Bitcoin is still shaking! Analyst: But the bullish signals for “these 4 coins” are super strong
Bitcoin faced a correction after repeatedly rising above 99,000, and fell below $96,000 early this morning (25th), indicating that short-term traders began to take profits as they approached the $100,000 mark.
(Cointelegraph) Senior analyst Rakesh Upadhyay believes that pullbacks are part of every bull market phase and novice traders may panic because of it, but experienced traders will see pullbacks as buying opportunities.
From a technical perspective, Bitcoin has not "corrected significantly" after encountering resistance near $100,000. The important 20-day and 50-day moving averages are still rising, and the relative strength index (RSI) is also in the overbought zone. It means that it is expected to rise further in the future.
Upadhyay predicted that if Bitcoin can officially break out and hold above $100,000, it could accelerate to $113,331 and then $125,000.
If Bitcoin pulls back significantly, the first level of support is at the Uptrend Line, followed by the 20-day exponential moving average EMA ($88,386). A bounce above the 20-day EMA would resume the uptrend. But if $85,000, around $100,000 could be a short-term top.
Source: Cointelegraph Bitcoin ($BTC) price trend analysis
Although Bitcoin is currently in a volatile correction trend, Upadhyay believes that funds are expected to flow into the Altcoin market at this time. He issued an article early this morning, naming 4 cryptocurrencies with strong bullish signals and providing short-term support and resistance. The position analysis is for reference only and does not serve as an investment basis.
Binance Coin ($BNB) Price Trend Analysis
Upadhyay pointed out that Binance Coin ($BNB) broke through the resistance level of $667 twice on November 23 and 24, but a long upper shadow line appeared on the K line, indicating that there was a large selling price at the high level.
On the daily basis, the 20-day EMA ($619) is key support in the short-term. A bounce off the 20-day EMA could set the bulls up for another attempt to challenge the $722 high. This level could once again act as strong resistance, but a breakout could set the stage for a move to new highs of $810.
If the bears want to halt the rise, they will have to quickly sink the price below the 20-day EMA. If it falls below this moving average, it means that the market has rejected the breakout and may fall further to the uptrend line.
Source: Cointelegraph Binance Coin ($BNB) price trend analysis
Avalanche ($AVAX) Price Trend Analysis
Upadhyay noted that Avalanche ($AVAX) broke out of the resistance line of an ascending channel pattern on November 22, but faced selling pressure at higher points.
Looking at the daily chart, $AVAX may retest the breakout level above the ascending channel. If it can rebound strongly from the resistance line, it will mean that the breakout level has been turned into a support level, and then it may further challenge the $50 high.
However, if $AVAX breaks below the resistance line, it would signify that the bulls are losing control, and a decline to the 20-day EMA ($34.34) could follow, where buyers are expected to enter again.
Chart source: CointelegraphAvalanche ($AVAX) price trend analysis
NEAR Protocol ($NEAR) Price Trend Analysis
Upadhyay noted that NEAR Protocol ($NEAR) broke above top resistance at $6.50 on November 24, but bulls were unable to sustain the breakout.
On the daily chart, $NEAR could fall towards key short-term support at the 20-day EMA ($5.48). A strong rebound from the 20-day EMA could lead to a challenge to $8.58 and then $9.01.
But if $NEAR breaks below and closes daily below the 20-day EMA, a breakout of $6.50 could be a bull trap, followed by a possible plunge to the 50-day EMA ($4.86) at $3.42 to $6.50 Continue to consolidate within the large range for a period of time.
Source: CointelegraphNEAR Protocol ($NEAR) price trend analysis
OKB ($OKB) Price Trend Analysis
Upadhyay noted that OKB ($OKB) has been attempting to change the trend with a series of higher highs and higher lows.
On November 23, $OKB accelerated its gains above $48, paving the way to highs of $62 and $68.
From a daily perspective, $48 is expected to act as support during the pullback, and a rebound from $48 would mean that market sentiment remains positive and traders are buying on dips.
However, if $OKB breaks below the $48 support during the pullback, a drop to the 20-day EMA ($44.79) is possible. The deeper the decline, the longer it will take for the rise to recover.
Source: CointelegraphOKB ($OKB) price analysis
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
"Bitcoin is still shaking! Analyst: But the bullish signals for "these four coins" are very strong, and may they surge this week? "This article was first published in "CryptoCity"
