Bitcoin (BTC) experienced a brief surge above $35,000 on November 2, leading some aggressive bulls to believe that the next leg of the upward move was beginning. However, the price quickly reversed and fell back below $35,000, indicating that the breakout may have been a fake move. While a mild correction during an uptrend is normal and healthy, it is better to wait for the price to find a bottom before buying.
According to MicroStrategy founder Michael Saylor, holding a 12-month to 48-month time horizon makes the current level a good entry point into Bitcoin. The weakness in Bitcoin has also affected other altcoins, causing them to decline as well.
Bitcoin Price Analysis:
Bitcoin attempted to build upon its rally but was stopped by sellers at $35,985. If the price sustains below $35,000, it may fall to $33,390 and then to the 20-day exponential moving average ($32,611).
Ether Price Analysis:
Ether faced strong selling at higher levels and was pulled back below immediate resistance at $1,865. The key level to watch is $1,746; a break and close below it would indicate that bears are in control.
BNB Price Analysis:
BNB is stuck between $223 and $235. If bulls can push the price above $235, it may jump to $250 and eventually to $265. However, if the price falls below $223, the trend will favor bears.
XRP Price Analysis:
XRP is facing resistance near $0.61 but has not lost ground to bears. Bulls will try to drive the price to overhead resistance at $0.67. A break above this level could extend the rally to $0.75 and then to $0.85.
Solana Price Analysis:
Solana reached near its target objective but traders booked profits aggressively at that level. Bulls need to defend support at $38.79 to maintain their advantage. If the price falls below this level, it could start a downward move toward the 20-day EMA.
Cardano Price Analysis:
Cardano snapped back from the 20-day EMA and rose above $0.30, indicating that bulls view dips as buying opportunities. The target on the upside is $0.38, but a break below $0.30 would indicate rejection of higher levels.
Dogecoin Price Analysis:
Dogecoin rebounded off the 20-day EMA but could not sustain higher levels. Bulls are attempting to push the price above $0.07, but strong selling may occur at that level. A break below the 20-day EMA would indicate bearish control.
Toncoin Price Analysis:
Toncoin faced resistance at $2.31, suggesting bears are defending that level. Bulls have a slight edge, but a break below the moving averages could result in a swing between $1.89 and $2.31.
Chainlink Price Analysis:
Chainlink has been facing resistance near $11.50, indicating continued selling by bears on rallies. The key level to watch is the 20-day EMA; if the rebound sustains, bulls may attempt to rise above $11.50.
Polygon Price Analysis:
Polygon’s rally lacks momentum, indicating hesitation among traders. It is important to monitor its progress and watch for any significant moves.
In conclusion, while Bitcoin experienced a brief surge above $35,000, it quickly reversed and fell back below that level, signaling a possible fake breakout. It is important to wait for the price to find a bottom before considering buying opportunities in Bitcoin or other altcoins.
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