Bitcoin (BTC) broke above the overhead resistance of $38,000 on Nov. 24, indicating that the sentiment is positive and bulls have kept up the pressure
Bitcoin (BTC) broke above the overhead resistance of $38,000 on Nov. 24, indicating that the sentiment is positive and bulls have kept up the pressure. Independent Reserve CEO Adrian Przelozny told Cointelegraph that the “next two years are going to be good,” and market activity is likely to pick up in early 2024.
The major catalysts for next year is the Bitcoin halving in April and applications for a spot Bitcoin exchange-traded fund, some of which have a deadline for a decision in January. With two main events on the horizon, Bitcoin is likely to find buyers on dips.
Analysts expect a retracement from $40,000 in the near term. That could be one of the reasons why Cathie Wood’s investment firm, ARK Invest, has been gradually selling into strength. The firm sold about 700,000 shares of the Grayscale Bitcoin Trust (GBTC) over the past month, but it is worth noting that ARK still holds more than 4.3 million GBTC shares.
Could crypto traders bulldoze their way through the overhead resistance levels in Bitcoin and major altcoins? What are the important levels to watch out for?
Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin pierced the stiff resistance of $37,980 on Nov. 24, but the bulls are struggling to sustain the breakout. This suggests that the bears are vigorously guarding the level.
Both moving averages are sloping up, and the relative strength index (RSI) is above 61, indicating that the path of least resistance is to the upside. If buyers maintain the price above $37,980, the BTC/USDT pair could reach $40,000.
This level may again witness a tough battle between the bulls and the bears, but if the buyers prevail, the pair could skyrocket to $48,000. Time is running out for the bears. If they want to weaken the momentum, they will have to sink the price below the 20-day EMA. The short-term trend will turn negative below $34,800.
Ether price analysis
The bulls pushed Ether (ETH) above the resistance line on Nov. 22, suggesting the start of the next leg of the up-move.
The bears tried to pull the price back below the resistance line on Nov. 23, but the bulls held their ground. This suggests that the bulls are trying to flip the resistance line into support. If they succeed, the ETH/USDT pair could start a northward march toward $2,200.
This level may again act as a formidable resistance, but if bulls overcome it, the pair will complete a large ascending triangle pattern. That could open the gates for a potential rally to the pattern target of $3,400.
This bullish view will be invalidated in the near term if the price turns down and plummets below the vital support at $1,900.
BNB price analysis
BNB (BNB) jumped above $235 on Nov. 22, but the bulls could not overcome the obstacle at the 20-day EMA ($239). This suggests that bears are trying to take control.
The 20-day EMA has started to turn down, and the RSI is just below the midpoint, indicating a minor advantage to the bears. The short-term trend will turn negative on a break and close below the crucial support at $223. That could clear the path for a fall to $203.
If bulls want to prevent the downside, they will have to push and sustain the price above the 20-day EMA. The BNB/USDT pair may then spend some more time inside the large range between $223 and $265.
XRP price analysis
The bulls are trying to shove XRP (XRP) above the 20-day EMA ($0.62), which suggests strong buying at lower levels.
The 20-day EMA has flattened out, and the RSI is near the midpoint, indicating range-bound action in the short term. The XRP/USDT pair may swing between $0.56 and $0.74 for a few days.
If the price rises and sustains above the 20-day EMA, the pair could gradually climb to $0.67 and thereafter to $0.74. Buyers will have to overcome this hurdle to indicate the start of a new up-move.
Conversely, if the price turns down from the current level and breaks below $0.56, it will signal the start of a sharper correction to $0.46.
Solana price analysis
Solana (SOL) has been trying to break above the $59 resistance for the past two days, but the bears have held their ground. A minor positive in favor of the bulls is that they have not ceded ground to the bears.
The rising 20-day EMA ($52.80) and the RSI in the positive territory suggest that bulls have the upper hand. That enhances the prospects of a rally above the overhead resistance. If that happens, the SOL/USDT pair could ascend to $68.
Contrary to this assumption, if the price turns down from the current level, the bears will strive to tug the pair below the 20-day EMA. If they can pull it off, the pair may drop to $48, where buyers are likely to step in.
Cardano price analysis
Cardano (ADA) has been swinging above and…
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