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The post Rich Dad Poor Dad Author Says He Owns Bitcoin for Protection, Predicts Collapse of Stock and Bond Markets appeared first on The Daily Hodl.
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.
