Bitcoin (BTC) has been consolidating above $35,000 for several days, but bulls have failed to resume the uptrend above $38,000. This indicates hesitancy to buy at higher levels. BitGo CEO Mike Belshe recently said in an interview with Bloomberg that there may be another round of rejections before the spot Bitcoin exchange-traded fund application is finally approved.
Many analysts believe that Bitcoin will enter a correction in the short term, with the worst outcome expected to fall to $30,000. However, the decline is unlikely to start a bear market phase. Philip Swift, founder of Look Into Bitcoin, said that on-chain data shows that the Bitcoin bull market is still in its early stages because “there is no FOMO yet.”
Some altcoins have pulled back as Bitcoin takes a breather, but some currencies are showing signs of resuming their uptrend. Ethereum spot ETF applications filed by Fidelity and BlackRock show strong demand for investments in specific altcoins.
Can Bitcoin sustain above $35,000 in the coming days? Is it time for altcoins to begin the next phase of their rise? Let’s take a look at the charts of the top 5 cryptocurrencies that are likely to rise in the short term.
Bitcoin Price Analysis
Bitcoin is facing strong resistance near $38,000, but a positive sign is that bulls are not allowing the price to fall below the 20-day exponential moving average ($35,666).
The upward sloping moving averages and the Relative Strength Index (RSI) in the positive zone suggest that bulls have the upper hand. If the price rebounds from the 20-day EMA, the bulls will once again try to overcome the $38,000 hurdle.
If they succeed, the BTC/USDT pair could reach $40,000. This level is likely to witness aggressive selling by the bears, but if buyers force a breakout, the rebound could eventually reach $48,000.
The first sign of weakness is a close below the 20-day moving average. This would indicate the potential for range-bound action in the short term. The pair is likely to remain between $34,800 and $38,000 for some time. A break below $34,800 could clear the way for a drop to $32,400.
The 4-hour chart shows that the price is trading between $38,000 and $34,800. Both moving averages have flattened out and the RSI is near the midpoint, suggesting range-bound action may persist for some time.
Tight consolidation near the 52-week high is a positive sign as it suggests bulls are in no rush to close their positions. This increases the likelihood of an upward breakout. If this happens, the pair may resume its uptrend. If there is a break below $34,800, the short-term trend will favor the bears.
Solana Price Analysis
Solana (SOL) fell below the $59 breakout level on November 16, but bears were unable to take advantage. This suggests selling is drying up at lower levels.
The bulls are once again trying to push the price back above $59. If they do, it will be a sign that the market has rejected lower levels. The SOL/USDT pair may climb towards $68.20. If this level is exceeded, the pair may resume its uptrend. The next upside target is $77, followed by $95.
This bullish move will be invalidated if the price declines and falls below $48. This could start a larger correction towards the 50-day moving average ($35.47). The deeper the decline, the longer it will take for the next phase of the uptrend to begin.
The 20 EMA is flattened and the RSI is just above the midpoint, indicating a balance between supply and demand. If buyers push the price above $64, the pair could challenge the local high of $68.20.
On the other hand, if the price declines and falls below $54, it would signal that the bears are back in the game. The pair may then plummet to $51 and eventually to the strong support of $48. A move below this level would tip the odds in favor of the bears.
Chainlink Price Analysis
Chainlink (LINK) retracement found support at the 20-day EMA ($13.42), suggesting lower levels continue to attract buyers.
The bulls will next attempt to push the price to a local high $16.60. This level may witness a tough battle between bulls and bears, but if this hurdle is overcome, the LINK/USDT pair may start the next phase of its uptrend towards $20.
On the contrary, if the price declines from $15.38, it means that the bears are selling on the rally. They will then try to push the price below the 61.8% Fibonacci retracement level at $13.55. If they succeed in doing so, the pair could drop to the 50-day moving average ($10.54).
The pair has been declining within a descending channel pattern over the past few days. Generally, traders sell near the channel resistance line and that’s what they are doing. If the price falls below $13.36, it will open the door for a drop to the support line.
Conversely, if buyers kick the price above the channel, it signals that the correction may be over. The pair is likely to rise first to $15.38 and then to $16.60. The flat 20 EMA and RSI near the midpoint do not give bulls or bears a clear advantage.
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Near agreement price analysis
On November 17, Near Protocol (NEAR) rose and closed above the strong resistance at $1.72. This move indicates a potential trend change in the short term.
The rising 20-day EMA ($1.58) and the RSI in positive territory suggest that bulls are in charge. There is a small resistance at $2. If this hurdle is cleared, the NEAR/USDT pair could rise to $2.40.
Meanwhile, bears may have other plans. They will try to pull the price back below the $1.72 breakout level and trap the aggressive bulls. The pair may then drop towards the 20-day EMA. This remains a key level to watch as a break below it will signal sellers are back in the game.
The pair held above the $1.72 breakout level, but the bulls failed to initiate a strong upward move. This shows that the bears have not given up yet and are trying to pull the price back below $1.72.
If they succeed, the price could drop to $1.60. If this level gives way, multiple stops may be triggered. The pair may then drop to $1.45 and then to $1.28. Conversely, if buyers push the price above $1.95, the pair may start a move towards $2.10.
Theta Internet Price Analysis
After a correction over the past few days, Theta Network (THETA) found support at the 20-day moving average ($0.88). This suggests that market sentiment remains positive, with traders viewing dips as buying opportunities.
A rebound from the 20-day moving average may encounter resistance at the $1 psychological level. If this level is exceeded, the THETA/USDT pair could accelerate towards $1.05 and then $1.20. This level could once again act as a strong barrier, but if cleared, the pair could surge towards $1.33.
If the bears want to stop the rally, they will have to quickly pull the price back below the 20-day EMA. This would indicate that bulls may be eager to exit. The pair may then begin a deeper correction towards the 50-day moving average ($0.72).
The pair has been correcting within a falling wedge, which is typically a bullish setup. Buyers need to break and sustain price above the wedge to send a signal of strength. The pair may first rise to $1.05 before retesting the $1.20 resistance.
On the contrary, if the price falls from the resistance line, it means that the pair may stay within the wedge for some time. When the wedge breaks below, market sentiment may turn bearish.
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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