Bitcoin’s (BTC) Rally Halts
The rally of Bitcoin (BTC) stalled near $36,000, and the bulls have not rushed to book profits. According to Glassnode analysis, the Long-Term Holder metric is near an all-time high, while the Short-Term Holder supply is near an all-time low. This indicates a tightening Bitcoin supply.
Possible Fireworks in the Short Term
While the long-term looks positive, there could be fireworks in the short term due to a huge build-up of open interest in Bitcoin derivatives markets. If open interest rises above $12.2 billion, it could result in a minimum dip of 20%, according to J. A. Maartunn.
Altcoin Accumulation
Traders have started accumulating select altcoins, resulting in solid rallies in several altcoins that have broken out of long basing patterns. Altcoins may witness bouts of profit-booking but are likely to remain in focus as long as Bitcoin does not crumble below $30,000.
Critical Support Levels for Bitcoin and Altcoin Rally
If you’re wondering about the critical support levels for Bitcoin and whether the altcoin rally will sustain or if it’s time to book profits, let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin Price Analysis
Bitcoin continues to trade inside a narrow ascending channel pattern, indicating that buyers are cautious at the current levels. The upsloping 20-day exponential moving average ($33,612) and the relative strength index (RSI) in the overbought zone indicate that the path of least resistance is to the upside.
Ether Price Analysis
Ether (ETH) has been slowly moving higher toward significant resistance at $2,000. This is an important level to watch out for as bears stalled the up-move at $2,000 on two previous occasions in May and July.
BNB Price Analysis
BNB (BNB) has been in a recovery phase for several days and reached $256 on Nov. 6. Sellers will try to pull the price down to the 20-day EMA ($232), which is a necessary level to keep an eye on.
XRP Price Analysis
XRP (XRP) climbed above the $0.67 resistance on Nov. 6 but could not surmount the next barrier at $0.74. That may have tempted short-term bulls to book profits, pulling the price below $0.67 on Nov. 7.
Solana Price Analysis
Solana (SOL) has been consolidating in an uptrend between overhead resistance at $48 and support at $38 with both moving averages sloping up and RSI indicating that bulls have the upper hand.
Cardano Price Analysis
Cardano (ADA) has been in a strong uptrend for a few days but reached solid resistance at $0.38 on Nov. 6 where bulls are likely to face challenges from bears.
Dogecoin Price Analysis
Buyers are trying to push Dogecoin (DOGE) above $0.08 where bears will again try to guard this level with vigor.
Toncoin Price Analysis
Toncoin (TON) surged above overhead resistance of $2.59 on Nov. 8 but bears are unlikely to give up easily as they aim to sustain price below this level quickly.
Chainlink Price Analysis
Chainlink (LINK) has been in an uptrend for a few days with bulls asserting their supremacy and reaching resistance at $13.50 which may act as a temporary roadblock.
Polygon Price Analysis
Polygon (MATIC) pierced overhead resistance at $0.70 on Nov. 6 showing that bulls are in control even as bears tried to pull price back below breakout level of $0.70 on Nov 7 but were unsuccessful.
Hot Take: Cryptocurrency Outlook
The outlook for cryptocurrencies remains promising despite short-term volatility in both Bitcoin and altcoins with technical indicators showing mixed signals for different coins amidst ongoing market fluctuations and investor sentiment adjustments.
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