Bitcoin (BTCUSD) exhibited a rise beyond $38,000 on November 24, but the bulls failed to capitalize on this surge, signaling a reluctance to buy at elevated levels. Bitcoin seems poised to form a Doji candlestick pattern on the weekly chart for the second consecutive week, indicative of indecision among market participants about the next directional move.
related: Bitcoin’s Price Soars Past $38,000, Reaching Highest Level Since May 2022
Despite Bitcoin maintaining proximity to its 18-month high, BitMEX co-founder Arthur Hayes maintained a bullish outlook. In a post on X (formerly Twitter), Hayes highlighted the increasing liquidity of the United States dollar, suggesting a potential upward push for Bitcoin.
PlanB, the creator of the stock-to-flow BTC price models, also expressed optimism, projecting that Bitcoin might not sustain current levels for long. PlanB anticipates Bitcoin to maintain an average price of at least $100,000 between 2024 and 2028.
related: Bitcoin’s Next 700 Days: Combining Historical Patterns, ETF Approvals, and Regulatory Trends
While analysts have recently turned increasingly bullish, caution is advised for traders, recognizing that every uptrend is prone to corrections.
As for Bitcoin’s price analysis, the cryptocurrency encountered resistance near $37,980, with traders anticipating further progress in the uptrend. The 20-day exponential moving average ($36,546) serves as immediate support, and a rebound from this level could signal ongoing buying interest, potentially leading to a break above $37,980.
related: $1M Bitcoin Price, Predicts Crypto Expert Samson Mow
In such a scenario, the BTCUSDT pair might rally to $40,000, facing potential resistance at $38,000, with the possibility of an extended rally to $48,000 if this level converts into support.
Conversely, a drop below the 20-day EMA may indicate profit-taking, potentially pushing the pair down to $34,800.
Moving on to Uniswap (UNIUSD), the cryptocurrency experienced a brief dip below the 20-day EMA ($5.44) on November 21, followed by aggressive buying that led to a sharp rally to $6.60 on November 24. The current challenge lies at the overhead resistance of $6.70, with potential retracement levels at $5.92 and $5.71.
A bounce off these levels could pave the way for a breakout above $6.70, forming a double-bottom pattern with a target objective of $9.60. However, a drop below the 61.8% Fibonacci retracement level of $5.50 may weaken the bullish momentum.
Immutable (IMX) has maintained levels above the breakout level of $1.30, indicating a bullish edge. Potential retracement to the zone between $1.30 and the 20-day EMA ($1.20) may lead to a battle between bulls and bears. A successful defense by bulls could propel the IMXUSDT pair to $1.86, while a breach below the support zone may trigger selling, with a potential correction to $1.
VeChain (VETUSD) witnessed buyers pushing the price above the overhead resistance of $0.023 on November 26. However, sustaining higher levels remains a challenge, with a potential rebound from the 20-day EMA ($0.021) indicating positive sentiment. A successful breach of the obstacle at $0.023 may lead to a rise to $0.027 and a pattern target of $0.031. On the downside, a break below the 20-day EMA may suggest a prolonged range-bound movement between $0.014 and $0.023.
Algorand (ALGOUSD) approached the overhead resistance of $0.14 on November 25, with the potential for a cup-and-handle pattern completion if the bulls hold their ground. Resistance at $0.15 may lead to a rally to $0.20. Conversely, a breach below critical support at $0.12 could result in a drop to $0.11 and then $0.09. Traders are advised to await a breakout before making significant moves, given the current oscillation inside the $0.12 to $0.15 range.
| Cryptocurrency | Symbol | Current Price (USD) | Resistance Level | Support Level | Bullish Scenario | Bearish Scenario |
|---|---|---|---|---|---|---|
| Bitcoin | BTC | $38,000 | $37,980 | $36,546 | Rally to $40,000, potential $48,000 if $38,000 becomes support | Correction to $34,800 if 20-day EMA breached |
| Uniswap | UNI | $6.60 | $6.70 | $5.92 | Breakout above $6.70 forming double bottom, target $9.60 | Weakness below 61.8% Fibonacci retracement at $5.50 |
| Immutable | IMX | $1.30 | $1.30-$1.20 | N/A | Rally to $1.86 if support holds | Break below support triggers selling, potential correction to $1 |
| VeChain | VET | $0.023 | $0.023 | $0.021 | Rise to $0.027, pattern target $0.031 if $0.023 breached | Range-bound movement $0.014-$0.023 if 20-day EMA breached |
| Algorand | ALGO | $0.14 | $0.14-$0.15 | $0.12 | Cup-and-handle pattern completion, target $0.20 | Drop to $0.11, then $0.09 if critical support at $0.12 breached |
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