SPX, DXY, BTC, ETH, SOL, BNB, XRP, DOGE, ADA, SHIB
Bitcoin (BTC) is trying to start the new week on a positive note by rising above the $92,000 resistance. The sharp rally over the past few days hasn't stopped long-term bulls from buying more bitcoin. MicroStrategy announced on November 18 that it had bought 51,780 bitcoins worth $4.6 billion for approximately $88,627. This micro strategy takes the total Bitcoin holdings to 331,200 Bitcoin.
Paul Tudor Jones is another prominent investor who has increased exposure to Bitcoin. The billionaire investor added a $130 million position in BlackRock, a bitcoin exchange, in the third quarter, bringing the fund's bitcoin holdings to $160 million.
Daily cryptocurrency market performance. Source: Coin360
Long-term investors expect Bitcoin to go much higher. Cathy Wood of ARK Invest said in an interview with CNBC that bitcoin “has a long way to go.” Wood believes that “regulatory relief” from the new US administration will continue the momentum.
What are the necessary protection levels that must be crossed for growth in Bitcoin and altcoins to continue? Let's examine the charts to find out.
S&P 500 Index Price Analysis
The S&P 500 Index (SPX) showed its profit-booking credentials last week, pushing its price below its 20-day exponential moving average (5,877).
SPX daily chart. Source: TradingView
Bulls usually buy the baits in a strong rally to the 20-day EMA. If the price recovers strongly from the 20-day EMA, it improves the chances of continuation of the upward movement. Breaks over 6,017 and closes to 6,221 and eventually opens doors to 6,500.
On the contrary, if the 20-day EMA gives way, the index may drop to the 50-day simple moving average (5,780). A break and close below the 50-day SMA will favor the bears in the short term.
Analysis of the price of the US dollar index
The US Dollar Index (DXY) continued its bullish run last week, indicating bulls' interest.
DXY Daily Chart. Source: TradingView
The move to the upside is expected to meet strong selling in the 107 to 108 resistance zone. If the price continues lower and breaks below 106, it indicates profit booking by bulls. The index may decline towards the 20-day EMA (105). Buyers should defend against the 20-day EMA if they want to maintain the bullish momentum.
On the downside, if buyers pierce the resistance zone above, this could signal the start of a new uptrend. The index may rise to 114 and then to the pattern target of 116.50.
Bitcoin price analysis
Bitcoin bulls are trying to continue their rise but are facing strong resistance from bears in the $92,000 to $93,265 zone.
BTC/USDT Daily Chart. Source: TradingView
The first support on the lower side is the upward line. If this support is breached, the BTC/USDT pair may drop to $85,000. Buyers are expected to strongly defend the $85,000 level as a break below it could sink the pair to the 20-day EMA ($81,772). The deeper the retracement, the longer it takes to start the next uptrend leg.
If the price continues higher and breaks above $93,265, it will indicate that the momentum of the bull remains intact. The pair could travel to $100,000 and then to $113,331.
Ether price analysis
Ether (ETH) is taking support at the 38.2% Fibonacci retracement level at $3,028, which is a positive sign.
ETH/USDT Daily Chart. Source: TradingView
An uptrending 20-day EMA ($2,953) and an RSI in positive territory indicate upside for buyers. If the bulls push the price above $3,220, the ETH/USDT pair can retest the lower line. This level is expected as a strong resistance feature, but if the bulls win, the pair can increase to $3,900.
Conversely, if the price declines and breaks below the 20-day EMA, it indicates that the bulls are losing their grip. The pair may drop towards $2,850 and then towards the 50-day SMA ($2,664).
Solana price analysis
Solana (SOL) successfully tested the $210 breakout level, indicating that the bulls have turned the level into support.
SOL/USDT Daily Chart. Source: TradingView
The SOL/USDT pair started a new uptrend after breaking above $225 on November 17. The pair could rally towards $260, which could pose a major challenge to the bulls. However, if the buyers go their way, the pair could rise to $304.
Time is running out for the bears. If they want to prevent the move to the upside, they need to quickly pull the price back below $210. Such a move shows that markets have rejected a downturn. The pair may fall towards the 50-day SMA ($171).
BNB price analysis
Buyers pushed the price above $635 resistance on November 17, but the bears held their ground. On a slight positive note, the bulls did not allow BNB (BNB) to slip below the 20-day EMA ($609).
BNB/USDT Daily Chart. Source: TradingView
Buyers will again try to push the price above $635 and hold. If they manage to do that, the BNB/USDT pair could rise to $667. This level could act as a barrier, but if the bulls clear, the pair could rise to $722.
Contrary to this assumption, if the price declines and breaks below the 20-day EMA, it will indicate that the bulls have given up. That could sink the pair to the 50-day SMA ($588) and then to the upside line.
XRP price analysis
XRP (XRP) It declined from $1.27 on November 17 but found support near the 38.2% Fibonacci retracement level of $0.97.
XRP/USDT Daily Chart. Source: TradingView
The bulls are buying the dip and trying to push the price above $1.27 again. If they succeed, the XRP/USDT pair could rise to $1.40 and then to $1.70.
However, the recent rally pushed the RSI into overbought territory. This shows that the markets should be overheated in the short term. This may result in a minor correction or consolidation for a period of time. If the price declines from $1.27, the pair may fall to $1 and stay between these two levels for a few days.
Related: Why Is XRP Price Rising Today?
Dogecoin price analysis
Dogecoin (DOGE) is taking support above the 38.2% Fibonacci retracement level at $0.33.
DOGE/USDT Daily Chart. Source: TradingView
A shallow retracement suggests the bulls will continue the uptrend. If buyers push the price above $0.39, the DOGE/USDT pair could jump to $0.44. This level can act as a barrier, but if the bulls overcome it, the pair could rise to $0.50 and later to $0.59.
If the price declines and breaks below $0.32, this bullish outlook is worthless in the near term. The pair may fall towards the 20-day EMA ($0.28), which is expected to attract buyers.
Cardano price analysis
Sellers tried to block Cardano's ( ADA ) move near $0.80 on November 16, but a shallow retracement on November 17 showed buying on every minor dip.
ADA/USDT Daily Chart. Source: TradingView
The bulls are again trying to clear the overhead barrier at $0.80. If they manage to do that, the ADA/USDT pair could start the next leg of the uptrend. The pair may rise to $1 and then to $1.25.
On the contrary, if the price falls below $0.80, it shows that the bears will defend the level strongly. To initiate a deeper correction to $0.65 and then to the 20-day EMA ($0.54), sellers need to push the price below $0.70.
Shiba Inu price analysis
Shiba Inu (SHIB) has been holding above the 20-day EMA ($0.000022), but the bulls are struggling to start a strong rally.
SHIB/USDT Daily Chart. Source: TradingView
The first sign of strength will be the close above $0.000026. If that happens, the SHIB/USDT pair could rise to $0.000030. Sellers will create a strong challenge at $0.000030, but if the bulls win, the pair will complete a head and shoulders pattern. The pair may rally to $0.000039 and then to $0.000047.
Alternatively, if the price declines and breaks below the 20-day EMA, it indicates that the bulls are losing their grip. The pair may descend towards the 50-day SMA ($0.000019).
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.
