Briefly, after creating a new all-time high in mid-October, bitcoin dipped and continued to trade in consolidation while respecting the key support level of $57,000. After ranging for more than two weeks, Bitcoin respected the falling wedge pattern on the 1 hr time frame and pumped aggressively.
Our price analysis dated 31st and 1st stated that the condition upon which more uptrends are built is BTC breaking and claiming the $63,800 resistance level. It appears that this condition has been fulfilled, and we are currently experiencing some bullishness in the market. Price action above $63,800 signifies an uptrend, but below implies, we are back to the consolidation phase.
Currently, Bitcoin is approaching our next key resistance level of the previous ATH of $67,000, and if this mark is broken, we'll see BTC setting a new all-time high in the $70,000 zone. However, if the price does not break above the previous all-time high, we may be experiencing some minor correction in the market.
On the upside, our immediate resistance level is $67,000, next is $70,000, then followed by $75,000$(-0.27 of Fibonacci) before we visit the $85,000(-0.61 of Fibonacci). However, if the price cannot break the previous all-time high, our support level is pegged at $63,800 levels. A breach below that level, and we are back in a range.
BTCUSD is uptrend across all zones( short term, mid-term and long term), but the momentum is mixed as the MACD line is below the signal line, indicating bearish momentum. Also, RSI is at 65, confirming the market is nearing its overbought zone and, as such, may correct anytime time soon.
Ethereum cashed in on bitcoin's breakout move and created another all-time high of $4,773 before retracting a bit. With ethereum currently testing the $4,700 levels, it appears that smashing the $5,000 level before the end of the month is possible. However, let's look at some requirements that need to be met before claiming $5,000.
From the one hourly TF, the nearest resistance level is pegged around $4,430 and has already been broken. The next important resistance is pegged at $4,750. Breaking above this resistance zone will be a confirmation of the birth of another upward rally. And this will set the resistance level of $4,800 in view.
A break above the $4,800 level makes the condition necessary for claiming $5,000 feasible. But we don't want to see the price unable to claim a $4,800 resistance level, as this will set in motion a possible bearish correction. If this second scenario plays out, our nearest resistance level is at $4,680.
Ethereum is currently in an uptrend in both the short to long term. Also, momentum at the moment is still bullish but in an inflecting manner. The MACD line is below the signal line, indicating that the momentum has peaked and the price may soon correct. The RSI is currently at 69 levels, indicating the market is very close to the overbought zone and that a correction is imminent.
Looking at the BCHUSD pair from the 4-hour time frame, the price has respected the key support level of $570 without breaching below, indicating a healthy momentum for BCHUSD. On the 6th of November, BCH broke out of the falling wedge pattern, indicating a reversal of market trend, and has maintained a consistent upward trend since then.
However, the pair is still not clearly out of the woods as Bitcoin's price action largely influences the current market trend. However, to get a confirmed upward trend pattern, the pair will need to break above the previous 200 moving days' average resistance level of $675. If price action breaks above this level, we may see price visiting the resistance level of o $700, then $750.
On the downtrend, our immediate support level is at the 50 days moving average support level of 581, followed by 570 levels. The major support is at the $500 level, and a breach below this level will see the pair dumping hard to the lower part of $400.
The on-balance volume on bitcoin cash is increasing, indicating more buying than selling activities are going on in the market. However, BCH is on a downward trend on both midterm, term, and long term, while in an uptrend on the short term basis. The momentum is currently bearish, as the MACD line is below the Signal line at RSI is at 57.
Two days ago, on the 4 hours TF, LTC made a bullish breakout from falling wedge pattern and also broke above the $190 resistance level on the 200-day moving average. Thus, confirming a reversal of a market trend. In the last 24hours, LTC has gained about 6% in strength after breaking its next resistance level at $210.
However, the pair seems to be in a tussle between the bulls and the bears. The bulls seem to be holding prices around the $210 level, and that is healthy. We may see a breakout soon as Volatility seems to be consolidating around that level. And if this happens, our next mark is at the $215 minor resistance level, and the major resistance is at the $250 level.
If the bulls can not maintain another breakout above $210, the price may dip back to our immediate support level at $202, then $195, and subsequently $191. A breach below the $191 support level will send the price spiraling down to $184 or $191 support levels.
Litecoin is in an Uptrend on all terms. The momentum is currently bullish as the MACD line is above the signal line and tilting upwards. While the RSI is on 68, indicating the market is in favor of the bulls. The on-balance volume also shows more buying than selling activities, further confirming control of the buyers over the market activities.
The XRPUSD pair has broken and claimed the $1.20 resistance level, confirming bullish momentum. After claiming the $1.20 resistance level, the price made a bullish run and surpassed the minor resistance levels of $1.25, $1.27, and $1.29 to face resistance at the $1.30 level. Price is currently facing some minor corrections.
However, we don't want to see price action breaching below $1.20 key support levels as this will force the price to correct even further. But if price action is maintained above $1.20, we may see the pair's price creating further higher highs. Our next resistance level is at the $1.30 level, and if broken, we may claim the $1.35 resistance level.
Notwithstanding, as long as price action is maintained above $1.25, the market is still bullish and in an uptrend.
XRPUSD is currently in an uptrend on both the short to long-term basis. The momentum is also bullish as the MACD line has crossed the signal line and is tilting upward. The RSI is bullish; however, it is at the 65 levels, indicating the market is nearing its overbought zone.
Doge followed Bitcoin's price spike, gained some bullish momentum, and rallied upwards in the early hours of today. But was unable to scale above the $0.30 resistance level and got rejected at the $0.297 level. Forcing price to correct back to support levels of $0.27. For an uptrend to be maintained, the bulls will need to maintain a price above the 200-day moving average resistance level of $0.30.
Successfully breaking the 200-days moving average resistance will see the price heading for the next resistance level at $0.35, then $0.40. On the flip side, our immediate support level is $0.27, $0.20, and $0.16, respectively.
Doge/USD pair is in an upward movement In the short to mid-term level but in a downtrend in the long term. The momentum is also bullish, as the MACD line is below the signal line but tilting upward in preparation to cross the signal line. The RSI is at the 57 levels, indicating an overall bullish momentum in the market.
Ada seems to be gaining momentum as it appears to be in an accumulation stage and gradually building upwards. However, there is no clear upward pattern in the pair, despite BTC's upward rally. Ada merely moved slightly. If market bullishness is maintained, Ada will see more movements on the upside.
For the ADAUSD pair to set a clear pattern to the upside, the bulls will need to reclaim the previous high of $2.50. And also ensure that the support level of $1.87 is not violated.
Ada is in a downtrend on both the short-term and midterm basis. But it appears to be neutral on a long-term basis. The momentum is quite bearish even though the MACD line has crossed the signal line and is slowly pointing upwards. However, the RSI is at 54, indicating a slight increase in buying pressure.
Bitcoin / Ethereum = 0.71, Bitcoin / Bitcoin cash = 0.86, bitcoin / Litecoin =0.38, Bitcoin / Ripple = 0.61, Bitcoin / Cardano = 0.34, Bitcoin / Doge =0.74.
Most bitcoins have made significant movements in the last 24hours following Bitcoin's breakout after consolidating for days, further sealing bitcoin's influence over the market.
