26 November BTC, ETH, XRP, BCH, LINK, LTC, ADA, DOT, BNB and XLM Price Analysis
Bitcoin and most major altcoins can consolidate for a few days before starting the next big move.The cryptocurrency market has been in a strong bull run for the past few days, which pushed Bitcoin (BTC) into its second best day ever. Almost every trader now seems to be pegged to the magic figure of $ 20,000 for BTC.After such a sharp rise, some traders call for a summit, while others anticipate high targets for the future.
For example, CNBC Fast Money host Brian Kelly believes that recent volatile movements in altcoins, overpriced Bitcoin address growth, and rising fund rates that signal the arrival of retail traders could be a warning sign of a short to medium-term peak.
At the other end of the spectrum are analysts such as Off the Chain Capital chief investment officer Brian Estes, who believes that Bitcoin could rise to $ 100,000 in a year and even $ 288,000 by the end of 2021.
Another bullish outlook was predicted by Gold Bullion International co-founder Dan Tapiero, who thinks Bitcoin could rise to “somewhere between $ 300,000 and $ 500,000” in the next five years.
During a bull cycle, it’s easy to get caught up in hasty decisions. Measures taken due to greed can destroy the trading account, especially if traders use excessive leverage in a volatile market. Therefore, traders must stick to their trading strategy and reduce risk.
After the vertical rallies in the past few days, more power left or is it time to correct? Let’s examine the top 10 cryptocurrencies to find out.
BTC Price Analysis
Bitcoin (BTC) broke the $ 19,000 barrier on November 24 and is trying to rise towards the $ 20,000 mark. The formation of a Doji candlestick pattern today indicates aggressive hesitation among bulls to buy at current levels.
But the positive thing is that the bulls have not allowed the price to even correct to the 20-day exponential moving average ($ 17,095) since the uptrend started on October 8th. This indicates that the bulls are buying at every small drop.
Due to this sustained purchase, the relative strength index (RSI) has remained in the overbought zone since October 21. The bears may try to stop the rally before the $ 20,000 level, but if they do not lower the price below the 20-day EMA, the Bulls will remain in control.
If the BTC / USD rate rises above $ 20,000 without a significant correction, it may continue vertically before turning sharply. In a market with strong bullish momentum, seeking the top would not be the right approach.
Crazy buying usually marks a top, but before reversing it also offers prudent traders the best times to make money.
Therefore, traders can set aside partial profits at solid resistances and keep the situation with a stop-loss order following their remaining positions to protect their profits.
ETH Price Analysis
Ethereum (ETH) is facing gains near the tough overall resistance of $ 625. However, the shallow correction suggests that the bulls are not closing their positions in a hurry. The bulls may try to push the price above $ 625 again in the next few days.
If they are successful, the ETH / USD pair could start the next major resistance journey at $ 800. The upward moving averages and the RSI in the overbought zone show the bulls are in command.
However, if the ETH / USD pair breaks from the general resistance, the bears could push the pair to the 38.2% Fibonacci retracement level of $ 526,348 and a deeper retracement could extend the decline to the 50% Fibonacci retracement level at $ 496,552.
XRP Price Analysis
The XRP price rose from $ 0.227813 on November 3 to $ 0.780574 on November 24, with a 242% rally in a short period of time. These vertical rallies are not sustainable. The long wick on the 24 November candlestick indicates higher profit take.
The RSI above 91 indicates that the markets are overheating and should cool down in the short term. However, the long tail on today’s candlestick indicates that the bulls are continuing to buy at lower levels in anticipation of further rising.
If the XRP / USD pair rises above $ 0.780574, the uptrend could enter a boom phase and reach $ 0.96. However, if the price breaks down from the general resistance, the pair may stay tied in the price range for several days.
BCH Price Analysis
Bitcoin Cash (BCH) rose sharply on November 23rd and 24th and climbed above the $ 353 resistance, but the bulls could not handle the higher levels. The long wick on the 24 November candlestick indicates higher profit take.
The bulls have pushed the price above $ 353 again today but are struggling to sustain higher levels. This could start a correction to the 38.2% Fibonacci retracement level of $ 324.13 followed by a 50% retracement level of $ 309.44.
A shallow correction will show that traders are not taking profits aggressively and new buyers are not expecting a major correction. This will increase the likelihood that the uptrend will hit $ 420 again, then $ 500.
LINK Price Analysis
Chainlink’s LINK has remained above the neckline of the reverse head-and-shoulders model for the past few days, but has not been able to gain momentum. This raises the probability that the breakout level will be retested to $ 13.28.
A strong recovery from $ 13.28 could start the next leg of the upward move, which will turn it into support and take the LINK / USD pair to $ 18 and then $ 19.2731. The upward moving averages and the RSI in the positive zone show the bulls have the upper hand.
This bullish outlook will be invalidated if the bears push the price below $ 13.28. Such a move suggests that the current breakout is a bull trap. A break below the 50-day simple moving average ($ 11.96) will turn the advantage in favor of the bears.
LTC Price Analysis
Litecoin (LTC) once again closed above $ 84.3374 on November 23. However, the Doji candlestick pattern on November 24 shows the indecision between bulls and bears. This instability has been negatively resolved today.
The bears are currently trying to lower the price below the breakout level of $ 84.3374. If they are successful, the LTC / USD rate could drop to the 20-day EMA ($ 74).
If the pair recovers strongly from the 20-day EMA, the bulls will once again try to continue the uptrend by pushing the price above $ 93.9282. If they manage to do this, there will be a $ 100 retest on the cards.
Conversely, a break below the 20-day EMA indicates that the bullish momentum is weakening.
ADA Price Analysis
Cardano’s ADA climbed above the $ 0.155 resistance on November 24 and reached an intraday high of $ 0.1826315. However, the long wick on the day’s candlestick indicates that traders are taking higher levels.
The bears tried to push the price below the breakout level from $ 0.155 today, but the long tail on the candlestick indicates traders are buying in dips.
The ADA / USD pair formed an intraday candlestick pattern that signals instability between the bulls and bears today. This may cause a consolidation a few days before the next trend move begins.
If the bulls can push the price above $ 0.20, the pair could rise to $ 0.24 and then to $ 0.28. If both of these levels are exceeded, the rally could go up to $ 0.40. This bullish outlook will be invalid if the price breaks below $ 0.155 and continues.
DOT Price Analysis
Bulls are struggling to keep Polkadot’s DOT above the $ 5.5899 level. Although the bulls pushed the price to $ 6.0857 on November 24, they were unable to sustain higher levels.
The bears are currently trying to reduce and maintain the price below $ 5.5899. If they succeed, the DOT / USD rate could drop to the 20-day EMA ($ 4.98).
If the price breaks above this level, the bulls will once again try to push the price above $ 6.0857. If they are successful, there will be a $ 6.8619 rally on the cards. The rising 20-day EMA and RSI in the positive zone give the bulls an advantage.
Contrary to this assumption, if the bears pull the price below the 20-day EMA, the pair could spend some more time in range.
BNB Price Analysis
Binance Coin (BNB) climbed above the $ 32-33.3888 resistance zone on November 24. But the bulls struggle to develop this power. The bears are currently trying to push the price below $ 32.
If the price bounces back at $ 32, the BNB / USD rate could continue its rise towards the price target of $ 38.3348, which is just below its all-time high of $ 39.5941.
Contrary to this assumption, if the bears manage to push the price below $ 32, it could take the aggressive bulls off guard who bought the breakout. If the price stays below $ 32, the pair may stick to the price range for a few more days.
XLM Price Analysis
Stellar Lumen (XLM) rose from $ 0.083684 on November 20 to $ 0.231655 intraday today, with a short 176% increase. On the upside, the next resistance is $ 0.2864.
The sharp rise in the past few days has pushed the RSI above the 92 level. Usually, such overbought levels are not sustainable and traders can expect a correction to begin in the next few days. A vertical rally is usually followed by a sharp correction.
The first support on the downside is the 38.2% Fibonacci retracement level of $ 0.17513. The bulls are likely to buy this drop aggressively, and the XLM / USD rate may remain volatile for the next few days.