A closely followed trader says that deep-pocketed crypto holders have unloaded tens of thousands of Bitcoin (BTC) in just seven days. Trader and on-chain sleuth Ali Martinez says that Bitcoin whales have been selling off their Bitcoin stacks as BTC hit a new 2023 high of about $38,000. “Bitcoin whales have been booking profits, selling […]
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Chainlink creator Sergey Nazarov says LINK could be the future universal gas token for the digital asset ecosystem. In a new interview, Nazarov explores the payment abstraction layer (PAL) of Chainlink’s tech stack, which aims to minimize the complexity of paying for its services while allowing oracle networks to get paid in LINK. According to […]
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Bitcoin opened the week with a shallow correction, but altcoin traders seem unaffected by the slight BTC price pullback.
Bitcoin (BTC) has risen more than 120% year-to-date, indicating that the crypto sentiment has improved significantly. Solid buying has resulted in a sharp increase in crypto wallets holding more than $1 million in Bitcoin this year from 23,795 on Jan. 1 to 81,925 currently, according to BitInfoCharts data.
After the substantial rally, Bitcoin could face headwinds in the near term as investors digest the macroeconomic data and events due this week. The Consumer Price Index data is set to be released on Nov. 14, followed by the Producer Price Index data on Nov. 15, and the Nov. 17 deadline to avoid a partial United States government shutdown could give rise to short-term volatility.
A short-term pullback is healthy for the long-term trend of the market. It is also likely to be viewed as a buying opportunity by traders as most analysts anticipate Bitcoin to rally in 2024, buoyed by the expectations of a spot Bitcoin exchange-traded fund finally receiving regulatory approval.
Will Bitcoin and select altcoins start a short-term correction, or will the bulls maintain their buy pressure and clear the respective overhead resistance levels? Let’s analyze the charts to find out.
The S&P 500 Index (SPX) snapped back from the neckline on Nov. 9, indicating that the bulls are buying on every minor dip.
The 20-day exponential moving average (4,319) has started to turn up, and the relative strength index (RSI) has risen into the positive zone, indicating that the bulls are in command. A break and close above the downtrend line will clear the path for a rally to 4,512.
However, the bears are unlikely to give up easily. They will try to fiercely protect the downtrend line and drag the price below the neckline. If they do that, the index may drop to the 20-day EMA. Sellers will have to sink the price below the 20-day EMA to come out on top.
The U.S. Dollar Index (DXY) tumbled below the descending channel pattern on Nov. 3, but the bears could not build upon this advantage and start a deeper correction.
That started a recovery, which has reached the 20-day EMA (105.92). If the price turns down sharply from the current level, it will suggest that the sentiment has turned negative and traders are selling at the 20-day EMA. That could pull the price down to the 38.2% Fibonacci retracement level of 104.38.
On the other hand, if bulls propel the price above the 20-day EMA, the index could rise to the resistance line of the descending channel pattern.
Bitcoin has been holding near the channel’s resistance line for the past four days, but the bulls have failed to start the next leg of the uptrend. This suggests that demand dries up at higher levels.
If the price re-enters inside the channel, it will suggest that the breakout on Nov. 9 may have been a bull trap. Short-term traders may book profits, pulling the price toward the 20-day EMA ($34,961).
The overbought level on the RSI also warns of a possible correction or consolidation in the near term. The correction may extend to $32,400 and eventually to $31,000 if the bears yank the BTC/USDT pai below the channel.
Conversely, if the price turns up sharply and ascends above $38,000, it will indicate the start of a rally to $40,000.
Ether (ETH) rebounded off the psychological level at $2,000 on Nov. 12, indicating that the bulls are trying to flip the level into support.
Buyers will make one more attempt to overcome the obstacle at $2,200. If they succeed, the ETH/USDT pair could pick up momentum and soar toward $3,000, as there is no major resistance level in between.
Meanwhile, the bears are likely to have other plans. They are likely to mount a vigorous defense at $2,200. If the price turns down from this level, the pair may consolidate between $2,000 and $2,200 for a few days. The short-term trend will turn negative if the price breaks and sustains below $2,000. The pair may then collapse to the 20-day EMA ($1,908).
BNB (BNB) has been consolidating between $240 and $258 for the past few days. This has pulled the RSI down from the overbought zone.
The upsloping 20-day EMA ($238) and the RSI in the positive territory indicate an advantage to buyers. If the price rebounds off the 20-day EMA, the bulls will try to propel the BNB/USDT pair to $265. This level may again witness a tough battle between the bulls and the bears, but if cleared, the pair may surge to $285.
On the downside, the bears will have to yank the price below $235 to indicate the start of a deeper connection to the 50-day SMA ($222).
XRP (XRP) has been trading below $0.67 for the past few days, but a positive sign is that the bulls have not allowed the price to skid below the 20-day EMA ($0.62).
The tight consolidation near $0.67 enhances the prospects of a break above it. If that happens, the XRP/USDT pair could jump to $0.74. This level may pose a challenge, but it is likely to be crossed. That could start a rally toward $0.85.
Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, it will indicate that the bulls have given up. That could sink the pair toward the next significant support at $0.56.
Solana (SOL) skyrocketed above the $48 resistance on Nov. 10 and ascended the $59 level on Nov. 11, but the bulls are facing stiff opposition from the bears.
The rally of the past few days pushed the RSI above 88, indicating that the rally is overextended and a correction or consolidation may be around the corner. If the price turns down from the current level, the SOL/USDT pair could slide to $48. This level is likely to attract buyers who will try to flip $48 into support.
On the contrary, if the $48 level gives way, it will suggest that the traders are rushing to the exit. The pair may then decline to the 20-day EMA ($43).
Related: Bitcoin institutional inflows top $1B in 2023 amid BTC supply squeeze
Cardano (ADA) pushed through the barrier at $0.38 on Nov. 10, but the bulls failed to build upon the recovery. This indicates that the bears are fiercely defending the $0.38 level.
Sellers will try to tug the price to the 20-day EMA ($0.34). If bulls want to maintain their hold, they will have to guard the 20-day EMA with vigor. A strong rebound off this level will increase the likelihood of a rally above $0.38. The pair may first rise to $0.42 and subsequently to $0.46.
Alternatively, if the price continues lower and plummets below the 20-day EMA, it will indicate that the ADA/USDT pair may spend some time inside the large range between $0.24 and $0.38.
Dogecoin (DOGE) rose above $0.08 on Nov. 11, but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick.
The failure to maintain above the overhead hurdle has started a pullback toward the 20-day EMA ($0.07). Buyers will try to defend this level and start a rebound off it. If they manage to do that, the DOGE/USDT pair could rally to $0.08. This is an important level to watch out for because a break above it could open the doors for a rally to $0.10.
Contrarily, a break and close below the 20-day EMA will signal that the pair may stay range-bound between $0.06 and $0.08 for some time.
Chainlink’s (LINK) solid rally of the past few days pushed the RSI above 86, indicating that the rally was overextended in the near term.
That may have tempted short-term traders to book profits near $16.60 on Nov. 12. The LINK/USDT pair could pullback to the 38.2% Fibonacci retracement level of $14.27 and then to the 50% retracement level of $13.55.
The real test will be at the 20-day EMA ($13). A strong rebound off this level will suggest that buyers continue viewing the dips as a buying opportunity. That may push the price toward $16.60. If this level is scaled, the pair may reach $18. This bullish view will be invalidated in the near term if the price slips and maintains below the 20-day EMA.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Digital asset management giant Grayscale’s institutional crypto products are soaring sky-high as spot markets continue a major bounce back. Grayscale primarily provides institutional investors with trusts that aim to give exposure to digital assets in a compliant, simpler way than holding them directly. The price of the trusts doesn’t directly track the price of the […]
The post Grayscale’s Solana Trust (GSOL) Explodes to 869% Premium As Institutional Demand Sends Crypto Products Ripping appeared first on The Daily Hodl.
Leading analytics firm Santiment says the recent digital asset market uptick has been accompanied by a spike in crypto whale activity. Santiment notes that whales on the Bitcoin (BTC), Ethereum (ETH), Cardano (ADA) and Chainlink (LINK) networks have all hit their highest activity levels in the past six months. Explains the analytics firm, “There may […]
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A popular crypto analyst is saying that a small altcoin season has arrived as several digital assets come alive. Pseudonymous trader Altcoin Sherpa tells his 197,900 followers on the social media platform X that he is bullish on some altcoins for the rest of November. “We’re having a decent mini altseason right now, and I […]
The post Trader Says Mini Altcoin Season Is On, Names Targets for Solana and One Crypto Asset That’s Up 110% in a Month appeared first on The Daily Hodl.
Bitcoin and Ether are leading the cryptocurrency markets from the front, but the risk of a short-term pullback remains.
News of BlackRock registering the iShares Ethereum Trust increased expectations that the asset manager may eventually apply for an Ether (ETH) spot exchange-traded fund. This is a positive sign as it shows that BlackRock’s cryptocurrency aspirations are not limited to Bitcoin (BTC).
Market observers are increasingly optimistic that spot Bitcoin ETFs will be greenlighted by the United States Securities and Exchange Commission in 2024. Bloomberg Intelligence research analyst James Seyffart said on X (formerly Twitter) that there is still a 90% possibility that the regulator will approve a spot Bitcoin ETF by Jan. 10 of the next year.
Galaxy Digital founder Mike Novogratz believes that the approval of the Bitcoin ETF, followed by the Ether ETF, will boost institutional adoption in 2024. During Galaxy Digital’s third-quarter earnings call on Nov. 9, Novogratz exhibited confidence that approval for ETFs “is now not a matter of if but when.”
Could the expectations regarding ETF approvals sustain the rally in Bitcoin and select altcoins, or will profit-booking set in?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin shot up above the ascending channel pattern on Nov. 9, but the higher levels witnessed profit-booking as seen from the long wick on the candlestick.
The relative strength index (RSI) has been trading in the overbought territory for the past several days, indicating that the bulls have maintained the buying pressure. If the current rebound sustains, the buyers will try to propel the BTC/USDT pair to $40,000 again.
On the contrary, if the price dips back into the channel, it will indicate that markets have rejected the higher levels. That could pull the price down to the 20-day exponential moving average ($34,240), an important level to watch out for. A break below this level will tilt the short-term advantage in favor of the bears.
Ether skyrocketed above the psychological resistance of $2,000 on Nov. 9, indicating aggressive buying by the bulls.
The recent rally has propelled the RSI into the overbought territory, suggesting a consolidation or correction may be around the corner. Sellers will try to halt the up-move at $2,200, but if they want to weaken the momentum, they will have to yank the price back below $2,000.
Contrarily, if the ETH/USDT pair surges above $2,200, it will open the doors for a potential rise to $2,950 as there is no significant resistance in between.
The bulls purchased the dip in BNB (BNB) on Nov. 9, indicating that the lower levels continue attracting buyers.
The bulls will try to drive the price above the overhead resistance at $265. If they can pull it off, the BNB/USDT pair could rise to $285 and thereafter attempt a rally to $310. This level is likely to pose a strong challenge for the bulls.
The crucial support on the downside is the 20-day EMA ($235). Sellers will have to tug the price below this level to gain the upper hand. The pair could then collapse to the 50-day SMA ($220).
XRP (XRP) turned down from $0.74 on Nov. 6 and broke below the immediate support at $0.67 on Nov. 9. This suggests profit-booking by the bulls.
The rising 20-day EMA ($0.61) and the RSI in the positive territory indicate that the bulls have the upper hand.
If the price snaps back from the 20-day EMA, it will suggest that the sentiment remains bullish and traders view the dips as a buying opportunity. That improves the prospects of a break above $0.74. The XRP/USDT pair could then climb to $0.85.
Contrary to this assumption, a break below the 20-day EMA could deepen the correction to the next support at $0.56.
Solana (SOL) nudged above the overhead resistance of $48 on Nov. 9 and followed that up with a sharp move above the overhead resistance on Nov. 10.
If the SOL/USDT pair maintains above $48, it will signal the start of the next leg of the uptrend. The pair may then ascend to $60.
The risk to the up-move is from the overbought level on the RSI. This suggests that the rally is overextended in the near term and ripe for a correction or consolidation. The longer the price remains in the overbought territory, the greater the possibility of a sharp pullback. A slump below $48 will be the first sign that the bulls may lose their grip.
Cardano (ADA) pierced the overhead resistance at $0.38 on Nov. 9, but the long wick on the candlestick shows that the markets rejected the higher levels.
The bulls will again try to shove and sustain the price above the overhead resistance. If they are successful, the ADA/USDT pair could jump to $0.42 and subsequently to $0.46. Buyers may face a formidable resistance at $0.46.
Alternatively, if the price turns down from $0.38, it could slide to the 20-day EMA ($0.32). This remains the critical level to watch for on the downside. A strong rebound off it could keep the advantage with the buyers, while a break below it may indicate a range-bound action in the near term.
Dogecoin (DOGE) swung wildly on Nov. 9, as seen from the long wick and tail on the candlestick. This suggests indecision among the bulls and the bears.
A minor positive is that the bulls have not ceded much ground to the bears. This suggests that the bulls expect the recovery to continue. There is a stiff hurdle at $0.08, but if that is crossed, the DOGE/USDT pair may reach $0.10.
If bears want to make a comeback, they will have to pull the price back below the 20-day EMA ($0.07). The breakdown will suggest that the pair may consolidate inside a large range between $0.08 and $0.06 for some time.
Related: Bitcoin 'Terminal Price' hints next BTC all-time high is at least $110K
Toncoin (TON) closed above $2.59 on Nov. 8, but the bulls could not maintain the higher levels. The price turned down sharply and slipped back below $2.59 on Nov. 9.
A slight advantage in favor of the bulls is that the 20-day EMA ($2.29) support held on the downside. The bulls will again try to propel the price above the overhead resistance zone between $2.59 and $2.77. If they manage to do that, the TON/USDT pair could pick up momentum and travel toward the pattern target of $4.03.
This bullish view will be invalidated in the near term if the price continues lower and breaks below the 20-day EMA. The pair may then slump to $2.
Chainlink (LINK) reached $15 on Nov. 8, and the bulls tried to extend the rally on Nov. 9 but the long wick on the candlestick shows selling at higher levels.
The LINK/USDT pair could slide to the 50% Fibonacci retracement level of $13.24. If the price rebounds off this level with force, the bulls will again try to overcome the obstacle at $15. If they succeed, the pair may surge to $18.
On the downside, if the price tumbles below $13.24, it will suggest that the traders are rushing to the exit. That could open the doors for a possible decline to the 20-day EMA ($11.94). This level is again expected to witness a tough battle between the bulls and the bears.
Polygon’s (MATIC) rally picked up pace after it broke above $0.70, but the up-move is facing selling near the overhead resistance at $0.89.
The price could dip to the 38.2% Fibonacci retracement level of $0.76. If the price rebounds off this level, it will enhance the prospects of a rally above $0.89. If that happens, the MATIC/USDT pair will complete a double bottom pattern. This bullish setup has a target objective of $1.29.
Conversely, if the price breaks below $0.76, the next stop could be $0.70. Such a deep correction will suggest that the pair may continue oscillating inside the large range between $0.49 and $0.89 for a while longer.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Hundreds of millions of dollars worth of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) shorts have been liquidated as the king crypto shoots past $37,000. According to new data from blockchain tracking platform Coinglass, during the last 24 hours, the top crypto asset by market cap has seen just over $131 million worth of short […]
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A popular crypto analyst is remaining bullish on one red-hot altcoin that more than doubled in value within a few weeks. Pseudonymous trader Altcoin Sherpa tells his 197,900 followers on the social media platform X that the gaming studio and NFT (non-fungible token) marketplace platform Vulcan Forged (PYR) has more room to run. The trader […]
The post Trader Says Ethereum Altcoin That’s Up 130% in Three Weeks ‘Looks Pretty Strong,’ Names Targets for Chainlink appeared first on The Daily Hodl.
Grayscale’s Chainlink Trust (GLINK) is currently trading at a 223% premium, signaling institutional investors are particularly eager to get their hands on the digital asset investment product. The trust offers institutions a way to gain exposure to the native asset of decentralized oracle provider Chainlink (LINK) without directly investing in the crypto asset. GLINK is […]
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