Originally published on: November 13, 2024
BitcoinBTC continues its relentless climb, surpassing $93,000 on November 13, with a surge in US-based spot Bitcoin exchange-traded funds inflows. Analysts speculate that BTC could hit $100,000 by the presidential inauguration on January 20.
Despite this bullish outlook, some experts suggest that Bitcoin may need to consolidate before resuming its upward trajectory. Material Indicators co-founder Keith Alan emphasizes the importance of establishing structural support in the current range.
As Bitcoin’s RSI enters overbought territory, a minor correction or consolidation may be on the horizon. The immediate support lies at $85,000, with a potential pullback to the 20-day EMA at $76,451. Breaking above $93,554 could propel BTC to $100,000 and beyond to $113,331.
EthereumETH faces resistance near $3,443, signaling a possible downtrend. However, buyers are stepping in at key Fibonacci retracement levels, hinting at a potential rally towards $3,800 and $4,094 if the downtrend line is breached.
SolanaSOL has broken above $210, establishing a bullish advantage. Maintaining support above this level could lead SOL to $225 and $260. Conversely, a drop below the 20-day EMA at $188 may trigger a decline to the 50-day SMA at $164.
Binance CoinBNB briefly surpassed $635 before retracing back within the range. Strong buying pressure near the 20-day EMA at $602 suggests a potential rally towards $722 if buyers breach $667.
DogecoinDOGE’s vertical surge faces resistance at $0.44, with support at $0.32 and $0.29. A breakthrough above $0.44 could propel DOGE to $0.50 and $0.59.
XRP’s breakout above $0.64 may lead to consolidation between $0.64 and $0.74, with upside potential towards $1.07. Breaking below $0.64 could invalidate this outlook.
CardanoADA’s attempt to breach $0.66 was met with resistance, prompting a dip towards key retracement levels. Resuming the uptrend requires overcoming $0.66 towards $0.77.
Shiba InuSHIB faces a hurdle at $0.000030, with support near $0.000023. Breaking above $0.000030 could send SHIB to $0.000033 and $0.000039.
ToncoinTON must defend the $4.72 to $4.44 support zone to avoid a possible decline to $3.50. Breaking above $6 is crucial to negate the bearish setup.
AvalancheAVAX’s rejection from the resistance line suggests profit-taking, with support at the 20-day EMA at $28.99. A push above the resistance line could propel AVAX to $41.80.
As crypto prices continue to fluctuate, investors must stay vigilant and adapt to market conditions. Explore investment opportunities, mitigate risks, and refine trading strategies to navigate the dynamic cryptocurrency landscape effectively.
