As a seasoned cryptocurrency enthusiast who has navigated through the crypto market’s highs and lows, I must say that the current state of the market is quite intriguing. The recent price movements across various coins have been a rollercoaster ride, to say the least.
Bitcoin (BTC) is experiencing a strong surge and there’s no indication that it will be stopping soon. This recent leap surpassing $84,500 has propelled Bitcoin’s overall market value to exceed $1.67 trillion for the first time in its history.
Analysts continue to be hopeful that Bitcoin will further boost its 17% gains within this month, considering November’s typical return is 44%, based on CoinGlass statistics. Seasoned trader Peter Brandt expressed in a tweet that “when Bitcoin surges, it really surges.” He anticipates Bitcoin to reach $125,000 by the end of the year.
Due to Bitcoin’s sudden surge, some financial experts have become pessimistic. As per CryptoQuant CEO Ki Young Ju’s recent tweet, Bitcoin might relinquish a substantial portion of its gains by the end of this year, reaching approximately $58,974. If Bitcoin experiences a strong year-end rally, Ki anticipates a potential bear market in 2025.
Let’s explore which significant resistance levels might prompt selling (profit booking) in Bitcoin and certain alternative coins, as we delve into chart analysis to discover them.
S&P 500 Index price analysis
On November 6, the S&P 500 Index (SPX) reached a record peak, and it’s been moving higher ever since.
Keep an eye on the significant resistance at 5,879. If the price remains higher than this point, the chance of a price rise towards 6,221 grows stronger. However, should this level prove resistant again, if the bulls manage to push through it, the upward trend might continue up to 6,500.
If bears aim to halt the rise, they need to act quickly and push the price below 5,879. This move could potentially cause the index to drop towards the next substantial support at 5,670. However, buyers are anticipated to strongly protect this level of 5,670 as a significant support point.
US Dollar Index price analysis
On November 6, the U.S. Dollar Index (DXY) experienced a robust recovery and surged past the resistance level of 104.80, reaching new heights.
On November 7, sellers attempted to mislead buyers by lowering the price below 104.80, yet this tactic attracted more buyers. By November 11, the bulls managed to overcome a minor obstacle at 105.50, paving the way for an upward trend towards 106 and eventually 106.50.
In simpler terms, if we reach 104.80 or fall below our moving average of 104.05, these levels may provide strong support for further declines. If we close below the moving average, it might give the advantage to the bearish (negative) traders.
Bitcoin price analysis
Bitcoin has not looked back since breaking out of the overhead resistance at $73,777 on Nov. 6.
The price surge beyond $84,000 has driven Bitcoin’s Relative Strength Index (RSI) into an area indicating potential overbuying, hinting that the Bitcoin-to-USD Tether pair might experience a brief correction or stabilization shortly. The key support levels on the downside lie at $80,000 and further down at $77,000. A modest dip will enhance the chances of an uptrend to the projected target of $93,554.
If the bears can push the price down and keep it beneath the key resistance point at $73,777 (the breakout level), they’ll temporarily gain an edge in this market.
Ether price analysis
On November 7th, Ether (ETH) showed signs of a possible shift in its price trend when it surpassed the $2,850 resistance level.
On November 10th, I observed that the bears attempted to halt the upward trend near the $3,250 mark. However, the bulls remained resilient and refused to yield ground to the bears. If the buyers continue to push and manage to keep the price above $3,250, the Ethereum/USDT pair might challenge the downtrend line. The sellers are likely to put up a fierce resistance at this line, but if the bulls prevail, the pair could potentially surge towards $4,094.
If the price falls and drops beneath the 20-day Exponential Moving Average (EMA), which currently stands at $2,756, this optimistic outlook could be proven incorrect in the short term.
Solana price analysis
Solana (SOL) broke above the $210 resistance on Nov. 10, signaling the start of a new up move.
Should purchasers keep the value over $210, the Solana-to-USD Tether pair might initiate a move towards $260. However, sellers are expected to aggressively protect the $260 mark.
However, if the price should fall from its current position and dip below $210, this could indicate that the market is not accepting the breakout. The pair might then decrease towards $189, followed by a drop to the 20-day Exponential Moving Average (EMA), which stands at $182. If the price bounces off the 20-day EMA, the buyers will attempt to drive the pair back above $210 and resume the upward trend.
BNB price analysis
In simpler terms, those who believe in the growth of BNB (BNB) attempted to drive its value beyond the barrier at $635, but those who think it will decrease managed to maintain control.
As a seasoned trader with years of experience under my belt, I have learned to keep a keen eye on moving averages as they often serve as reliable indicators of market trends. In this particular case, if the price dips and approaches these moving averages, I would carefully monitor the situation as they act as near-term support levels that may help stabilize the market. If the price bounces back off these averages with significant force, it indicates a positive sentiment among traders who are buying on dips, which is always a good sign for potential growth.
In another scenario, if the price falls beneath its moving averages, it could signal a further decline towards the uptrend line. This would suggest that the range-restricted trading between approximately $635 and $460 might persist for a while longer.
Dogecoin price analysis
For several days now, Dogecoin (DOGE) has been experiencing a robust upward trend. This surge gained traction following the successful breach of the $0.23 resistance level on November 10th by buyers.
On the November 11th candle, the extended wick suggests that the bears are attempting to slow down the upward momentum around $0.30. If buyers hold their ground against the bears, there’s a possibility that the Dogecoin/Tether pair could continue its ascent, potentially reaching $0.34.
As an analyst, I’m observing that if buyers aren’t able to push the pair beyond $0.30, a correction might occur. This could potentially cause the pair to dip down to $0.26 initially, and then possibly further to the crucial breakout level of $0.23. It’s essential for buyers to hold the $0.23 line firmly to maintain the overall positive outlook in the market.
XRP price analysis
On November 10th, XRP (XRP) made an effort to increase to approximately $0.64, yet the elongated tail on the candlestick indicates that there was significant selling activity close to the resistance level.
If the price holds steady at its 20-day Exponential Moving Average (EMA) of $0.54, optimistic investors (bulls) will likely attempt to push the XRP/USDT pair towards $0.64. However, bears may present a significant obstacle at $0.64. If bulls manage to surpass this hurdle, the pair might escalate further to $0.74.
Contrarily, should the price fall and dip beneath the 20-day Exponential Moving Average (EMA), it would suggest that the bulls’ control is waning. In this case, the pair might linger within the $0.41 to $0.64 range for a while longer.
Cardano price analysis
As a crypto investor, I experienced a significant surge in the value of my Cardano (ADA) holdings when it successfully breached the $0.45 resistance level on November 9th. This breakout signaled the beginning of an exciting new upward trend for me and fellow ADA investors.
The current rally in the ADA/USDT market is encountering resistance around the price point of $0.66, as indicated by the extended upper shadow on the Nov. 10 candlestick. However, there’s potential support at two key levels: firstly, the 38.2% Fibonacci retracement level near $0.53, and secondly, the 50% retracement level approximately at $0.49. A slight dip in price could increase the likelihood of further growth up to $0.78.
Conversely, if the price falls below $0.49, it could indicate that short-term traders are hastily exiting their positions. This might lead the pair to drop down to $0.45.
Toncoin price analysis
On November 9, Toncoin (TON) surpassed its 20-day Exponential Moving Average ($5.03), and then continued to climb above its 50-day Simple Moving Average ($5.21) on November 10.
Should the cost persistently stay above the 50-day Simple Moving Average (SMA), the bulls might attempt to drive the TON/USDT pair towards approximately $6. The bears, however, are likely to put up a strong fight at this level because a successful break and close beyond it could trigger an upward trend towards $7.
Instead, if the price drops from $6 and falls beneath its moving averages, it could indicate a potential consolidation around the lower end of the range for this pair. In order for sellers to take control, they must drive the price below the $4.72 to $4.44 support zone.
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2024-11-11 21:02