Price analysis

Bitcoin is witnessing profit-booking near $38,000, but the correction is likely to be shallow as lower levels are likely to attract buyers.

Bitcoin (BTC) has started the week on a negative note. The failure of the bulls to pierce and sustain above the $38,000 resistance has given a small window of opportunity for the bears to try and make a comeback. Strong selling has pulled the price below $37,000 on Nov. 27.

However, lower levels are likely to attract buyers as the bulls will want to maintain the momentum going into the final month of the year. The bears are likely to have other plans as they will attempt to deepen the correction. That could boost volatility in the last few days of November as both the bulls and the bears try for a monthly closing in their favor.

While near-term uncertainty remains, Rich Dad Poor Dad author Robert Kiyosaki reiterated his long-term bullish view on Bitcoin, gold and silver in a X (formerly Twitter) post on Nov. 26. He cautioned investors to get out of fiat money, calling it a “FAKE money system.”

Will Bitcoin and altcoins bounce off their respective strong support levels, or will the bears prevail? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) continued its northward march higher after skyrocketing above the downtrend line. This indicates strong demand at higher levels.

The rally of the past few days has pushed the relative strength index (RSI) into the overbought zone, indicating that a minor correction or consolidation is possible in the near term. The 20-day exponential moving average (4,448) is the crucial level to watch out for on the downside.

If the price turns up from this level, it will suggest that the sentiment remains bullish and traders view dips as a buying opportunity. That enhances the prospects of a break above 4,650.

Conversely, a fall below the 20-day EMA will indicate that the bulls are losing their grip. The index may then 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 on Nov. 21, but the bears were in no mood to relent.

Sellers stalled the relief rally at 104.21 on Nov. 22 and are trying to sink the price toward the 61.8% Fibonacci retracement level of 102.55. The downsloping 20-day EMA (104.54) and the RSI near the oversold zone indicate that bears are in command.

The first sign of strength will be a break and close above the 20-day EMA. Such a move will suggest that the correction may be over. The index may then attempt a rally toward the stiff resistance at 106.

Bitcoin price analysis

Bitcoin’s price action of the past few days is forming an ascending triangle pattern, which will complete on a break and close above $38,000.

The upsloping moving averages and the RSI in the positive territory indicate that the path of least resistance is to the upside. If the $38,000 resistance is scaled, the BTC/USDT pair may climb to $40,000. This level may again act as a roadblock, but if cleared, the pair may rise to the pattern target of $41,160.

The bears will have to pull the price below the uptrend line to invalidate the bullish setup. That may open the doors for a fall to $34,800. If the price rebounds off this level, it will suggest a range-bound action between $34,800 and $38,000. The bears will 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 on Nov. 24, but the bulls could not overcome this barrier. That may have led to profit-booking, as seen from the long wick on the day’s candlestick.

The bears are trying to tug the price below the 20-day EMA ($1,998). If they can pull it off, the ETH/USDT pair may fall to $1,904. A break below this support will complete a double-top pattern. This reversal setup could start a deeper correction to the 50-day SMA ($1,834).

Instead, if the price snaps back 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. Buyers will have to ascend this zone to complete a large ascending triangle pattern.

BNB price analysis

BNB’s (BNB) rejection at the 20-day EMA ($237) on Nov. 23 indicates that the bears are trying to flip the level into resistance.

The bears maintained their selling pressure and have pulled the price below the 50-day SMA ($229). The BNB/USDT pair could next slide to the solid support at $223 and below it to $219. Buyers are likely to defend this zone with vigor.

On the upside, the bulls will have to push and sustain the price above $240 to suggest that the selling pressure is reducing. That may start a rally to $255 and later to the major resistance at $265.

XRP price analysis

XRP (XRP) bounced off the 50-day SMA ($0.58) on Nov. 22 but hit a wall at the 20-day EMA ($0.61). This suggests that the bears are trying to flip the 20-day EMA into resistance.

Sellers will try to sink the price below the 50-day SMA and challenge the vital support at $0.56. If this level is breached, it will suggest that bears are back in command. The XRP/USDT pair may then gradually collapse to $0.46.

On the contrary, 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 inside the large range between $0.56 and $0.74.

Solana price analysis

Solana (SOL) turned down from the immediate resistance at $59 on Nov. 26, indicating that the bears are trying to halt the relief rallies at this level.

The bears will try to strengthen their position further by pulling the price below the 20-day EMA ($53). The SOL/USDT pair will complete a head-and-shoulders pattern if it breaks below the neckline at $51. That could start a steep correction to the 50-day SMA ($40) and thereafter to the pattern target of $34.

The bulls are likely to have other plans. They will try to arrest the decline near $51. If the bounce off this level rises above $59, it will indicate that bulls are back in the driver’s seat. The pair may then retest the local high at $68.

Related: BTC price eyes $40K amid record hash rate — 5 things to know in Bitcoin this week

Cardano price analysis

Cardano (ADA) failed to break above the overhead resistance of $0.40 in the past three days. That may have tempted short-term traders to book profits.

The ADA/USDT pair could slide to the 20-day EMA ($0.37), which is likely to attract buyers. If the price bounces off this level with vigor, it will signal that the trend remains positive and traders are buying on dips. The bulls will then make one more attempt to overcome the obstacle at $0.40. If they succeed, the pair may soar to $0.46.

Contrarily, if the 20-day EMA cracks, the pair may slump to $0.34. Buyers are expected to guard this level because if it gives way, the pair may reach the 50-day SMA ($0.32).

Dogecoin price analysis

The bears tried to yank Dogecoin (DOGE) below the 20-day EMA ($0.08) on Nov. 26, but the bulls purchased the dip as seen from the long tail on the candlestick.

The bulls pushed the price above the $0.08 resistance on Nov. 27, but the long wick on the candlestick shows solid selling at higher levels. If the price dips below the 20-day EMA, the DOGE/USDT pair could slump to the 50-day SMA ($0.07).

On the contrary, if the price once again rebounds off the 20-day EMA, it will suggest demand at lower levels. The bulls will then again try to kick and sustain the price above $0.08. If they do that, the pair may pick up momentum and surge toward $0.10.

Chainlink price analysis

Chainlink (LINK) broke above the downtrend line on Nov. 26, but the bulls failed to build upon the momentum. This may have attracted selling, which pulled the price below the downtrend line on Nov. 27.

The 20-day EMA ($14) remains the key support to watch out for in the near term. If the price sinks and sustains below the 20-day EMA, it will suggest that the bears are attempting a comeback. The LINK/USDT pair could then decline to the 61.8% Fibonacci retracement level of $12.83.

On the other hand, if the price rebounds off the 20-day EMA, it will suggest that the sentiment remains positive and traders are buying on dips. That will enhance the prospects of a rally to the overhead resistance of $16.60.

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.

The weakness in the U.S. Dollar Index suggests that risky assets such as Bitcoin and the S&P 500 Index may remain in favor of the buyers.

The S&P 500 Index (SPX) rose 2.24% last week, its third consecutive weekly gain. In comparison, Bitcoin (BTC) managed a minuscule gain of 0.8%, indicating consolidation below $38,000. The prospects for risky assets remain bullish as the U.S. Dollar Index has started to turn down. 

Cryptocurrency investors have not parted with their Bitcoin holdings, even after the 125% rally in 2023, indicating their long-term bullish view. Reflexivity co-founder William Clemente posted a chart sourced from Glassnode to X (formerly Twitter), which showed that 70% of Bitcoin in circulation has not been sold or transferred in the past year.

Investors have also increased exposure to global cryptocurrency exchange-traded products (ETPs) in 2023, according to a report by the digital asset platform Fineqia, which was seen by Cointelegraph. Fineqia reported that crypto ETP assets under management ballooned by 91% from Jan. 1 to Oct. 31, 2023.

If Bitcoin fails to break above its resistance, will it start a deeper correction? Will altcoins also turn lower, or could they buck the trend? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index surged above the downtrend line on Nov. 14, signaling an end of the corrective phase.

The moving averages have completed a bullish crossover, and the relative strength index (RSI) is in the overbought territory, indicating that bulls are in command. There is a minor resistance in the 4,512–4,541 zone, which may result in a pullback.

On the downside, the 20-day exponential moving average (EMA) (4,395) is likely to act as a strong support. If the price rebounds off this level, it will suggest that the trend has turned positive. That will enhance the prospects of a rally to 4,650.

Contrarily, if the 20-day EMA gives way, the index may drop to the 50-day simple moving average (SMA) (4,340). Sellers will have to yank the price below this support to indicate strength.

U.S. Dollar Index price analysis

The U.S. Dollar Index turned down from the 20-day EMA (105) on Nov. 14 and plunged below the descending channel pattern.

That started a correction, which has reached the 50% Fibonacci retracement level of 103.46. The 20-day EMA has started to turn down, and the RSI is near the oversold zone, indicating that bears are in command.

If the 103.46 level cracks, the decline may extend to the 61.8% Fibonacci retracement level of 102.55. Buyers are likely to defend the zone between 103.46 and 102.55 with vigor. The first sign of strength will be a break and close above the 20-day EMA.

Bitcoin price analysis

After finding support at the 20-day EMA ($35,925), Bitcoin has been gradually moving up toward the vital resistance at $38,000. The bears have guarded this level twice in the past; hence, they will try to do the same once again.

If the price turns down sharply from the overhead resistance and breaks below the 20-day EMA, it may trigger the stops of several short-term traders. That may start a correction in the BTC/USDT pair, which could reach $34,000 and subsequently $32,400. 

Contrarily, if bulls pierce the $38,000 resistance, it will indicate the start of the next leg of the uptrend. The pair may travel to $40,000, which is again likely to behave as a significant resistance. The rising moving averages and the RSI in the positive territory indicate that the path of least resistance is to the upside.

Ether price analysis

Ether (ETH) has been forming a large ascending triangle pattern, which will complete on a break and close above $2,200. This bullish setup has a target objective of $3,400.

The bulls are buying the dips to the 20-day EMA ($1,949), indicating that lower levels continue to attract buyers. If the price sustains above the psychological level of $2,000, the ETH/USDT pair could attempt a rally to $2,090 and then to $2,200.

Instead, if the price turns down and breaks below the 20-day EMA, it will signal that the bears are attempting a comeback in the near term. The pair may then drop to the 50-day SMA ($1,779).

BNB price analysis

The bulls have successfully held BNB (BNB) above the 20-day EMA ($242) for the past few days, indicating that the sentiment remains positive and traders are buying the dips.

The bulls will next try to push the price above $258 and retest the formidable resistance at $265. A break and close above this level will complete a rounding bottom pattern. The BNB/USDT pair may then ascend to $305, as there is no major resistance level in between. 

Alternatively, if the price turns down and breaks below the 20-day EMA, it will suggest that the bulls are losing their grip. The pair could drop to the immediate support at $235. This level is likely to act as solid support, but if it breaks down, the correction could stretch to the 50-day SMA ($227).

XRP price analysis

XRP (XRP) fell below the 20-day EMA ($0.62) on Nov. 16, but the bears have failed to pull the price to the next support at $0.56. This suggests that lower levels are attracting buyers.

The XRP/USDT pair is stuck between $0.74 and $0.56. If buyers push and sustain the price above the 20-day EMA, it will suggest that a relief rally has begun. The pair may then climb to $0.67 and later to $0.74. The price action inside the range is likely to remain random and volatile.

A break above $0.74 or a collapse below $0.56 could start a trending move. If the price sustains above $0.74, the pair may jump to $0.85. On the other hand, a slump below $0.56 could sink the pair to $0.46.

Solana price analysis

Buyers are struggling to sustain Solana’s SOL (SOL) above $59, indicating that the bears remain active at higher levels.

A minor positive in favor of the bulls is that they have not ceded much ground to the bears. This suggests that the buyers are not dumping their positions in a hurry, as they anticipate the uptrend to continue. On the upside, a break and close above $68.20 could clear the path for a rally to $77. 

This bullish view will be invalidated in the near term if the price turns down and skids below the 20-day EMA ($51.39). The SOL/USDT pair could then fall to the crucial support at $48.

Related: ARK, 21Shares update spot Bitcoin ETF application as next SEC deadline looms

Cardano price analysis

Cardano’s ADA (ADA) has been witnessing a tough battle between the bulls and the bears near the $0.38 level for the past several days.

The upsloping moving averages and the RSI in the overbought zone indicate that the bulls are at an advantage. If the price stays above the $0.38–$0.40 resistance zone, the ADA/USDT pair could rally to $0.46.

If bulls want to prevent the upside, they will have to quickly drag the price back below the 20-day EMA ($0.35). If that happens, several short-term bulls may book profits, and the pair could slide to the 50-day SMA ($0.30).

Dogecoin price analysis

Dogecoin (DOGE) has been gradually moving higher in the past few days. The bulls drove the price above $0.08 on Nov. 17 but could not sustain the breakout.

The price turned down on Nov. 18 and dipped to $0.08. A positive sign is that the bulls are trying to defend the $0.08 level. If they manage to do that, it will signal that $0.08 has flipped into support. That will improve the prospects of the resumption of the uptrend. The DOGE/USDT pair could then reach $0.10.

The RSI is showing signs of forming a bearish divergence, indicating that the momentum may be slowing down. Sellers will have to pull and sustain the price below the 20-day EMA ($0.07) to seize control.

Chainlink price analysis

Sellers tried to sink Chainlink’s LINK (LINK) below the 20-day EMA ($13.64) on Nov. 17 and 18, but the long tail on the candlestick indicates solid buying at lower levels.

There is a minor resistance at $15.40, but if this level is scaled, the LINK/USDT pair could retest the local high at $16.60. Sellers are again expected to mount a vigorous defense at this level, but if the bulls do not give up much ground, it will increase the likelihood of a break above $16.60.

Contrarily, if the price turns down from $15.40, it will suggest that bears are selling at higher levels. The trend will shift in favor of the bears if they can sink and sustain the price below the 61.8% Fibonacci retracement level of $12.83.

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.

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.

S&P 500 Index price analysis

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.

U.S. Dollar Index price analysis

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 price analysis

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 price analysis

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 price analysis

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 price analysis

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 price analysis

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 price analysis

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 price analysis

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 price analysis

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.