As a seasoned cryptocurrency investor with years of experience under my belt, I find myself intrigued by the market analysis presented here. The Bitcoin (BTC) price action seems to be following a familiar pattern, with repeated attempts at breaking through key resistance levels only to be met with selling pressure.
Bitcoin (BTC) dipped below $96,000 on November 24, indicating that some short-term investors are cashing out around the $100,000 mark. Drops are common during a bull market, causing inexperienced traders to worry, but seasoned ones see these declines as a chance to buy more.
According to prediction markets and data from Kalshi betting platform, there’s an estimated 81% chance that the value of Bitcoin will exceed $100,000 by December 31, 2024. The average forecast even predicts a potential rise to around $122,000 by the start of the new year.
Another bullish voice is that of Georgii Verbitskii, the founder of the TYMIO decentralized finance platform, who told CryptoMoon that Bitcoin could rally between $100,000 and $120.000 by the end of 2024 or early 2025. As more traders join the party, Verbitskii expects Bitcoin to extend its up move to $180,000 by the end of 2025.
What we’re interested in finding are key resistance points where Bitcoin and other major cryptocurrencies are expected to draw buying interest, based on their current chart patterns. So, let’s examine the top five digital currencies with promising trends.
Bitcoin price analysis
Bitcoin has encountered resistance at the significant psychological threshold of $100,000, yet optimistic signals persist as the bulls remain steadfast and haven’t given up much territory to the bears.
As the moving averages climb higher and the Relative Strength Index (RSI) stays in the overbought zone, it seems the market is trending upward. If Bitcoin’s price breaks through $100,000, there’s a strong chance it will gather speed and potentially reach $113,331, followed by $125,000.
Initially, if the market falls, there’s a potential support at the upward trendline and then at approximately $88,386 (as indicated by the 20-day exponential moving average). If the price bounces back from this moving average, the buyers might attempt to continue the uptrend again. However, a short-term peak could be signaled when the pair drops below $85,000.
On the 4-hour chart, the duo dropped beneath the 20-Exponential Moving Average, suggesting that the bears are trying to regain control. The nearest potential floor is the upward trendline. If the price recovers from this trendline, the bulls will aim to drive the pair above the $100,000 mark again. Should they succeed, the pair could potentially soar as high as $113,331.
Instead, if there’s a downward break from the uptrend line, it could indicate insufficient demand at lower prices. In this case, the pair might fall to $85,000.
BNB price analysis
On November 23 and 24, BNB (BNB) surged past the $667 barrier it previously faced as resistance. However, the elongated shadow on the candle indicates that there was more selling activity occurring at elevated price points.
Keep an eye on the 20-day Exponential Moving Average (currently at $619) as potential support in case of a downturn. If the price rebounds from this average line, the buyers might attempt to push the BNB/USDT pair back towards $722. This level could present a challenge once more, but if it’s surpassed, the upward trend may reach $810.
If bears aim to reverse the trend, they must act quickly by driving the price beneath the moving averages. Such action would signal a market rejection of the breakout. In this scenario, the pair could potentially drop down to the uptrend line.
In simpler terms, the bulls bought at the price drop to around $635 (a level considered significant for a breakout) and managed to drive the price above the 20-day moving average. The aim of these buyers is to push the price up towards $688, but this level is expected to act as strong resistance. If the bulls can overcome this hurdle, the pair could potentially surge to $722.
If the price falls and dips below $635 instead, this could indicate that the bears are taking advantage of each recovery rally. The pair might then slide down to the 50-Simple Moving Average and eventually reach $600.
Avalanche price analysis
On November 22nd, Avalanche (AVAX) surpassed its resistance line in an upward trending channel, however, buyers now encounter selling pressure at elevated price points.
The AVAX and USDT pair might re-examine the level where it initially broke out from the channel. If the price bounces back forcefully from the resistance line, this could signal that the bulls have managed to change the level into a support level. Subsequently, there may be an attempt for the pair to move upwards towards $50.
If the price falls beneath the resistance level, it could imply that the bulls’ control is weakening. Consequently, the pair might descend towards the 20-day Exponential Moving Average (EMA) at $34.34, potentially luring in new buyers once more.
The duo observes a challenging struggle unfolding between the bulls and the bears close to the 20-Exponential Moving Average (EMA). If the price surpasses the 20-EMA, the bulls will make another attempt to drive the pair towards the $50 psychological marker.
As a crypto investor, I’m bracing myself for potential bearish strategies. These traders might look to cash out during rallies, aiming to push the price below the 50-Simple Moving Average (SMA). If they manage this, the pair could slide down to around $32 and potentially even dip to $31.
NEAR Protocol price analysis
On November 24, NEAR Protocol surpassed the resistance level of $6.50, yet the upward momentum failed to be maintained by buyers.
The cost might drop as low as the 20-day Exponential Moving Average (around $5.48), a significant level that investors should keep an eye on. If the price bounces back strongly from this average, the buyers will attempt to push the NEAR/USDT pair up towards $8.58 and then potentially higher to $9.01.
If we see a pause and fall below the 20-day Exponential Moving Average, it might indicate that the rise above $6.50 was potentially misleading (a “bull trap”). The pair may then drop towards the 50-day Simple Moving Average at approximately $4.86, prolonging its stay within the broader range of $3.42 to $6.50 for an extended period.
On the 4-hour chart, the price bounced back from the moving averages, suggesting that buyers are still active and buying dips. If the price surpasses $6.50, it may signal the start of another upward trend as the bulls attempt to overcome the resistance at $6.80.
If the price drops below either $6.50 or $6.80, this could indicate selling during upticks, potentially leading to a fall below the moving averages. This decline might take the pair down to the uptrend line, followed by a drop towards $5.
OKB price analysis
OKB (OKB) has been attempting a trend change by forming a series of higher highs and higher lows.
On November 23, the OKB/USDT pair gained momentum following its break above the $48 level. This move could potentially lead to further growth, aiming at $62, and possibly even reaching $68 in the future.
In simpler terms, when the price decreases, the $48 mark might act as a safety net or a point where buyers step in to counteract the fall. If the price bounces back from the $48 mark, it indicates that investors continue to have a positive outlook and are taking advantage of temporary drops to buy shares.
If the $48 support weakens, there’s a possibility the pair might drop down to the 20-day Exponential Moving Average (EMA) at approximately $44.79. The more significant the decline, the longer it may take for an upward trend to restart.
Bears are attempting to stop the upward trend at $56.74, but bulls are determined not to give up. The pair may find stability around $51 and then at its 20-day moving average (MA). If the price starts to rise from its current position or the 20-day MA, it suggests that investors are buying when prices drop. This could boost the possibility of a rally exceeding $56.74.
If the price falls beneath the 20-Exponential Moving Average (EMA) soon, this positive outlook could be reversed. In that case, the pair might decline and approach the 50-Simple Moving Average (SMA).
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2024-11-25 00:39