As a seasoned cryptocurrency investor with years of experience under my belt, I must say that the current market landscape presents some intriguing opportunities for those who are willing to dive in. In this analysis, we have a mix of established coins like Bitcoin and Ethereum, as well as popular altcoins such as Dogecoin, Shiba Inu, Cardano, and others.
As a crypto investor, I’m finding myself optimistic as we begin this new week, with Bitcoin (BTC) making a push above the $92,000 resistance level. The recent surge over the past few days hasn’t dampened my long-term bullish sentiment one bit, encouraging me to buy even more Bitcoin. In fact, just last week on November 18th, MicroStrategy announced its acquisition of an additional 51,780 Bitcoins for approximately $4.6 billion, at an average price of $88,627. This latest purchase brings their total Bitcoin holdings to a staggering 331,200 coins. The bullish trend seems to be gaining momentum!
Paul Tudor Jones, another well-known investor, has increased his involvement with Bitcoin by investing a total of $130 million in BlackRock’s spot Bitcoin exchange-traded funds shares during the third quarter. This move raised the value of Bitcoin held by his fund to approximately $160 million.
Long-term backers anticipate that Bitcoin will rise significantly more. In an interview with CNBC, ARK Invest’s Cathie Wood stated that Bitcoin still has “a lot of room to grow.” She feels that a relaxation in regulations by the incoming U.S. administration could sustain this trend.
In our analysis, we’ll examine key thresholds where Bitcoin and other cryptocurrencies must break through for the upward trend to persist. So, let’s delve into the charts!
S&P 500 Index price analysis
Last week, the S&P 500 Index (SPX) saw a period of selling by investors, causing the price to drop towards the 20-day exponentially weighted moving average, which stands at approximately 5,877.
In a robust uptrend, bulls typically purchase price drops that reach the 20-day Exponential Moving Average (EMA). If the price bounces off the 20-day EMA with vigor, it enhances the possibility of the upward trend’s continuation. A breach and close above 6,017 might lead to a surge towards 6,221 and potentially 6,500 in the future.
If the 20-day Exponential Moving Average (EMA) weakens, the index might drop to the 50-day Simple Moving Average (around 5,780). If the index breaks and closes below the 50-day SMA, it could shift the short-term trend in favor of the bearish traders.
US Dollar Index price analysis
Last week, the U.S. Dollar Index (DXY) maintained its impressive surge, suggesting a strong appetite among buyers.
If the price rises and hits the area between 107 and 108, there might be strong selling pressure from traders. If the price falls below 106, it could indicate that bulls are taking profits. In this case, the index may drop to its 20-day moving average (around 105). For the uptrend to continue, buyers need to hold the 20-day moving average at that level.
If purchasers manage to break through the upper resistance level, this could mark the beginning of a fresh upward trend. The index might then escalate to around 114 and potentially reach the projected target of 116.50.
Bitcoin price analysis
Supporters of Bitcoin are attempting to restart the upward trend, but they’re encountering strong opposition from opponents within the $92,000 to $93,265 price range.
In simpler terms, if the upward trend line (a horizontal line that connects the peaks of a series of increases in price) is broken, there could be a significant drop in the BTC/USDT pair down to approximately $85,000. Traders are anticipated to defend this level aggressively because a fall below it might trigger a further decline to the 20-day EMA ($81,772). The more pronounced the dip, the longer the wait for the next phase of the uptrend to commence.
If the cost persists in rising and surpasses $93,265, this could indicate that the bullish trend is still strong. In such a case, the pair might advance towards $100,000, and potentially even reach $113,331 thereafter.
Ether price analysis
Ether (ETH) is finding some strength at the 38.2% Fibonacci level, priced around $3,028, indicating a potentially optimistic outlook.
With the 20-day Exponential Moving Average (EMA) at $2,953 trending upward and the Relative Strength Index (RSI) in the positive zone, it seems the advantage lies with the buyers. If the bulls manage to push the price above $3,220, there’s a possibility that the ETH/USDT pair could challenge the downtrend line again. This resistance level might prove strong, but if the bulls successfully breach it, the pair could potentially climb towards $3,900.
If the price falls and dips beneath the 20-day Exponential Moving Average (EMA), it could indicate that the bulls are starting to lose control. In this case, the pair might slide down to $2,850 initially, followed by a potential drop towards the 50-day Simple Moving Average ($2,664).
Solana price analysis
In a simpler phrase, the price of Solana (SOL) managed to maintain its position above the resistance level of $210, suggesting that buyers have now made this level a support point.
After surpassing $225 on November 17, the SOL/USDT exchange rate initiated an upward trend. There’s a potential for this trend to reach $260, which might be tough for the bulls. But if buyers manage to push forward, they could propel the pair to an impressive height of $304.
Time is rapidly approaching when the bears might lose their opportunity to halt the upward trend. If they act quickly, they could potentially push the price down again below $210, signaling that the market has not accepted the breakout. In such a scenario, the pair could plummet towards the 50-day Simple Moving Average, which is currently at $171.
BNB price analysis
On November 17th, buyers managed to push the price beyond the $635 barrier, yet sellers maintained their position. A slight advantage here is that the buyers prevented Binance Coin (BNB) from falling below its 20-day Exponential Moving Average ($609).
Attempts by buyers will be made to keep and even elevate the price above $635. If successful, the BNB/USDT pair could potentially reach $667. This figure might serve as an obstacle, but if it’s surpassed, the pair may climb further to $722.
When the price plummets and dips below the 20-day Exponential Moving Average (EMA), it might suggest that the bulls are losing their grip. This could potentially drive the pair down to the 50-day Simple Moving Average ($588) and then towards the uptrend line.
XRP price analysis
On November 17, XRP’s price dropped from $1.27, but it found a supportive base around the 38.2% Fibonacci retracement point, which was approximately $0.97.
In simpler terms, the bulls have bought the drop and are now attempting to drive the price past $1.27. If they manage, the value of XRP against USD could potentially rise to $1.40 and later reach $1.70.
Consequently, the latest surge has driven the Relative Strength Index (RSI) well beyond what’s typically considered overbought. This indicates that the market might be excessively heated in the immediate future, potentially leading to a brief correction or stabilization period. If the price starts decreasing from $1.27, the pair could drop to $1 and hover around these levels for several days.
Dogecoin price analysis
Dogecoin (DOGE) has been taking support just above the 38.2% Fibonacci retracement level of $0.33.
From my analysis, the relatively minor retreat indicates that the bulls are optimistic about the ongoing uptrend. Should buyers manage to push the price beyond the $0.39 mark, the DOGE/USDT pair might experience a significant leap towards $0.44. This level could potentially serve as an obstacle, but if the bulls successfully overcome it, we could witness a surge towards $0.50, followed by a potential rise to $0.59.
If the price drops and falls below $0.32, this optimistic outlook will no longer hold true in the short term. Conversely, there’s a possibility that the pair could descend to the 20-day Moving Average at $0.28, a level that might draw in buyers due to its expected appeal.
Cardano price analysis
On November 16, sellers attempted to slow down Cardano’s (ADA) advance towards $0.80, however, the slight retreat on November 17 indicates that buyers were actively purchasing at any small price decrease.
Once more, the bulls are trying to surpass the resistance level at $0.80. If they succeed, the ADA/USDT pair might initiate another phase of upward momentum. Potentially, it could advance to $1, and following that, reach $1.25.
If the price decreases from $0.80, this could indicate that the sellers are aggressively protecting this level. They would need to push the price below $0.70 to initiate a more significant correction towards $0.65 and eventually reaching the 20-day Exponential Moving Average (EMA) at around $0.54.
Shiba Inu price analysis
Shiba Inu (SHIB) is maintaining positions above its 20-day Exponential Moving Average, which currently stands at $0.000022; however, efforts from the buying side to initiate a robust recovery appear to be faltering.
A break above $0.000026 might mark the start of strength, potentially pushing the SHIB/USDT pair up to around $0.000030. However, at $0.000030, sellers may put up a tough fight. If the buyers maintain control, we could witness a bullish inverted head-and-shoulders pattern formation. Subsequently, the pair might surge towards $0.000039 and even reach $0.000047.
If the price should decrease and fall beneath the 20-day Exponential Moving Average (EMA), this could indicate that the bulls’ control is weakening. In such a case, the pair might descend to the 50-day Simple Moving Average (SMA) at ($0.000019).
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2024-11-18 22:28