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Edited by Iravan774 at 22-12-2023 11:53 AM
Here are the English translations:
1. **Bitcoin Pauses, SOL, LINK, NEAR, and THETA Rapidly Rise**
In recent days, the price of Bitcoin has been consolidating above $35,000, but the bulls have failed to recover the upward trend above $38,000. This indicates hesitation at higher levels. Another round of adjustments in the market may occur before the approval of the application for a Bitcoin exchange-traded fund (ETF).
Many analysts generally believe that Bitcoin may experience a short-term pullback, with the most pessimistic scenario suggesting a potential drop to $30,000. However, this decline is unlikely to signal the entry into a bear market. On-chain data indicates that the Bitcoin bull market is still in its early stages, as the "Fear of Missing Out (FOMO)" phenomenon has not yet materialized.
With Bitcoin's volatility, some altcoins have experienced pullbacks, but others show signs of a resurgence. The application for an Ethereum spot ETF submitted to Fidelity and BlackRock indicates strong demand for specific altcoin investments.
2. **Bitcoin Price Analysis:**
The positive sign for Bitcoin is that bulls are reluctant to let the price fall below the 20-day moving average ($35,666). Upward-sloping moving averages and a positive Relative Strength Index (RSI) in the positive zone indicate that the bulls are currently in control. If the price rebounds from the 20-day moving average, bulls will attempt to overcome the $38,000 obstacle again.
If successful, the BTC/USDT pair could reach $40,000. Although bears may sell heavily at this level, if buyers break through, the rebound may eventually surpass $48,000.
The first weakness fundamentally is a closing price below the 20-day moving average, indicating potential short-term range volatility. The currency pair may maintain between $34,800 and $38,000 for some time. Breaking below $34,800 could lead to further declines to around $32,400.
The 4-hour chart shows fluctuation between $38,000 and $34,800. Both moving averages are flattening, and RSI near the midpoint indicates the possibility of continued range-bound trading for some time.
3. **Solana Price Analysis:**
On November 16, SOL broke below the $59 breakthrough level, but bears failed to capitalize on this advantage. This indicates that selling pressure has dried up at lower levels.
Bulls are trying again to push the price back above $59. If successful, it would indicate that the market has rejected lower levels. The SOL/USDT pair could rise to $68.20. If this level is breached, the currency pair may resume its upward trend, with the next targets at $77 and then $95.
If the price falls and breaks below $48, this bullish trend may fail. This could lead to a simpler test of the 50-day moving average ($35.47). The 20 EMA is flattening, and RSI is slightly above the midpoint, indicating a relatively balanced market. If buyers can push the price above $64, it could pose a significant challenge, targeting the local high of $68.20.
Conversely, if the price falls and breaks below $54, this would bring back bearish forces. Next, the currency pair could drop to $51 and eventually test support around $48. Breaking below this level would give an advantage to the bears.
4. **Chainlink Price Analysis:**
The pullback found strong support at the 20-day moving average ($13.42), indicating continued interest in lower price levels.
Bulls will try to push the price above the local high of $16.60. This level may become a battleground for both bulls and bears, but once resistance is overcome, the LINK/USDT pair could start the next uptrend, targeting $20.
Conversely, if the price falls below $15.38, indicating bears are selling at highs, they might aim to push the price down to the 61.8% Fibonacci retracement level below $13.55. The currency pair could then slide to the 50-day moving average level ($10.54).
The pair has been in a declining wedge for a while, and traders typically choose to sell near the wedge resistance line, which is the current scenario. If the price falls below $13.36, it could open the door to support testing.
However, if buyers successfully push the price above the wedge, it could signal the end of the correction. At this point, the currency pair may first rise to $15.38 and then challenge $16.60. The 20-day EMA and RSI near the midpoint show no clear trend toward either bulls or bears.
5. **Theta Price Analysis:**
After a few days of consolidation, the stock found support at the 20-day moving average ($0.88). This shows that market sentiment remains optimistic, and traders see recent drops as buying opportunities.
A rebound from the 20-day moving average may face resistance at the psychological level of $1. Once surpassed, the THETA/USDT pair could accelerate sharply, targeting $1.05 and then $1.20. Even so, enhanced resistance may appear again, but if surpassed, the pair may quickly rise to $1.33.
To prevent the rebound, bears need to quickly pull the price back below the 20-day moving average. This would indicate that bulls might be eager to exit, and the pair may undergo further modifications, testing the 50-day moving average ($0.72).
The pair has been correcting within a descending wedge, typically a bullish pattern. To give a strong signal, buyers need to push the price above and sustain it above the wedge. This may allow the pair to first rise to $1.05 and then test resistance at $1.20. Conversely, if the price falls below the resistance line, it may mean the pair will spend more time within the wedge. Once below the wedge, market sentiment could turn bearish. |
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Post time 25-11-2023 13:24:09