Bitcoin (BTC) ended the month of November with a decrease of around 7%. This stands in stark contrast to the $ 98,000 “worst case” prediction by PlanB, the creator of the popular stock flow model. Although the analyst described it as a "big mistake," he said he would. give the Floor model one more month.
In their latest "Week On-Chain" report, Glassnode analysts said that Bitcoin's correction in November was the "Less severe in 2021". Analysts now expect Bitcoin to witness a Santa rally, similar to the 47% bullish move in December 2020 or the sharper 80% surge that occurred in December 2017.
In other positive news for Bitcoin bulls, Bloomberg Senior Exchange Traded Fund (ETF) analyst Eric Balchunas said that "Fidelity Advantage Bitcoin ETF"It was awaiting regulatory approval to list on a Canadian stock exchange. If that happens, Fidelity would become the largest management company to offer a spot-based Bitcoin ETF."
Can the bulls maintain current momentum after starting December on a solid footing? Let's study the charts of the top 10 cryptocurrencies to find out.
Bitcoin has been holding on to the 20-day exponential moving average ($ 58,463) for the past two days. This suggests that the bears are defending the 20-day EMA, but the bulls have not given up much ground. Buyers are trying again to push the price above the 20-day EMA today. If they are successful, it will indicate that the selling pressure may be easing. The BTC / USDT pair could rise to the 50-day simple moving average ($ 60,828). This is a critical level that bears must defend because a breakout above it will clear the way for a rally towards the upper resistance zone at $ 67,000 to $ 69,000. Conversely, if the price turns down from the current level or the 50-day SMA, it will suggest that traders are selling in rallies. The pair could fall back to the 100-day SMA ($ 54,343). A breakout and close below $ 53,256.64 could initiate a deeper correction. Ether (ETH) broke and closed above the resistance at $ 4,551 on November 30. Sustained buying today has pushed the price close to the all-time high at $ 4,868. The 20-day EMA ($ 4,380) has started to appear and the Relative Strength Index (RSI) has risen to the positive zone, suggesting that the bulls are back in control. If the bulls push the price above $ 4,868, it will invalidate the prospective head and shoulders (H&S) pattern. The ETH / USDT pair could start its march north towards the target at $ 5,796. Conversely, if the price turns down from the overhead resistance, the bears will attempt to sink the pair below the 50-day SMA ($ 4,289). If they do, the pair could decline to $ 4,000. Binance Coin (BNB) once again bounced off the 20-day EMA ($ 602) on November 30, indicating that sentiment remains positive and traders are piling on dips. The BNB / USDT pair could now climb to the overhead resistance at $ 669.30. A breakout and close above this resistance could complete the reverse H&S pattern, which is targeting $ 828.60. The all-time high at $ 691.80 may offer resistance, but if the bulls clear this hurdle, the pair could begin its journey towards the target of the pattern. If the price turns down from $ 669.30, the bears will again try to pull and hold the pair below the 20-day EMA. If they are successful, the pair can slide to the 50-day Simple Moving Average (SMA) ($ 559). SolariumSUN) rallied above the 20-day EMA ($ 213) on November 30, but the long wick on the candle showed selling at higher levels. The bulls resumed their buying today and have pushed the price to the resistance line of the symmetrical triangle. A breakout and close above the triangle will indicate that the uncertainty between the bulls and the bears has been resolved to the upside. The SOL / USDT pair could first rise to $ 240 and then retest the all-time high at $ 259.90. The target pattern for this setup is $ 310.96. If the bulls fail to hold the price above the resistance line, this will indicate that the bears continue to sell on the rallies. The bears will have to sink and hold the price below the triangle to indicate the formation of a short-term top. CardanoTHERE ARE) turned down on Nov. 30, but the bulls bought this slide and are attempting to resume the relief rally today. If the buyers lift the price above $ 1.63, the rally could reach the 20-day EMA ($ 1.74), where the bears may once again attempt to pose a tough challenge. The falling 20-day EMA and the RSI in the negative zone suggest that the bears have the upper hand. If the price turns down from the 20-day EMA, the bears will again try to resume the downtrend. Bearish momentum could rebound on a break below $ 1.40. Alternatively, if the bulls carry the price above the 20-day EMA, this will indicate that the selling pressure may be easing. The ADA / USDT pair could rise to the breakout level at $ 1.87 and then to the 50-day SMA ($ 1.96). XRPThe rebound from the strong support at $ 0.85 faces resistance at the 20-day EMA ($ 1.04) as seen from the long wick on the November 30 candle. A minor positive is that the bulls are not giving up much ground. If the price holds on to the psychological level of $ 1, the bulls will make one more attempt to break the upper barrier. A breakout and close above the moving averages may indicate that the XRP / USDT pair could remain stagnant between $ 0.85 and $ 1.41. Conversely, if the price turns down from the current level, it will suggest that traders are selling in rallies near the upper resistance levels. The sell could accelerate on a breakout and close below $ 0.85. The pair could then slide to $ 0.70 Moles (POINT) bounced off $ 32.21 on November 28 and reached the neckline of the H&S pattern. The falling 20-day EMA ($ 40) and RSI below 43 suggest that bears have the upper hand. If the price turns down from the current level or the 20-day EMA, the bears will attempt to sink the DOT / USDT pair below $ 32.21. If they manage to do that, the selling could intensify and the pair could drop to $ 26. This bearish view will be reversed if the price breaks down and closes above the 20-day EMA. Such a move could open the doors for a relief rally to the 50-day SMA ($ 43.63). If the bulls clear this hurdle, the bullish move can extend to $ 49.78. Related: Online Electronics Store Newegg Will Accept Shiba Inu Crypto Over The Holidays The long wick of Dogecoin (DOGE) the last two-day candle shows that the bears are defending the 20-day EMA ($ 0.22). This indicates that sentiment is still negative and traders are selling on rallies. The bears will now try to push the price to $ 0.19. A breakout and close below this support could result in a drop to the critical level at $ 0.15. The falling 20-day EMA and the RSI in negative territory suggest that the path of least resistance is to the downside. Contrary to this assumption, if the price rises from the current level or support at $ 0.19 and breaks above the 20-day EMA, it will indicate that traders are building on dips. The DOGE / USDT pair could rise to the 50-day SMA ($ 0.24). Bullish momentum can rebound above this level. Avalanche (AVAX) formed a Doji candlestick pattern on November 30, indicating uncertainty between the bulls and the bears. This indecision was resolved to the upside today when the bulls pushed the price higher. The AVAX / USDT pair is likely to face strong resistance at the Fibonacci retracement level of 61.8% at $ 129.26. If the price turns down from this resistance, the bears will make one more attempt to pull the price below the 20-day EMA ($ 110). If they manage to do that, the pair could fall to the psychological level of $ 100. A breakout and close below this support could indicate a short-term trend reversal. Conversely, if the bulls carry the price above $ 129.26, the pair could rally to $ 137.06 and then challenge the all-time high at $ 147. SHIBA INU (SHIB) rose again above the breakout level at $ 0.000040 on November 29. This may have caught the bears who were quick to cover their short positions. This pushed the price to $ 0.000054 on Nov 30, but the long wick on the candle indicates a lack of demand at higher levels. The 20-day EMA ($ 0.000045) has stabilized and the RSI is close to the midpoint, indicating a possible range-bound action in the near term. The SHIB / USDT pair could trade between $ 0.000035 and $ 0.000054 for a few days. If the price breaks down and sustains below the 20-day EMA, the pair could gradually drop to $ 0.000035. Alternatively, if the price bounces off the 20-day EMA, the bulls will attempt to push the pair above $ 0.000054. If they are successful, the pair could rally to $ 0.000065. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and commercial movement involves a risk. You should do your own research when making a decision. Market data is provided by HitBTC exchange.
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