Bitcoin (BTC) rose above $38,000 on November 24, but bulls were unable to continue the momentum. This indicates hesitancy to buy at higher levels. Bitcoin is expected to form a doji candlestick pattern on the weekly chart for the second consecutive week. This shows that bulls and bears are hesitant about where to go next.
BitMEX co-founder Arthur Hayes remains bullish as Bitcoin holds near 18-month highs. Hayes said in an X (formerly Twitter) post that USD liquidity is increasing, which could push Bitcoin higher.
Another bullish prediction comes from PlanB, the creator of the BTC price model stock-to-flow series, who said in a post on X that Bitcoin may not remain at current levels for long. PlanB predicts that the average price of Bitcoin will remain at least $100,000 between 2024 and 2028.
Analysts have become increasingly bullish over the past few days, but traders should proceed with caution as every uptrend is bound to see a correction.
Can Bitcoin surge above $38,000 or start a correction phase? Let’s take a look at the charts of the top 5 cryptocurrencies that are likely to outperform in the near future.
Bitcoin Price Analysis
Bitcoin’s rise has hit a wall near $37,980, but bulls are in no hurry to close their positions. This indicates that traders expect the uptrend to advance further.
Immediate support on the downside is the 20-day exponential moving average ($36,546). If the price recovers from this support level, it means that every small dip will be bought. This would increase the likelihood of a break above $37,980.
If this happens, the BTC/USDT pair could rise to $40,000. This level could pose a strong barrier to the bulls, but if buyers turn the $38,000 level into downside support, the rebound could extend to $48,000.
Conversely, if the price falls below the 20-day EMA, it means traders are taking profits. The pair may then drop to $34,800.
The bulls tried to sustain the price above the moving averages but found it difficult to overcome the $37,980 hurdle. The relative strength index (RSI) is just above the midpoint, indicating that bullish momentum is waning.
If the price falls below the 50 simple moving average, the pair may plunge towards the uptrend line. Bulls are expected to defend this level vigorously. On the upside, a breakout and close above $38,500 would indicate that bulls are in control.
Uniswap Price Analysis
Uniswap (UNI) fell below the 20-day EMA ($5.44) on November 21, but lower levels attracted aggressive buying from the bulls. A sharp increase began on November 22nd, pushing the price to $6.60 on November 24th.
The advance faced selling near resistance above $6.70. The UNI/USDT pair has retraced to the 38.2% Fibonacci retracement level at $5.92, with the next stop likely to be the 50% retracement level at $5.71.
A strong rebound from this area would indicate that traders view dips as buying opportunities. This could bolster its prospects of a break above $6.70. Such a move would complete a double bottom pattern, with a price target of $9.60. The bullish momentum is likely to weaken below the 61.8% Fibonacci retracement level at $5.50.
Bulls are trying to protect the 20-day EMA, but bears have other plans. They pulled the price below the 20-day moving average and began a deeper correction. If the price remains below the 20 EMA, the pair may drop to the 50 EMA.
If the price rises from current levels or rebounds from the 50 moving average, it would indicate buying at lower levels. The bulls will then make another attempt to push the price towards the overhead resistance at $6.70. If this resistance is exceeded, the pair could surge towards $7.80.
constant price analysis
Immutable (IMX) has held above the $1.30 breakout level for the past few days, showing that bulls have the upper hand.
The price is likely to fall back to the area between $1.30 and the 20-day EMA ($1.20). This area is likely to witness a tough battle between the bulls and bears, but if the buyers prevail, the IMX/USDT pair may climb towards $1.86.
Conversely, if sellers pull the price below the support area, stops may be triggered for short-term traders. This could accelerate the sell-off and lead to a sharp retracement of the psychological $1 level.
The 20 EMA has flattened on the 4-hour chart, and the RSI is just below its midpoint, indicating the possibility of consolidation in the near term. The first level of support on the downside is $1.30. If buyers hold the price above this level, it would indicate that $1.30 is acting as a new floor.
On the upside, a break above $1.50 would mark a resumption of the upside. The pair could rise to $1.59 and then to $1.63. Contrary to this assumption, a break below $1.20 could tilt the short-term advantage to the bears.
related: XRP Price Bull Signal Suggests 20% Rise in New Year
VeChain Price Analysis
Buyers pushed VeChain (VET) towards overhead resistance at $0.023 on November 26, but they are struggling to maintain higher levels, as seen by the long shadow on the candlestick.
Sellers will try to capture the aggressive bulls and pull the price towards the 20-day EMA ($0.021). If the price rebounds from this level, it indicates positive market sentiment. The bulls will then make another attempt to overcome the $0.023 hurdle. If they are successful, the VET/USDT pair could rise to $0.027 before attempting to reach the $0.031 pattern target.
Conversely, if the bears sink the price below the 20-day EMA, it would suggest that the pair could remain in a larger range between $0.014 and $0.023 for some time.
The pair has fallen back below the $0.023 breakout level, indicating that bears have not given up yet and sold off at higher levels. The pair may next hit the 20 EMA, which is an important level to watch.
If the price rebounds from the 20 EMA, the bulls will once again try to push the price above $0.023 and start the next rally towards $0.027. On the other hand, a break below the 20 EMA could start a deeper correction towards $0.020.
Algorand Price Analysis
Algorand (ALGO) reached overhead resistance at $0.14 on November 25, where bears are expected to mount a strong defense.
If the bulls are not giving up too much ground at current levels, it means traders are holding on to their positions and expect prices to move higher. This increases the likelihood of a rebound above the $0.14-$0.15 resistance zone. If this happens, the ALGO/USDT pair will complete the cup-and-handle pattern. This reversal sets a pattern target of $0.20.
If the bears want to halt the rise, they will have to drag the price below the key support at $0.12. If this level fails, the pair could drop to $0.11 and then to $0.09.
The 4-hour chart shows the pair oscillating between $0.12 and $0.15 for some time. Within a range, traders typically buy near support and sell near resistance. It is difficult to accurately predict the direction of a breakout; therefore, traders may consider waiting for a breakout before making large bets.
If the price breaks above $0.15, the pair may start its next leg higher. The pair is likely to rise first to $0.18 and then to $0.20. This positive view will be invalidated if the price declines and falls below $0.12.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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