Bitcoin's Indecision
Bitcoin (BTC) briefly rose above $38,000 on November 24th but failed to maintain that level. This suggests caution among buyers at higher prices. The cryptocurrency is on track to form a Doji candlestick pattern on the weekly chart, indicating uncertainty about its next move.
Expert Opinions
BitMEX co-founder Arthur Hayes remains bullish on Bitcoin, citing increasing US dollar liquidity as a potential catalyst for further gains. Meanwhile, PlanB, creator of BTC price models, expects Bitcoin to reach an average price of $100,000 between 2024 and 2028.
Caution Amid Bullish Sentiment
While analysts have become increasingly bullish, traders should be cautious as every uptrend is susceptible to corrections. The question remains: will Bitcoin continue its upward trajectory above $38,000 or begin a corrective phase?
Bitcoin Price Analysis
Bitcoin's rally has encountered resistance near $37,980, but buyers are not rushing to close their positions. The immediate support is at the 20-day exponential moving average ($36,546), and a bounce from this level could lead to a break above $37,980 and a potential rally to $40,000. On the downside, a drop below the 20-day EMA may signal profit-taking and a potential decline to $34,800.
Other Cryptocurrencies to Watch
Several other cryptocurrencies are showing potential for further gains:
Uniswap (UNI)
UNI has seen aggressive buying after falling below the 20-day EMA. The price could bounce off support levels and rally above $6.70, completing a double bottom pattern with a target of $9.60.
Immutable (IMX)
IMX has sustained above the breakout level of $1.30, indicating a bullish edge. If buyers can defend this level, the price may climb to $1.86. However, a drop below support could favor the bears.
VeChain (VET)
VET broke above a key resistance level but is struggling to sustain higher prices. A rebound from the 20-day EMA could lead to further gains, while a drop below this level may result in a prolonged consolidation phase.
Algorand (ALGO)
ALGO is approaching a strong resistance zone near $0.14. If buyers can hold their positions, a breakout above this level could lead to a rally with a target of $0.20. However, a break below the critical support at $0.12 may signal a decline to $0.09.
As always, readers should conduct their own research and exercise caution when making investment decisions.
