that bears remain active at higher levels. The pair may then drop to the immediate support at $0.07. The flattish 20-day EMA and the RSI just above the midpoint do not give a clear advantage to either bulls or bears.
Toncoin Price Analysis
Buyers are trying to push Toncoin (TON) to the overhead resistance of $2.59. The repeated retest of this resistance level tends to weaken it. If bulls can sustain the price above the resistance zone, it will complete a cup-and-handle pattern and potentially start a new uptrend to $3.28 and then to the pattern target of $4.03. On the other hand, if the TON/USDT pair turns down from the overhead resistance, it will suggest that bears are fiercely protecting the level. This could result in a move down to the 50-day SMA ($2.20) and potentially lower.
Chainlink Price Analysis
Chainlink (LINK) is facing selling at the downtrend line, as seen from the long wick on the November 23 candlestick. The price is stuck between the downtrend line and the 61.8% Fibonacci retracement level of $12.83, resulting in a squeeze. A surge above the downtrend line could push the LINK/USDT pair to $16.60 and then to $18.30. Conversely, a plunge below $12.83 could lead to a decline to the 50-day SMA ($11.21).
Avalanche Price Analysis
Avalanche (AVAX) has reached the overhead resistance at $22, which is an important level to watch out for. The bears are expected to defend this level vigorously. If bulls do not give up much ground from the current level, it will increase the chances of a breakout above the resistance. If this happens, the AVAX/USDT pair could climb higher. However, if bears take control, a decline to the 50-day SMA ($17.60) is possible.
