Bitcoin has continued to grow this week, indicating that the bulls are still not in a rush to exit the market. The bears remain silent, but they are likely to come back if buying interest declines at key resistance levels.
One aspect that suggests the future of Bitcoin is bright is that there have been increased withdrawals from crypto exchanges since the start of the month as long-term investors continue to buy the dip in anticipation of a price surge in the future. Van Straten, the CryptoSlate analyst, noted that over 5,600 BTC have been transferred to crypto wallets over the past seven days.
Among the reasons causing long-term investors to be bullish is the increasing possibility that the US Securities and Exchange Commission will let a Bitcoin exchange-traded fund (ETF) enter the market within the next six months.
Moreover, the Hong Kong government has announced that it might consider Bitcoin spot ETF applications. Co-founder of BitMEX, Arthur Hayes, believes that competition between China and the US is healthy for Bitcoin.
All said, is a price correction imminent, or should we expect the bulls to thrust crypto assets higher? Let’s study the charts to find answers.
Bitcoin Price Analysis
Bitcoin is currently trading at levels it saw last in April 2022. Earlier today, the coin touched $37,757 before retreating to $37,324 as of this writing. The Relative Strength Index is inside an overbought zone, so a corrective phase looks likely. If Bitcoin declines to $36,000, short-term traders will be tempted to book profits, and this move might pull the coin’s price to the 20-day Exponential Moving Average (EMA) of $33,394. On the other hand, a rally toward $40,203 will become a reality if the bulls sustain Bitcoin above $37,757.
Ethereum Price Analysis
After breaking above the $1,887.43 resistance level on November 5, Ethereum has grown to break another barrier at $2,000 today. It is expected that the bears will block a rally to $2,203 because if this minor resistance is conquered, Ethereum might rise to $3,503.28. This assumption, however, won’t be valid if ETH reverses and plummets below the 20-day Exponential Moving Average of $1,783.20. That’s because the token is likely to continue collapsing toward the 50-day Simple Moving Average of $1,674.93.
BNB Price Analysis
Demand for BNB has exceeded supply. This is evidenced by the token’s recent move to cross above the $235.64 resistance level and then rising to $252.98 as of this writing. If the token continues to trade above the $250 minor resistance, the bulls might be motivated to push BNB to $264.33. Meanwhile, $325.64 is a level that you should keep an eye on. In case it cracks, the possibility of BNB hitting the 20-day EMA of $226.48 will increase.
XRP Price Analysis
Having pushed XRP above the $0.6703822 resistance level earlier this week, the bulls are now looking to thrust the Ripple-issued token to $0.7492725. Clearing this hurdle opens room for a rally to $0.8493203 and even to $0.9997890. However, there is a possibility the rally might fail, given that the Relative Strength Index just entered the overbought zone. That said, it is important to monitor $0.6703822. If XRP’s price goes below this mark, the bears’ next target will be the 20-day Exponential Moving Average of $0.5789998.
Solana Price Analysis
SOL has continued its tremendous rally after the bulls broke the barrier at $38.77. it’s now valued at $44.53. On Thursday evening, Solana hit the $48.38 resistance level, but the buying pressure wasn’t enough to sustain the crypto asset above that price. If the bears pull SOL below $38.77, it may slide to $34.83. On the positive side, a sustained rally above $48.38 could cause Solana to retest $56.30.
Cardano Price Analysis
ADA went above the $0.3493839 resistance level on Tuesday. The buyers have managed to sustain the cryptocurrency above that price ever since. It’s changing hands for $0.3598054 at press time. There is a massive chance Cardano will touch $0.3810943 if the bulls exact more buying pressure. Conversely, bears could pull ADA to $0.3098021 if $0.3493839 crumbles.
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