Bitcoin (btc) rallied about 9% in November, and $38,000 proved to be a difficult hurdle to clear. Buyers have repeatedly tried to keep the price above $38,000, but the bears have held firm. Historically, December has been a mixed month. glass coin data shows that in the last five years, Bitcoin increased only in 2020, but the magnitude of the increase of 46.92% was impressive. The bulls will try to replicate at least some of that performance this year.
As the new year begins, several analysts are bullish on Bitcoin. In a Nov. 28 research note, Standard Chartered said the possibility of an earlier-than-expected approval of Bitcoin exchange-traded funds could boost the price of Bitcoin to $100,000 before the end of 2024.
Galaxy Digital CEO Mike Novogratz was also bullish on Bitcoin while speaking to Bloomberg on November 29. He said the marketing team of asset managers whose ETFs are approved will try to convince people to invest in Bitcoin, which could boost adoption. Additionally, the Federal Reserve's rate cut may act as an additional trigger that could make Bitcoin price near all-time high next year around this time.
Could Bitcoin hold above $38,000 and clear the way for a rally to $40,000, or will the bears play spoilsport again?
Let's analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Repeated repetition of a resistance level tends to weaken it. After several failed attempts, the bulls pushed the price higher on December 1. This indicates the resumption of the uptrend.
The rally above $37,980 completes an ascending triangle pattern. The BTC/USDT pair could rise to $40,000, which again will likely act as a formidable resistance. If this level is scaled, the pair may reach the pattern target of $41,160. Rising moving averages and the Relative Strength Index (RSI) above 65 indicate that the bulls are in control.
This optimistic view will be invalidated in the short term if the price declines and falls below the uptrend line. That could invalidate the bullish setup, pushing the price down to the solid support at $34,800. A break below this level will indicate that the bears are back in the game.
Ether Price Analysis
Ether (ETH) bounced off the 20-day EMA ($2,019) on November 30, indicating that buyers are defending the level vigorously.
The bulls will try to push the price towards the overhead resistance of $2,200. This remains the key level to pay attention to in the short term. If buyers bulldoze their way in, the ETH/USDT pair will complete an ascending triangle pattern. This bullish setup has a target at $3,400.
The 20-day EMA is the important support on the downside. A break below this level will be the first sign that the bulls are losing control. Then, the pair may fall to the 50-day SMA ($1,874).
BNB Price Analysis
BNB (BNB) has been trading within the tight range between $223 and $239 for the past few days. This shows uncertainty between the bulls and the bears.
The descending 20-day EMA ($234) and the RSI in the negative area suggest that the bears are in control. Any recovery attempt is likely to face selling at the 20-day EMA. If the price turns down from this level, the possibility of a drop below $223 increases. That may start a drop to $203.
Instead, if buyers push the price above the 20-day EMA, the BNB/USDT pair may rise to $239. A break and close above this level could start a rally towards $265.
XRP Price Analysis
XRP (XRP) has been holding on to the 20-day EMA ($0.61) for the past few days. This suggests that every small dip is being bought. Improves prospects for a break above the 20-day EMA.
If that happens, it will suggest that the upside has shifted in favor of the bulls. The XRP/USDT pair may rise to $0.64 and then to $0.67. This level may act as a minor hurdle, but if broken, the pair may touch $0.74.
On the contrary, if the buyers fail to push the price above the 20-day EMA, it will suggest that the sellers have turned the level into resistance. Then, the pair may decline towards the solid support of $0.56.
Solana Price Analysis
The bears sold the rally to $62 on November 29 and 30, but were unable to sustain Solana (SUN) under $59. This suggests buying at lower levels.
The rising 20-day EMA ($55.66) and the RSI in positive territory indicate that the bulls have the upper hand. That improves prospects for a rally above $62.10. If that happens, the SOL/USDT pair may reach $68. The bulls will have to defend this level with all their might because a break above it will clear the way for a rally to $100.
The immediate support to watch on the downside is the 20-day EMA. If this level is broken, the pair may fall to $51. The bears will have to push the price below this level to initiate a deeper correction.
Cardano Price Analysis
Cardano (ADA) has been receiving support at the 20-day EMA ($0.37), but the bulls are struggling to initiate a strong rebound from it. This suggests a lack of demand at higher levels.
The price has been squeezed between the 20-day EMA and the overhead resistance at $0.40. The gradually rising 20-day EMA and RSI above 58 indicate that the bulls have an advantage. If buyers break the overhead resistance at $0.40, the bullish momentum may increase and the ADA/USDT pair may jump to $0.42 and subsequently to $0.46.
On the contrary, if the price falls below the 20-day EMA, it will suggest that short-term traders are booking profits. The pair may then fall to $0.34, where the bulls will try to stop the decline.
Dogecoin Price Analysis
Dogecoin (DOGE) has remained above $0.08 for the past four days, indicating that the bulls are not rushing to book profits.
The rising 20-day EMA ($0.08) and RSI above 62 indicate that the bulls are still in control. Buyers will try to push the price towards the psychological resistance of $0.10. There is a minor hurdle at $0.09, but it is likely to be cleared. Sellers are expected to mount a strong defense in the $0.10 to $0.11 zone.
The 20-day EMA is the crucial support to pay attention to on the downside. If this level gives way, the DOGE/USDT pair may fall to the 50-day SMA ($0.07).
Related: Bitcoin ETFs and user experience will drive adoption: eToro CEO
Toncoin Price Analysis
Toncoin (TON) has remained above the 20-day EMA ($2.38) for the past few days, but the upward movement lacks momentum.
The 20-day EMA continues to rise gradually and the RSI is near 55, indicating that the bulls have a slight advantage. Buyers will try to push the price above $2.59 and complete the ascending triangle pattern. This bullish setup has a target of $3.58.
Conversely, a fall below the uptrend line will invalidate the bullish triangle pattern. Failure of a bullish setup is a bearish signal, which could drag the TON/USDT pair towards the next major support at $1.89.
Chain price analysis
Chain links (LINK) price is compressing between the 20-day EMA ($14.19) and the overhead resistance of $15.40 for the past few days.
The rising 20-day EMA and the RSI in the positive zone indicate that the path of least resistance is to the upside. If buyers break the $15.40 barrier, the LINK/USDT pair could rise to $16.60 and then shoot towards $18.30.
The first sign of weakness will be a break and close below the 20-day EMA. That could start a decline towards the 61.8% Fibonacci retracement level of $12.83. This level is likely to attract aggressive buying by the bulls.
Avalanche Price Analysis
Buyers boosted Avalanche (AVAX) above the $22 resistance on December 1, indicating strong demand at higher levels.
If the price closes above $22, the probability of a rally to $24.69 will increase. Sellers are expected to mount a strong defense at this level because a break above it could open the doors to a possible rally to $28.50.
If the bears want to stop the uptrend, they will have to quickly pull the AVAX/USDT pair back below the 20-day EMA ($19.80). This may trigger stops from several traders in the short term, resulting in a drop to $18.90.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
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