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Despite the uncertainty surrounding the newly discovered variant of Omicron, COVID-19, the cryptocurrency market and global stock market staged a strong recovery on November 29.
Long-term investors seem to see the recent decline as a major buying opportunity. A recent document submitted by MicroStrategy shows that the company purchased 7,002 Bitcoins (Bitcoin) The average price is $59,187.That boosted MicroStrategy has a total storage capacity of 121,044 bitcoins, Purchased at an average price of approximately $29,534 per coin.
However, analytical resource materials scientists, Referenced order data, Stating that “a large amount of Bitcoin liquidity has been taken up” and warning that “stop-loss hunters” may try to get rid of weakness by falling.
Is the current recovery a bull trap or the beginning of a sustained relief rebound? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin/USD
Bitcoin’s relief rebound is facing resistance at the 20-day exponential moving average ($58,712). This shows that market sentiment is still negative and bears are trying to sell when they rebound to the upper resistance level.
Although the 20-day moving average continues to slope downward, the RSI has risen above 46, indicating that the bearish momentum may be weakening.
The bulls will have to push the price higher and maintain it above the 50-day simple moving average ($60,805) to indicate that the correction phase may be over. Then a rebound may challenge the upper resistance zone of $67,000 to $69,000.
On the other hand, if the price falls sharply from the 20-day moving average, the bears will try to break the strong support of the 100-day moving average ($54,184). If this happens, the BTC/USDT pair may fall to the psychological critical level of $50,000.
The bulls are expected to actively defend this level, as a drop below this level may lead to panic selling. Then the currency pair may fall to the next important support level of $40,000.
Ethereum/USDT
Ether (Ethereum) Rebounded from the neckline of the head and shoulders (H&S) pattern on November 28, indicating that the bulls are fully defending this level. Continued buying today pushed the price above the 20-day moving average ($4,316).
A break and close at the upper resistance level of 4,551 USD will indicate that the correction may be over. The ETH/USDT currency pair may rebound to an all-time high of 4,868 US dollars. Breaking this level will invalidate the bearish setup and open the door to a possible rebound to $5,796.
Or, if the price drops from the current level and breaks below the 50-day moving average ($4,243), the bears will try again to drop the currency pair below the neckline. A close below this level will complete the bearish setup and begin to fall.
The sell-off may accelerate the break below the 100-day moving average ($3,794). Then, the currency pair can begin to move towards the pattern goal of $3,047.
BNB/USDT
The long tail of Binance Coin (Bitcoin) The candlestick on November 28 indicates that bulls are buying on dips below the 20-day moving average ($595). The bulls are now trying to push the price to the upper resistance zone of $669.30 to $691.80.
Breaking through and closing above $669.30 will complete the inverted H&S pattern. The target for this bullish setting is $828.60. The 20-day moving average is trying to recover and the RSI is 56, indicating that the bulls are trying to gain the upper hand.
The first sign of weakness will be a breakout and close below the 20-day moving average. The bears will then try to sink the price and maintain it below the 50-day moving average. Such a move may lead to a fall to the strong support level of $510.
Sol/USDT
Solana (Sol) It broke the support line of the symmetrical triangle again on November 28, but the bears were unable to maintain a lower level. This indicates buying on dips.
The SOL/USDT currency pair broke the 50-day moving average (US$204) today, and the bulls will now try to break the barrier of the 20-day moving average (US$212). If they succeed, the currency pair may rebound to a resistance line where bears may pose a serious challenge.
A break and close above the resistance line will indicate that the correction may be over. Then the currency pair may rebound to 240 USD and then rise to 259.90 USD.
Conversely, if the price retreats from the 20-day moving average, the bears will try to sink the currency pair again and maintain it below the support line. The selling may accelerate on the breakout and close below the 100-day moving average ($172).
ADA/USDT
Cardano (Have) Is on a downward trend. The price rebounded from $1.41 on November 28, but the bulls are trying to maintain a higher level.
The 20-day moving average ($1.78) continues to slope downward, and the RSI is close to the oversold zone, indicating that the bears are in control. If the price falls from the current level, the bears will try to push the ADA/USDT currency pair below $1.40.
If they succeed, the downtrend may resume, and the next target is $1.20. The bulls will have to push the price higher and maintain it above the 20-day moving average to negate the bearish view. The currency pair may then rise to a strong resistance level of $1.87.
Ripple/USDT
Long tail in RippleThe candlestick on November 28 showed that there was aggressive buying near the strong support of $0.85. The price has reached the psychological level of $1 and may now become a resistance level.
If the price falls from the current level, it indicates that the bears have turned the $1 level into a resistance level. The XRP/USDT currency pair may fall to 0.85 US dollars. A breakout and close below this level will mark the beginning of a deeper correction to $0.70.
Or, if the price rises above 1 USD, the currency pair may rebound to the 20-day moving average (1.05 USD). This level may once again become a strong resistance, but if the bulls overcome this obstacle, the currency pair may rebound to the 50-day moving average ($1.10).
DOT / USDT
polka dot(point) The rebound from US$32.21 on November 28 indicates that the bulls are trying to defend the strong support of US$32. The recovery faces a sell-off at the 100-day moving average ($37.16), which indicates that the bears are selling at rallies.
If the price falls from the current level or breaks below the level to $38.70, the bears will try to extend the decline. Breaking and closing below US$32 may start the next round of decline, which may reach US$26.
The 20-day moving average ($40.41) continues to slope downward, and the RSI is in the negative zone, indicating that the bears have the upper hand. The bulls will have to push the DOT/USDT pair higher and maintain it above the breakdown level of $38.70 to invalidate the bearish view.
related: A few days after Elon Musk’s comments, Binance resumed DOGE withdrawals
Dogecoin/USDT
Dogecoin (dog) The rebound from the $0.19 support level on November 28 indicates that the bulls are accumulating at a lower level. Buyers pushed the price above the resistance level above $0.21 today, but were unable to clear the obstacles of the 20-day moving average ($0.22).
The long wick on the candlestick today indicates that market sentiment is still negative and traders are selling on rallies. If the price stays below $0.21, the bears will try again to pull the price below $0.19. If they do, the DOGE/USDT currency pair may fall to the USD 0.15 support level.
Contrary to this assumption, if the bulls push the price higher and maintain it above the 20-day moving average, it will indicate a change in the short-term trend. If this resistance is broken, the currency pair may rise to the 100-day moving average ($0.24) and gain momentum.
AVAX / USDT
Avalanche (AVAX) rebounded from the 20-day moving average ($106) on November 27 and November 28, but the bulls are trying to maintain the rebound. This shows that demand is drying up at a higher level.
A slight rebound increases the possibility of breaking below the 20-day moving average. If the bears break the price below the 20-day moving average and the $100 support zone, the selling may intensify. The AVAX/USDT currency pair may fall to the 61.8% Fibonacci retracement level of 91.39 USD.
Conversely, if the price rebounds from the support zone, the bulls will try to recover again. If the buyer pushes the price above $120, the currency pair may rise to $130. Breaking and closing above this resistance level may open the door for a retest of the all-time high of $147.
SHIB/USDT
In the past three days, the trading price of SHIBA INU (SHIB) has been below 0.000040 USD, but the shorts have failed to take advantage of this weakness to pull the price to the 100-day moving average (0.000027 USD). This indicates the lack of lower-level sellers.
If the bulls push and maintain the price above 0.000040 USD, the SHIB/USDT pair may rise to the 20-day moving average (0.000044 USD). This level may once again become a strong resistance. If the price drops from this level, it indicates that market sentiment is still negative and traders sell on rallies.
Then the bears will try again to push the price below $0.000035 and resume the downtrend. If the bulls push the price higher and maintain it above the 50-day moving average ($0.000046), this negative view will become invalid in the short term. Then the currency pair may rebound to 0.000052 USD.
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph. Every investment and transaction involves risks. When making a decision, you should conduct your own research.
Market data by Bitcoin exchange.
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