A closely followed economist is warning that a major economic event last witnessed almost a century ago will likely rear its ugly head in 2025. Henrik Zeberg tells his 140,700 followers on the social media platform X that he sees risk-on assets such as stocks and crypto going higher and higher for the next few […]
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Closely followed economist Henrik Zeberg is revealing his outlook for stocks and crypto for the coming months. The macro strategist tells his 139,600 followers on the social media platform X that he believes stocks and crypto are gearing up for big rallies that may endure until the end of the year. Zeberg points to two […]
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Best-selling finance author Robert Kiyosaki is issuing a dire warning, saying that a collapse in the stock and bond markets is close at hand. The Rich Dad Poor Dad author tells his 2.5 million followers on the social media platform X that the stock market rally is driven by dollars coming from the US government. […]
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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.
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).
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’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 (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’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 (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 (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 (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).
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 (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.
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.
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.
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 (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).
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 (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.
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’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 (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.
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.
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.
Bitcoin price is consolidating near $35,000. Will altcoins capitalize on the sideways price action and move higher?
Bitcoin’s (BTC) marginal rise of about 1.5% last week suggests that traders are cautious at higher levels but they are not rushing to the exit. The bears have been in hibernation for the past few days but if the rally fails to resume, sellers may try to make a comeback.
However, in an uptrend, dips are usually viewed as an opportunity for long-term investors to accumulate. The positive sentiment among traders can be gauged by the increase in Bitcoin withdrawals from exchanges which reached 61,000 Bitcoin, a strong improvement over the year-to-date low of nearly 43,000 Bitcoin, according to CryptoSlate analyst Van Straten.
A large part of the accumulation is taking place in Bitcoin in the hopes that the United States Securities and Exchange Commission will eventually approve a spot Bitcoin exchange-traded fund. The enthusiasm of the traders increased further on the news that the Hong Kong government may consider proposals for a spot Bitcoin ETF. BitMEX co-founder Arthur Hayes said on X (formerly Twitter) that the competition between the United States and China is good for Bitcoin.
Are Bitcoin and altcoins ready to extend their up-move or is it time for a short-term correction? Let’s analyze the charts to find out.
The S&P 500 Index (SPX) has been on a tear for the past few days. The bulls pushed the price above the 20-day exponential moving average (4,275) on Nov. 2 and followed it up a break above the 50-day simple moving average (4,346) on Nov. 3.
The relative strength index (RSI) has risen into the positive territory and the 20-day EMA has started to turn up. This indicates that the downtrend may be over but it does not guarantee the start of a new uptrend. The bears are expected to fiercely defend the downtrend line.
In the same way, the buyers are unlikely to give up their advantage without a fight. They are likely to buy the dips to the 20-day EMA. A strong rebound off this level will increase the possibility of a break above the downtrend line. If bears want to gain the upper hand, they will have to yank the price back below the 20-day EMA.
The U.S. dollar index (DXY) plunged below the moving averages on Nov. 3, indicating the start of a deeper correction.
The first support on the downside is the 38.2% Fibonacci retracement level of 104.38. If the price rebounds off this level, the index could reach the 20-day EMA. Buyers will have to pierce this resistance to set up a retest of 107.35.
Contrary to this assumption, if the price continues lower and breaks below 104.38, it will signal that the bulls are rushing to the exit. That could open the gates for a further decline to the 50% retracement level of 103.46.
Bitcoin has been gradually rising inside the ascending channel pattern. This suggests that the bulls have the edge but the momentum is slowing down.
The RSI remains inside the overbought territory, indicating that the BTC/USDT pair may extend its consolidation or enter a corrective phase in the next few days. If the price skids below the channel, it may tempt short-term traders to book profits. There is strong support at the 20-day EMA ($33,238) but if this level gives way, the pair may plummet to $31,000.
Contrarily, if the price turns up and breaks above the channel, it will suggest the start of the next leg of the uptrend. The pair may then soar to the next major obstacle at $40,000.
Ether (ETH) broke above the nearby resistance of $1,885 on Nov. 5, indicating the start of the next leg of the upward journey toward $2,000.
The bears are expected to defend the zone between $2,000 to $2,200 with all their might because if this resistance gives way, it will clear the path for a possible rally to $3,500 as there are no major resistances in between.
This bullish view will invalidate in the near term if the price turns down from the current level and breaks below the 20-day EMA ($1,780). The ETH/USDT pair may then tumble toward the 50-day SMA ($1,671).
BNB (BNB) broke and closed above the resistance of the range at $235 on Nov. 4, indicating that demand exceeds supply.
There is a minor resistance at $250 but if buyers bulldoze their way through, the BNB/USDT pair may reach the major hurdle at $265. This level may prove to be a formidable resistance for the bulls to cross.
On the downside, the first important support to keep an eye on is $235. If the price dips below this level, it will signal that bears remain active at higher levels. The pair may then slide to the 20-day EMA ($227).
XRP (XRP) broke above the stiff overhead resistance of $0.67 on Nov. 6, indicating that the bulls are in the driver’s seat.
There is a minor resistance at $0.74 but if bulls clear this hurdle, the XRP/USDT pair could rally to $0.85 and subsequently to $1.
A risk to the current up-move is that the RSI has entered overbought territory. This suggests that the rally is overheated in the short term. That could result in a correction or a consolidation for a few days. The important level to watch on the downside is $0.67. If this level gives way, it could start a deeper correction to the 20-day EMA ($0.58).
Solana (SOL) bounced off the crucial support of $38.79 on Nov. 3 but the bulls are struggling to sustain the higher levels.
The bears will try to build upon their advantage and sink the price below $38.79. If they manage to do that, the SOL/USDT pair could slump to the 20-day EMA ($34.67). This level is likely to witness a tough battle between the bulls and the bears.
If the price rebounds off the 20-day EMA, the bulls will again try to drive the price above $42.50 and challenge the stiff resistance at $48. Conversely, if the 20-day EMA cracks, the pair may tumble to $31 and later to $27.12.
Related: Why is XRP price up today?
Cardano (ADA) has been in a strong recovery for the past few days. The momentum picked up further after buyers pushed the price above $0.30.
The strong rally has pushed the RSI into the overbought zone, suggesting that a minor consolidation or correction may be around the corner. If the price stays above $0.32, it will increase the likelihood of a rally to $0.38.
On the contrary, if the price turns down from the current level and breaks below $0.32, it will suggest that traders may be booking profits. That could pull the price down to the 20-day EMA ($0.30). This remains the key level for the bulls to defend to keep the up-move intact.
Dogecoin (DOGE) bounced off the strong support at the 20-day EMA ($0.07) on Feb. 3, indicating a change in sentiment from selling on rallies to buying on dips.
The bulls are trying to maintain the price above $0.07 and if they succeed, the DOGE/USDT pair could pick up momentum and surge to $0.08. This level may pose a strong challenge but if cleared, the pair may sprint toward the psychological level of $0.10.
Meanwhile, the bears are likely to have other plans. They will try to stall the up-move and pull the price back below the 20-day EMA. This could clear the path for a potential fall to the $0.06 support.
Toncoin (TON) has been trading above the moving averages for the past few days, indicating demand at higher levels.
The bulls pushed the price above $2.31 on Nov. 6 but the long wick shows selling at higher levels. If buyers maintain the price above $2.31, it will open the doors for a rise to $2.59. The bears are expected to mount a strong defense at this level.
Alternatively, if the price turns down from the current level, the moving averages are likely to act as the first line of support. If these give way, the TON/USDT pair could drop to the strong support at $1.89. Such a move will suggest that the pair may oscillate between $1.89 and $2.31 for some time.
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’s reluctance to give up ground has attracted strong buying in select altcoins.
Bitcoin (BTC) price climbed by 15% last week and 10.45% the week before. The S&P 500 Index dropped 2.53% last week and 2.39% the week before. This shows that Bitcoin has decoupled from the S&P 500 Index in the short term and may chart its own course.
However, the path higher may not be easy. The Federal Open Market Committee’s meeting on Nov. 1 may cause some volatility, but it will li be short-lived as no surprises are expected. CME’s FedWatch Tool projects a 98% probability that rates will remain unchanged.
A large part of the gains in Bitcoin have been fuelled by expectations that the United States Securities and Exchange Commission will approve a spot Bitcoin exchange-traded fund in the near future. Any adverse news in this regard may prove to be a major setback for the bulls. When traders start chasing prices higher, it increases the risk of a short-term pullback.
What are the important support levels on Bitcoin and altcoins that need to hold for the sentiment to remain bullish? Let’s analyze the charts to find out.
The S&P 500 Index (SPX) remains in a strong downtrend. The price is close to the strong support zone between 4,050 and 4,100.
The sharp fall of the past few days pushed the relative strength index (RSI) into the oversold territory, suggesting that a pullback may be possible. On the upside, the bears are expected to sell near the 20-day exponential moving average (4,255).
If the price turns down sharply from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then again try to sink the price below the support zone. If they succeed, the index could plummet toward 3,800. This negative view will invalidate in the near term if the price rises and sustains above the 20-day EMA.
The U.S. dollar index (DXY) rebounded off the 50-day simple moving average (105) on Oct. 24, indicating that lower levels are attracting buyers.
The rising moving averages indicate advantage to buyers but the negative divergence on the RSI suggests that the bullish momentum may be weakening. That could keep the index range-bound between 105.36 and 107.35 for some time.
If buyers maintain the price above the 20-day EMA (106.23), the bulls will attempt to drive the index above 107.35. If they succeed, the index may surge toward 111. If bears want to prevent the upside, they will have to drag and sustain the price back below 105.36. The index may then fall to 104.50.
After the sharp rally, Bitcoin has entered a consolidation phase between $33,390 and $35,380. This is a positive sign as it suggests that the bulls are in no urgency to book profits aggressively.
Although the overbought levels on the RSI warrant caution, the rising moving averages suggest that bulls remain in charge. If buyers drive the price above $35,280, the BTC/USDT pair could surge toward $40,000. This level is likely to act as a formidable resistance.
On the way down, if bears sink the price below $33,390, the pair risks a drop to $32,400 and then to $31,000. This zone is likely to witness solid buying by the bulls because if it cracks, the selling could intensify and the pair may plummet to $28,143.
Ether (ETH) has been maintaining above the breakout level of $1,746 but the bulls have failed to extend the recovery. This suggests that demand dries up at higher levels.
The ETH/USDT pair may stay range-bound between $1,746 and $1,865 for a few days. The rising moving averages and the RSI in the overbought territory indicate that the bulls have the upper hand.
If buyers kick the price above $1,865, the pair could rally to $2,000. The bears are likely to guard this level with vigor.
The important support on the downside is $1,746 and then the 20-day EMA ($1,705). Sellers will be back in the driver’s seat if they sink and sustain the price below the 20-day EMA.
BNB (BNB) has been stuck inside a large range between $235 and $203 for the past several days. The rising 20-day EMA ($219) and the RSI in the positive territory indicate that bulls have a slight edge.
If the price sustains the rebound off $223, the bulls will again try to shove the price above the overhead resistance at $235. If they can pull it off, it will indicate the start of a sustained recovery to $250 and eventually to $265.
Meanwhile, the bears are likely to have other plans. They will try to yank the price back below the 20-day EMA. Such a move will suggest that the BNB/USDT pair may extend its stay inside the range for a while longer.
After staying in a tight range between $0.56 and the 20-day EMA ($0.53) for the past few days, XRP (XRP) cleared the hurdle on Oct. 30.
The upsloping 20-day EMA and the RSI in the overbought zone indicate that the bulls are at an advantage. There is a minor resistance at $0.59. If bulls overcome this barrier, the XRP/USDT pair is likely to climb to $0.66.
However, the bears are unlikely to give up easily. They will try to pull the price back below the 20-day EMA. If they manage to do that, it may trap several aggressive bulls. The pair may then remain stuck between $0.46 and $0.56 for a few more days.
In an uptrend, the corrections are shallow and short-lived. That is what happened in Solana (SOL). After a minor pullback, the bulls have asserted their supremacy.
The SOL/USDT pair resumed its uptrend on Oct. 30 with a break above $33.90. The bulls will next try to push the price to $38.79. This level is expected to act as a major resistance but if buyers bulldoze their way through, the pair may reach $48.
The important support to watch on the downside is $31. If the pair slips below this level, it will suggest that the bulls may be dumping their positions in a hurry. That could pull the price down to the 20-day EMA ($28,73).
Related: CME becomes second-largest Bitcoin futures exchange as open interest surges
Cardano (ADA) has been sustaining above the breakout level of $0.28 for the past few days but the bulls are finding it difficult to clear the overhead hurdle at $0.30.
Still, a positive sign is that the bulls have not given up much ground from the overhead resistance. This suggests that the buyers have kept up the pressure. If they overcome the roadblock at $0.30, the ADA/USDT pair could start a rally to $0.32 and thereafter to $0.34.
Alternatively, if the price turns down from $0.30, it will suggest that the bears are aggressively defending the level. The pair may then swing between $0.28 and $0.30 for some time. A break and close below the 20-day EMA ($0.27) will tilt the advantage back in favor of the bears.
Dogecoin (DOGE) has been witnessing a tough battle between the bulls and the bears near the $0.07 mark.
A minor positive is that the bulls are buying the dips below $0.07. This suggests that the sentiment has changed from selling on rallies to buying on dips. The bulls will then again try to overcome the obstacle at $0.07. If they can pull it off, the DOGE/USDT pair could start its northward march to $0.08.
The important support to watch on the downside is the 20-day EMA ($0.06). If this support cracks, the pair could dive to the solid support at $0.06.
Toncoin (TON) broke below the moving averages on Oct. 27 but the bears could not build upon the advantage. This suggests that selling dries up at lower levels.
The 20-day EMA ($2.07) has flattened out and the RSI is near the midpoint, indicating a balance between buyers and sellers. If the price rises above the moving averages, the bulls will try to kick the TON/USDT pair above $2.31. If they do that, the pair may start its journey to $2.59.
Conversely, if the price turns down from the moving averages, it will suggest that bears are trying to gain the upper hand. A break below $2 could clear the path for a decline to $1.89.
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 has "plenty of fuel" to get it to $40,000, analysis argues, as BTC price stares down the weekly and monthly candle close.
Bitcoin (BTC) surfed $34,000 at the Oct. 27 Wall Street open as attention turned to BTC price performance against macro assets.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding steady, preserving its early-week gains.
The largest cryptocurrency avoided significant volatility as the weekly and monthly closes — a key moment for the October uptrend — drew ever nearer.
“I think Bitcoin will hang around this range for some time,” popular trader Daan Crypto Trades told X subscribers in one of several posts on the day.
“Roughly $33-35K is what I'm looking at as a range. Eyes on potential sweeps of any of these levels for a quick trade.”
Daan nonetheless noted that open interest (OI) had recovered near levels last seen before the sudden uptick, which sent Bitcoin to 17-month highs. As Cointelegraph reported, open interest highs had formed a feature of BTC price “squeezes” during prior weeks.
#Bitcoin Open Interest on Bybit has almost recovered to the level before the massive short squeeze this week.
— Daan Crypto Trades (@DaanCrypto) October 27, 2023
During that squeeze, we saw a 21% decrease in Open Interest on Bybit which was worth ~$450M pic.twitter.com/YbCM6XWZHW
Elsewhere, on-chain monitoring resource Material Indicators flagged a downside signal on one of its proprietary trading instruments.
With two such daily signals in place, Material Indicators said that only a move to $38,850 would “invalidate” the bearish implication.
“That doesn’t mean we can’t go there before the Monthly candle close,” part of X commentary reasoned.
Trend Precognition continues to show the way.
— Material Indicators (@MI_Algos) October 27, 2023
For me, a move above $34,850 invalidates on the D chart. That doesn’t mean we can’t go there before the Monthly candle close.
If you want to get these #TradingSignals when they are actionable, subscribe.
Get the tools. Gain the… pic.twitter.com/bpOomEv5Tq
More optimistic perspectives came from macroeconomic comparisons.
Related: Bitcoin restarting 2023 uptrend after 26% Uptober BTC price gains — Research
Popular social media trader Kaleo noted that Bitcoin had outperformed the S&P 500 considerably since September, with the odds of continued BTC price upside still good as a result.
“Over the course of the past month, we've finally seen ‘the bullish decoupling’ for BTC from equities that everyone was waiting for,” he wrote in part of the day’s commentary.
“While BTC is up only 36% vs USD from the September lows, BTC is up 48% vs. SPX.”
An accompanying chart showed BTC/USD versus the S&P500, with key recent events in Bitcoin’s history marked. Kaleo argued that there was “plenty of fuel left in the tank for a move higher to $40K.”
Others focused on the significance of recent resistance levels being within days of flipping to weekly and monthly support.
“Not sure how anyone could look at this Bitcoin chart objectively and conclude that breaking through $32k is no big deal,” crypto and macro analyst Matthew Hyland argued.
Hyland suggested that bears had few options left open.
“The last line of hope for them is the weekly & monthly closing below,” he concluded.
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 is showing renewed strength and targeting yearly highs. Will altcoins follow suit?
October is proving to be a solid month for Bitcoin (BTC) as the price is nearing the 2023 high at $31,805. Generally, major resistances are not cleared in the first instance as the bears come out in full force to guard the level. Therefore, a minor dip is to be expected, but that should not be considered as the start of a negative sentiment.
Buyers regroup at lower levels and try to form a higher floor. That triggers further buying and starts a rally. This is a possibility in Bitcoin but risks remain. While the cooling of the United States dollar index (DXY) is a positive sign, the weakness in the S&P 500 Index (SPX) is a negative sign.
Another risk to the rising cryptocurrency markets could come from the surging 10-year Treasury yield which once again rose above 5%. The rise in the yields show that the market participants are losing hope that the Federal Reserve will cut rates in the near future.
Could the frustration from the U.S. equities markets drive investors to the cryptocurrency markets? Will Bitcoin decouple from the S&P 500 Index and extend its up-move? Let’s analyze the charts to find out.
The bears successfully held the retest of the neckline of the head and shoulders pattern in the S&P 500 Index. The failure to shove the price above the 50-day simple moving average (4,382) attracted aggressive selling by the bears.
The index dropped below the crucial support at 4,216 on Oct. 23 but the bulls are trying to halt the decline. Any recovery attempt is likely to face strong selling at the 20-day exponential moving average (4,317) and then at the 50-day SMA. The bulls will have to thrust the price above 4,400 to signal that the correction may be over.
If the price turns down and maintains below 4,216, the selling may accelerate further and the index could nosedive toward the pattern target of 4,088.
The U.S. dollar index is witnessing a tough battle between the bulls and the bears. The bulls tried to push the price toward the local high of 107.35 but the bears held their ground.
Sellers are attempting to sustain the price below the breakout level of 106. If they manage to do that, the index may witness profit booking and tumble to the 50-day SMA ($105) and then to 104.50. This zone is likely to witness solid buying by the bulls.
If the price rebounds off this zone, the bulls will again try to propel the index above 107.35. If they can pull it off, the index may surge to 108 and eventually to 111.
On the contrary, if the price slides below 104.50, it will indicate that the bears are back in the game. The index may then slump to 103.
After struggling to sustain above $30,000 for the past three days, the bulls made a decisive move on Oct. 23 and pushed the price to $31,000.
The sharp rally of the past few days has pushed the relative strength index (RSI) into the overbought territory, indicating that a consolidation or correction is possible in the short term. On the way down, if bulls do not allow the price to slip below $30,000, it will suggest that every minor dip is being purchased. The bulls will then make one more attempt to clear the hurdle at $31,000.
If they succeed, the BTC/USDT pair could rally to $32,400. The bears are expected to defend this level with all their might because if the $32,400 resistance is cleared, the pair may soar to $40,000.
Contrarily, if the price turns down sharply and breaks below $30,000, it will suggest that traders are booking profits. That may sink the price to the 20-day EMA ($28,428).
Ether (ETH) broke above the moving averages on Oct. 21, indicating that the bulls continue to buy the dips to the strong support at $1,531.
The 20-day EMA ($1,608) has started to turn up and the RSI is in the positive zone, indicating that the bears may be losing their grip. The ETH/USDT pair could rise to $1,746 where the bears will try to stall the up-move.
If bulls do not give up much ground from this level, the likelihood of a rally above $1,746 increases. The pair could then move up to $1,880. Instead, if the price turns down sharply from $1,746, it will indicate that the range-bound action may continue for a few more days.
BNB (BNB) broke and closed above the downtrend line on Oct. 22, invalidating the bearish descending triangle pattern. The failure of a bearish setup is a bullish sign.
The BNB/USDT pair has reached the horizontal resistance at $223. If this obstacle is overcome, the pair could rally to $243 and thereafter to $250. The bears are expected to guard this zone with vigor.
If bears want to make a comeback, they will have to quickly drag the price below the moving averages. That may open the doors for a retest of the vital support at $203. A slide below this level could start the next leg of the downtrend to $183.
XRP (XRP) rose above the moving averages on Oct. 19 and the bulls have maintained the price above this level since then.
The bulls will try to push the price to the overhead resistance at $0.56. In a range, traders generally sell the rally to the resistance. If the price turns down sharply from $0.56, it will suggest that the XRP/USDT pair may extend its stay inside the range for some more time.
Both moving averages are sloping up gradually and the RSI has risen into the positive territory, indicating that the bulls have the upper hand. If buyers kick the price above $0.56, the pair may start a rally to $0.66 and subsequently to $0.71.
The bears tried to start a pullback in Solana (SOL) on Oct. 22 but the bulls did not give up much ground. This suggests that the bulls are in no hurry to close their positions as they expect the up-move to continue.
The buying resumed on Oct. 23 and the bulls started the upward journey toward the pattern target of $32.81 but the bears again sold at higher levels.
The sharp rally of the past few days has pushed the RSI into overbought territory, indicating that a minor correction or consolidation is possible in the near term. If the SOL/USDT pair continues lower from the current level, the bulls will try to arrest the decline at $27.12 and then at the 20-day EMA ($24.56).
Related: Bitcoin price must break $31K to avoid 2023 'bearish fractal'
Cardano (ADA) turned up sharply from $0.24 on Oct. 19 and rose above the moving averages on Oct. 21.
The buying picked up further and the bulls are trying to drive the price above the overhead zone between $0.27 and $0.28. If that happens, the ADA/USDT pair will complete a triple bottom pattern, signaling the start of a sustained recovery. The pair may rise to $0.32 and thereafter to $0.38.
If bears want to prevent this up-move, they will have to tug the price back below the moving averages. The advantage will shift in favor of the bears on a break and close below $0.24.
Dogecoin (DOGE) broke and closed above the 50-day SMA ($0.06) on Oct. 22, indicating the start of a relief rally.
The 20-day EMA ($0.06) has started to turn up and the RSI has risen into the positive zone, indicating that the bulls are trying to seize control. If the price sustains above the 50-day SMA, the DOGE/USDT pair could rise to $0.07. This level may again act as a hurdle but if crossed, the pair may jump to $0.08.
The important support to watch on the downside is $0.06. If this level gets taken out, it will suggest that the bears are back in the driver’s seat. The pair may then slide to the critical support at $0.055.
Toncoin (TON) broke above the immediate resistance at $2.18 on Oct. 22, indicating that the corrective phase is ending.
Both moving averages are sloping up and the RSI is in the positive territory indicating that the bulls have a slight edge. The TON/USDT pair could rise to $2.31 and then to $2.59. This level is likely to witness strong selling by the bears.
On any dips, the bulls are likely to defend the moving averages. A break and close below this support will indicate that the bulls may be losing their grip. That could pull the price down to $1.89.
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.
