Bitcoin Bears Attempt to Make a Comeback
The failure of Bitcoin bulls to break above the $38,000 resistance has given the bears an opportunity to try and regain control. The price has dropped below $37,000, but lower levels are likely to attract buyers as the bulls aim to maintain momentum going into the final month of the year. However, the bears will attempt to deepen the correction, leading to increased volatility in the last few days of November.
Despite near-term uncertainty, Robert Kiyosaki, author of “Rich Dad Poor Dad,” remains bullish on Bitcoin and precious metals like gold and silver. He advises investors to move away from fiat money, calling it a “FAKE money system.”
S&P 500 Index Shows Strong Demand
The S&P 500 Index continues its upward movement after breaking above the downtrend line. This indicates strong demand at higher levels. A minor correction or consolidation is possible in the near term, as indicated by the overbought zone on the relative strength index (RSI). The crucial level to watch out for on the downside is the 20-day exponential moving average (EMA). If the price bounces back from this level, it suggests a bullish sentiment and increases the chances of a break above 4,650.
U.S. Dollar Index Faces Resistance
The U.S. Dollar Index attempted a recovery but faced resistance at 104.21. The downsloping 20-day EMA and oversold RSI indicate that bears are in control. To signal a potential end to the correction, a break and close above the 20-day EMA is needed. This could lead to a rally towards resistance at 106.
Bitcoin Forms Ascending Triangle Pattern
Bitcoin is forming an ascending triangle pattern, indicating a potential breakout above $38,000. The upsloping moving averages and positive RSI suggest that the path of least resistance is to the upside. If the resistance is breached, the price may climb to $40,000 and potentially reach a pattern target of $41,160. However, a break below the uptrend line could invalidate the bullish setup and lead to a fall to $34,800.
Ether Faces Resistance at Overhead Level
Ether surged close to overhead resistance but failed to overcome it, resulting in profit-booking. The bears are attempting to push the price below the 20-day EMA, which could lead to a fall to $1,904 and potentially complete a double-top pattern. On the other hand, if the price bounces back from the 20-day EMA, it suggests continued buying interest. A climb above the overhead resistance zone between $2,137 and $2,200 would confirm an ascending triangle pattern.
BNB Bears Try to Flip Key Level into Resistance
BNB’s rejection at the 20-day EMA indicates that bears are trying to turn this level into resistance. The price may slide to solid support at $223 and potentially lower. On the upside, breaking and sustaining above $240 would suggest reduced selling pressure and could lead to a rally towards major resistance at $265.
XRP Struggles with Resistance
XRP bounced off support but faced resistance at the 20-day EMA. The bears are attempting to flip this level into resistance and may push the price below support at $0.56. If successful, XRP could gradually decline towards $0.46. On the other hand, a rebound from current levels or above the 20-day EMA could keep the price within a range between $0.56 and $0.74.
Solana Bears Attempt to Halt Relief Rallies
Solana turned down from immediate resistance, suggesting that bears are trying to stop relief rallies. If the price breaks below the 20-day EMA, it could complete a head-and-shoulders pattern and lead to a steep correction. However, if the price rebounds from support near $51 and rises above $59, it indicates bullish strength and a potential retest of the local high at $68.
Cardano Faces Resistance at Overhead Level
Cardano failed to break above overhead resistance and may slide to the 20-day EMA, which is expected to attract buyers. A bounce from this level would signal a positive trend and potential rise towards the obstacle at $0.40. However, if the 20-day EMA is breached, the price may slump to the 50-day SMA.
Dogecoin Bulls Defend Support Level
The bulls defended support at the 20-day EMA, preventing Dogecoin from falling further. If the price dips below this level, it could slump to the 50-day SMA. However, a rebound from the 20-day EMA would suggest demand at lower levels and potential upward movement towards $0.10.
Chainlink Bulls Face Resistance
Chainlink broke above the downtrend line but failed to maintain momentum. The bears are attempting a comeback and may push the price below the 20-day EMA. This could lead to a decline towards the Fibonacci retracement level. On the other hand, if the price rebounds from the 20-day EMA, it suggests positive sentiment and buying on dips, with potential for a rally towards overhead resistance.
Hot Take: Crypto Market Faces Uncertainty
The crypto market faces uncertainty as Bitcoin and altcoins encounter resistance levels and bearish pressure. The outcome of the battle between bulls and bears will determine the short-term direction of the market. While some prominent figures like Robert Kiyosaki remain bullish on cryptocurrencies, caution is advised as volatility may increase in the coming weeks. It is important to closely monitor key support and resistance levels to gauge market sentiment and potential price movements.
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