As a seasoned trader with years of experience under my belt, I find myself constantly scanning the market for promising opportunities. In the case of Bitcoin, the recent form off the uptrend line and subsequent rise above the downtrend line certainly piqued my interest. The potential rally to $0.18 looks promising, but a break below the uptrend line could send the pair descending to $0.13 and then to $0.12 – always a reminder of the market’s unpredictable nature.
Earlier in the week, Bitcoin (BTC) being turned down just shy of its record high might have triggered short-term traders to cash out their profits. Despite a dip to around $68,000, analysts maintain a bullish view on the market. They foresee Bitcoin stabilizing between $65,000 and $68,000.
As an analyst, I anticipate the upcoming U.S. elections to serve as the next significant catalyst for the cryptocurrency markets. In my latest market analysis, FalconX’s head of research, David Lawant, has indicated that volatility may surge if the election results are uncertain and it takes prolonged time to determine a clear winner.
In a chat with CryptoMoon, WonderFi’s President and CEO Dean Skurka expressed his view that Bitcoin’s value is projected to climb over the long haul, regardless of the election outcomes. Skurka posits that potential interest rate decreases in both the U.S. and Canada could drive Bitcoin prices up significantly within the next 6 to 24 months.
Short-term optimism among investors might increase if Bitcoin surpasses $70,000, potentially triggering more purchases of certain alternative coins. Let’s examine the leading five digital currencies with promising chart performances.
Bitcoin price analysis
The decline in Bitcoin’s price has now touched the significant 20-day exponentially weighted moving average, which stands at approximately $68,194. In the coming days, it’s worth keeping an eye on this level as potential support.
If Bitcoin’s price bounces off its 20-day Exponential Moving Average (EMA) and exceeds $70,000, this could suggest that buyers are trying to regain control. The BTC/USDT pair might then surge to around $72,000 initially, with potential further gains to reach $73,777. However, sellers are anticipated to aggressively guard the region between $72,000 and $73,777. If the bulls continue to dominate, the pair could initiate a new upward trend aiming for the target of $93,554.
To contradict the optimistic outlook, the bears must exert effort to pull down the price beneath the 20-day Exponential Moving Average (EMA), which would allow for a potential drop towards the 50-day Simple Moving Average ($65,002).
The duo dropped beneath the upward trajectory, suggesting that the selling group has the advantage. Attempts by buyers to lift the value beyond the uptrend line may face stiff opposition from the selling party.
Should the price start to decrease below its upward trendline, this could indicate that the bears have successfully transformed the previous support level into a resistance point. This change might increase the likelihood of the price falling to around $65,000.
If the price surpasses $70,000 shortly, the current pessimistic perspective would no longer hold true, and it might potentially reach $72,000 instead.
Ether price analysis
Ether (ETH) has fallen to the lower boundary of a symmetrical triangle formation, which may draw in potential purchasers.
If ETH/USDT’s price climbs over its 20-day moving average ($2,540) after hitting the support line and ascends, this could indicate that the pair might reach the triangle’s resistance level. This level is significant because if it gets breached, a potential upward trend toward $3,400 may begin. Although $2,850 could potentially function as a barrier, it’s likely to be surpassed in the process.
If the price falls and finishes its day below the support level, it’s likely that the bears (those who expect prices to decrease) will win this round. This might initiate a downward trend that could take the price to approximately $2,150 initially, and potentially even lower to around $2,111 in future.
In simpler terms, the bulls are trying to safeguard the lower boundary (support line). A powerful move would be breaking and closing above the 50-Simple Moving Average (SMA). If this occurs, the price might surge towards $2,600, followed by a potential rise to the resistance level.
Conversely, should the price trend reverse and fall beneath the moving averages, it would suggest that the bears have taken charge. This could potentially lead to a drop below the current support level, causing the pair to possibly descend to $2,310.
Dogecoin token price analysis
Dogecoin (DOGE) turned down from $0.18 on Oct. 30 and reached the 20-day EMA ($0.14) on Nov. 3.
Traders often purchase a drop in price when it reaches the 20-day Exponential Moving Average (EMA). If the price bounces back from this 20-day EMA, the buyers will try once more to push the Dogecoin/Tether pair over the $0.18 resistance level. Successful attempts could cause the pair to rise towards $0.21.
If the price falls and remains beneath the 20-day Exponential Moving Average (EMA), this would imply that the bullish sentiment has weakened. In such a case, the pair might descend to the 50-day Simple Moving Average (SMA) at $0.12, which could potentially draw in buyers.
As a researcher, I’m observing the market behavior of this particular pair. Currently, they seem to be seeking stability at the upward trendline. If the price bounces back from the upward trendline and surpasses the downward trendline, it could suggest that the downtrend might have ended. The pair might then try to surge towards $0.18. A breakthrough and close above $0.18 could potentially initiate the next phase of the uptrend.
Instead of what you might expect, if the price falls beneath the upward trendline, the pair could potentially drop down to $0.13, and then possibly even to $0.12.
Litecoin price analysis
Litecoin (LTC) is trending upward within an ascending channel formation, indicating a slightly favorable position for the purchasers.
In simpler terms, traders often purchase when prices drop towards a strong base (support line) within an upward trending channel and then sell close to the upper boundary (resistance line). If the price recovers from this support and surpasses the 20-day Exponential Moving Average ($69.65), it could potentially trigger a surge towards the resistance line, which is approximately $77. This level might encourage bears (sellers) to sell due to its strength.
If the cost falls and concludes beneath the support level, this could indicate a shift in the short-term trend direction. The LTC/USDT pair might then drop towards $62, and potentially further down to $59.
On a 4-hour scale, the graph illustrates that the pair is trending within a descending channel. The price has touched the support line, suggesting potential entry by buyers. Any effort to recover might encounter resistance at the 20-Exponential Moving Average (EMA). If the price reverses from the 20-EMA, it signals selling during uptrends. A break and close beneath the support line could lead to a drop in the pair’s value to around $62.
To indicate a decrease in selling pressure, it’s essential for buyers to operate and keep the price higher than the 50-Simple Moving Average (SMA). If they successfully manage this, it could imply that the market is heading towards the resistance line, potentially leading to an increase in the pair’s value.
Monero token price analysis
For some time now, Monero (XMR) has been moving within a substantial price band of around $135 to $180, suggesting that investors are purchasing during declines and selling during uptrends.
On October 31st, the price dropped below its moving averages, yet the bulls have managed to hold onto significant territory from the bears. This indicates that demand for selling slows down at lower prices. Investors are attempting to push the price back above the moving averages. If they accomplish this, the XMR/USDT pair might rise to $166. Breaking through this level could reignite the march towards $180.
If the price falls and goes below $150 in the short term, this positive outlook will prove incorrect. This drop might take the price down to around $144 first, and then potentially even lower to approximately $135.
The duo finds itself confined within a narrow band, between approximately $153 and $165. If purchasers manage to drive the price over the 50-SMA (Simple Moving Average), it might once more try to surpass $165. Crossing above this resistance could potentially propel the pair towards $170, with further progress possibly taking it up to $180.
If the cost stays under the 20-Exponential Moving Average, the currency pair might fall to $153. A breach and closing below this support level would suggest an edge for the bears, potentially initiating a decline towards $148.
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2024-11-04 01:44