Bitcoin (BTC) Starts Week on Negative Note, Bears Attempting a Comeback
Bitcoin (BTC) has started the week on a negative note as the bulls have failed to break above the $38,000 resistance. This has given the bears an opportunity to try and make a comeback. The price of BTC has dropped below $37,000 on November 27, but lower levels are likely to attract buyers as the bulls aim to maintain momentum going into the final month of the year.
However, the bears have other plans as they attempt to deepen the correction. This could lead to increased volatility in the last few days of November as both the bulls and the bears try to close the month in their favor.
While there is near-term uncertainty, author of Rich Dad Poor Dad, Robert Kiyosaki, has reiterated his long-term bullish view on Bitcoin, gold, and silver in a recent social media post. He cautioned investors to get out of fiat money, calling it a “FAKE money system.”
S&P 500 Index Price Analysis
The S&P 500 Index (SPX) has continued to rise higher after breaking above the downtrend line, indicating strong demand at higher levels. The rally has pushed the relative strength index (RSI) into the overbought zone, suggesting a possible minor correction or consolidation in the near term.
The crucial level to watch out for on the downside is the 20-day exponential moving average (4,448). If the price turns up from this level, it will suggest that sentiment remains bullish and dips are viewed as buying opportunities. A break above 4,650 would enhance the prospects of a further rally.
On the other hand, a fall below the 20-day EMA would indicate that the bulls are losing their grip and the index may slump to the 50-day simple moving average (4,346).
U.S. Dollar Index Price Analysis
The U.S. Dollar Index (DXY) attempted a recovery from the 50% Fibonacci retracement level of 103.46, but sellers have maintained their pressure, indicating that bears are in command. The downsloping 20-day EMA and the RSI near the oversold zone further support this bearish sentiment.
A break and close above the 20-day EMA would be the first sign of strength, suggesting that the correction may be over. The index may then attempt a rally toward the resistance at 106.
Bitcoin Price Analysis
Bitcoin’s price action has formed an ascending triangle pattern, which will complete on a break and close above $38,000. The upsloping moving averages and the RSI in positive territory indicate that the path of least resistance is to the upside.
If the $38,000 resistance is overcome, the BTC/USDT pair may climb to $40,000. This level may act as a roadblock, but if cleared, the pair may rise to the pattern target of $41,160.
On the other hand, the bears would need to pull the price below the uptrend line to invalidate the bullish setup. This could open the doors for a fall to $34,800. If the price rebounds off this level, it would suggest a range-bound action between $34,800 and $38,000. The bears would gain the upper hand on a break and close below $34,800.
Ether Price Analysis
Ether (ETH) surged close to the overhead resistance of $2,137 but failed to overcome it, leading to profit-booking. The bears are now trying to push the price below the 20-day EMA ($1,998). A break below this support could complete a double-top pattern, signaling a deeper correction to the 50-day SMA ($1,834).
However, if the price rebounds from the 20-day EMA, it will suggest that lower levels continue to attract buyers. The pair may then climb to the overhead resistance zone between $2,137 and $2,200. A break above this zone would complete a large ascending triangle pattern.
BNB Price Analysis
BNB’s rejection at the 20-day EMA ($237) indicates that the bears are trying to flip the level into resistance. The bears have pulled the price below the 50-day SMA ($229), and the next target is the solid support at $223 and below it at $219.
On the upside, the bulls need to push and sustain the price above $240 to suggest a reduction in selling pressure. This could start a rally to $255 and later to the major resistance at $265.
XRP Price Analysis
XRP bounced off the 50-day SMA ($0.58) but faced resistance at the 20-day EMA ($0.61), indicating that the bears are trying to flip it into resistance. If the price falls below the 50-day SMA and the vital support at $0.56, it would suggest that bears are back in command, and the pair may gradually decline to $0.46.
However, if the price turns up from the current level or $0.56 and rises above the 20-day EMA, it will indicate that the pair may continue to oscillate between $0.56 and $0.74.
Solana Price Analysis
Solana (SOL) turned down from the immediate resistance at $59, suggesting that the bears are trying to halt the relief rallies at this level. If the bears manage to pull the price below the 20-day EMA ($53), the SOL/USDT pair will complete a head-and-shoulders pattern, potentially leading to a steep correction to the 50-day SMA ($40) and the pattern target of $34.
On the other hand, if the price bounces off the $51 level and rises above $59, it will indicate that the bulls are back in control. The pair may then retest the local high at $68.
Cardano Price Analysis
Cardano (ADA) has failed to break above the overhead resistance of $0.40 in the past three days, leading to profit-taking. The ADA/USDT pair could slide to the 20-day EMA ($0.37), which is likely to attract buyers. If the price rebounds from this level, it will signal a positive trend and buyers buying on dips. The bulls will then make another attempt to overcome the obstacle at $0.40, and if successful, the pair may soar to $0.46.
However, if the 20-day EMA cracks, the pair may slump to $0.34, with the 50-day SMA ($0.32) acting as the next support level.
Dogecoin Price Analysis
Dogecoin (DOGE) experienced a dip below the 20-day EMA ($0.08) but was bought by the bulls, as seen from the long tail on the candlestick. The bulls pushed the price above the $0.08 resistance, but solid selling at higher levels is evident.
If the price falls below the 20-day EMA, the DOGE/USDT pair could slump to the 50-day SMA ($0.07). On the other hand, if the price rebounds from the 20-day EMA, it will suggest demand at lower levels, and the bulls may attempt to sustain the price above $0.08 for further upward momentum.
Chainlink Price Analysis
Chainlink (LINK) broke above the downtrend line but failed to build upon the momentum, indicating a possible minor correction or consolidation ahead. The bulls will look to defend the 20-day EMA ($32.50). However, if the price falls below this level, the LINK/USDT pair may decline to the 50-day SMA ($30).
On the upside, a break above the immediate resistance at $34.50 would suggest that the bulls are back in control, and the pair may rally further.