Bitcoin looks ripe for a recovery, and so do ETH, DOGE, LTC and XMR

Bitcoin's (BTC) decline earlier in the week may have attracted short-term traders to book profits. Although the price has dropped to $68,000, analysts are positive on the market. They predict that Bitcoin will find support between $65,000 and $68,000.

The next major trigger for cryptocurrency markets is the United States election. “If results are too close to call and it takes a long time to get the results, volatility can increase,” FalconX head of research David Launt said in a market report.

Dean Skurka, president and CEO of WonderFi, said in an interview with Cointelegraph that regardless of the outcome of the election, the price of Bitcoin is likely to rise in the long term. Skurka believes interest rate cuts in the US and Canada could push bitcoin higher in the next 6-24 months.

If Bitcoin rises above $70,000, investor sentiment may improve. This may increase buying in selected altcoins. Let's study the top 5 currencies that look strong on the charts.

Bitcoin price analysis

Bitcoin's retracement reached its 20-day exponential moving average ($68,194), a critical support that should be expected in the near term.

If the price bounces back from the 20-day EMA and is above $70,000, it indicates that buyers are trying to pull back. The BTC/USDT pair can rally to $72,000 and then to $73,777. Sellers are expected to defend the zone between $72,000 and $73,777, but if the bulls win, the pair could start a new swing towards the target objective of $93,554.

The bears need to pull and sustain the price below the 20-day EMA to lose its bullish outlook. The pair may sink towards the 50-day simple moving average ($65,002).

The pair broke below the high line indicating that the bears are dominant. Buyers will try to return the price above the high line, but they may face strong resistance from the sellers.

If the price turns above the high line, it indicates that the bears have reversed the level to resistance. That increases the risk of going down to $65,000.

If the price rises above $70,000, this negative view will be rejected in the near future. The couple can then withdraw to $72,000.

Ether price analysis

Ether (ETH) has fallen to a support line in a symmetric triangle pattern, which could attract buyers.

If the price breaks out of the support line and rises above the 20-day EMA ($2,540), this indicates that the ETH/USDT pair may rise to the triangle resistance line. This is an important level to watch out for as the close above it could start moving towards $3,400. The $2,850 level could serve as a resistance, but could be crossed.

A triangle will provide support to the bears if the price breaks and closes below the support line. That could start to drop to $2,150 and eventually $2,111.

The bulls are trying to defend the support line. The first strength signal breaks and closes above the 50-SMA. If this happens, the pair may increase to $2,600 and then to the resistance line.

On the contrary, if the swing changes below the moving averages, it shows that the bears are in control. This increases the possibility of a break below the support line. The pair could dive towards $2,310.

Dogecoin token price analysis

Dogecoin (DOGE) declined from $0.18 on October 30 and reached the 20-day EMA ($0.14) on November 3.

During an upward move, traders usually buy for a dip in the 20-day EMA. If the price recovers from the 20-day EMA, the bulls will try to drive the DOGE/USDT pair above the $0.18 resistance. If you do that, the pair can increase to $0.21.

Conversely, if the price slips below the 20-day EMA, it suggests the bulls have given up. The pair may drop to the 50-day SMA ($0.12), which may attract buyers.

The pair is trying to find support on the high line. If the price bounces back from the high line and rises above the low line, it indicates that the reversal may have been over. The pair may test the $0.18 rally. A break and close above $0.18 could initiate the next leg of the uptrend.

Contrary to this assumption, if the price is below the bearish line, the pair may drop to $0.13 and then to $0.12.

Related: Here's what's happening in crypto today.

Litecoin price analysis

Litecoin (LTC) is rising in an ascending channel pattern, indicating a slight edge for buyers.

Traders buy dips to the support line and sell near the resistance line in an ascending channel. If the price breaks from the support line and rises above the 20-day EMA ($69.65), it will open the doors to the resistance line near $77. This level may attract bear selling.

On the downside, if the price breaks and closes below the support line, it indicates a short-term trend change. The LTC/USDT pair may slide to $62 and then to $59.

The 4-hour chart shows that the pair is falling into a descending channel pattern. The price has reached a support line where buyers can enter. Any attempt at a recovery would expect selling at the 20-EMA. If the price drops below the 20-EMA, it indicates selling in rallies. A break and close below the support line could sink the pair to $62.

Buyers should drive and hold the price above the 50-SMA to signal that the selling pressure is easing. Then the pair can rise to the defensive line.

Monero token price analysis

Monero (XMR) has been trading in the $135 to $180 range for several days, indicating buying on dips and selling on rallies.

The price fell below its moving average on October 31, but the bulls didn't give much ground to the bears. This indicates that selling will dry up at low levels. Buyers are trying to push the price back above the moving averages. If they succeed, the XMR/USDT pair could rise to $166. A break above this level could continue its journey towards $180.

If the price declines and breaks below $150, this optimism will be invalidated in the near term. That could take the price to $144 and then to $135.

The pair is stuck in a tight range between $153 and $165. If buyers push the price above the 50-SMA, the pair may try to rise above $165 again. A close above this resistance could push the pair towards $170 and later towards $180.

Instead, if the price falls below the 20-EMA, the pair may drop to $153. A break and close below this support would indicate gains for the bears. That could start a downward trip to $148.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.