study time: 4 minutes
The price of Bitcoin (BTC) has increased by more than 12.5% in the past week, maintaining its overall uptrend. On November 14, the bears tried to correct the price, but the bulls resisted well. Bitcoin price is hovering near its all-time high and the possibility of breaking this resistance seems very high.
According to CryptoQuant analyst Darkfost, Bitcoin whales have continued to buy even at prices close to $90,000 and have mostly held it, which shows their confidence in the future of Bitcoin’s price.
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This price increase has improved sentiments in the market and the growth of the price of altcoins. However, if Bitcoin fails to register a new historical high, there is a possibility of price correction and profit taking.
Bitcoin
Bears are trying to block price gains in the $92,000-$93,265 resistance range. However, the bulls are still maintaining their positions, which reinforces the possibility of a continuation of the uptrend. If the price crosses this range and reaches above $93,265, it will likely climb to the psychological level of $100,000. If this level is crossed, the next target will be $113,331.
On the other hand, if the bears manage to push the price below $85,000, there is a possibility of a drop to the 20-day EMA ($80,791). The loss of this support level can intensify the downward trend.
Solana
Solana (SOL) buyers managed to hold the $210 support level and push the price above the $225 resistance on November 17. This movement indicates the beginning of a new uptrend. Currently, there is a weak resistance at $242, but it is likely to be overcome. In this case, Solana could reach $260, where strong resistance from the bears is expected. If this level is broken, the next target will be $304.
On the other hand, if the price falls below the 20-day EMA ($198), there is a possibility that the uptrend will end.
Avalanche
Avalanche (AVAX) price was supported by the 20-day EMA ($30.60) on November 15th and reached the resistance line of the ascending channel on November 17th. If the price penetrates the top of the channel, it is likely to rise to $41.80 and then to $50.
Otherwise, there is a possibility that the price will return to the 20-day exponential moving average curve and continue to fluctuate in the channel.
side
The price of Sui (SUI) has crossed the $2.37 level and has continued its strong upward trend. This cryptocurrency is currently on the way to reach $4 and if it overcomes this level, there is a possibility of price increase to $4.25 and $4.70.
However, a drop below the 20-day EMA ($2.86) could indicate a weakening of the bulls.
No protocol
NEAR Protocol (NEAR) reached resistance at $6.50 after breaking through the 50-day SMA ($4.71) on November 11. If this level is broken, the next targets will be $7.70 and $8.58.
But if the price drops below the 20-day moving average ($4.96), the probability of fluctuation in the range of $3.42 to $6.50 will increase.
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