Bitcoin appears capable of a rebound, as do ETH, DOGE, LTC, and XMR.

Bitcoin (BTC)’s rejection from near all-time highs earlier in the week may have prompted short-term traders to book profits. Despite the price dropping close to $68,000, analysts remain positive on the market. They expect Bitcoin to find support between $65,000 and $68,000.

The next major event for the cryptocurrency market is the US election. In a market report, David Lawant, head of research at FalconX, said volatility could increase “if the outcome is too close to call and too much time takes to reach the outcome.”

WonderFi President and CEO Dean Skurka said in an interview with Cointelegraph that the price of Bitcoin is likely to rise in the long term regardless of the election outcome. Skurka believes that interest rate cuts in the US and Canada could push Bitcoin higher in the next 6-24 months.

Short-term investor sentiment could improve if Bitcoin rises above $70,000. This may increase purchases of some altcoins. Let’s take a look at the top five cryptocurrencies that are showing strength on the charts.

Bitcoin Price Analysis

Bitcoin’s downtrend has reached the 20-day exponential moving average ($68,194), which is an important support level to watch in the near term.

If the price bounces off the 20-day EMA and rises above $70,000, it is a sign that buyers are attempting a comeback. The BTC/USDT pair could rise to $72,000 and then rise to $73,777. Sellers are expected to fiercely defend the area between $72,000 and $73,777, but if bulls prevail, the pair could begin a new upward trend towards the target target of $93,554.

Bears would need to keep the price below the 20-day EMA to negate the bullish outlook. This could lead to a decline towards the 50-day simple moving average ($65,002).

It breaks below the uptrend line, indicating that the downtrend has the upper hand. Buyers will attempt to push the price back above the rising trend line, but will likely face strong resistance from sellers.

If the price falls from an upward trend line, it is a sign that the downtrend has reversed to a resistance line. This increases the risk of a decline to $65,000.

This negative view will be invalidated in the near term if the price rises above $70,000. The pair could then go up to $72,000.

Ether Price Analysis

Ethereum (ETH) is expected to fall to the support line of the symmetrical triangle pattern, attracting the attention of buyers.

If the price rises from the support line and rises above the 20-day EMA ($2,540), it is a sign that the ETH/USDT pair may rise towards the triangle resistance line. This is an important level to watch out for as a break above this level could initiate a move towards $3,400. The $2,850 level could act as resistance, but a crossover is likely.

If the price falls and closes below the support line, the triangle resolves in favor of the bears. It could start to fall towards $2,150 and eventually fall to $2,111.

The bulls are attempting to defend the support line. The first sign of strength would be a breakout and close above the 50-SMA. If that happens, the pair could rise to $2,600 and then reach the resistance level.

Conversely, a downward bounce from the moving average indicates that the downtrend is under control. This increases the likelihood of a breakout below support. The pair could then plummet to $2,310.

Dogecoin Token Price Analysis

Dogecoin (DOGE) was trading lower at $0.18 on October 30 and reached the 20-day EMA ($0.14) on November 3.

In an upward move, traders typically buy dips up to the 20-day EMA. If the price bounces off the 20-day EMA, the bulls will again try to push the DOGE/USDT pair above the $0.18 resistance. That could push the pair up to $0.21.

Conversely, if the price falls and remains below the 20-day EMA, it means that the uptrend has been abandoned. The pair could then plunge towards its 50-day SMA ($0.12), attracting buyers.

The currency pair is trying to find support on the rising trend line. When the price bounces off the uptrend line and rises above the downtrend line, it means the downtrend is over. The pair could try to rise to $0.18. A close above $0.18 could begin the next leg of the uptrend.

Contrary to this assumption, if the price falls below the upward trend line, the pair could fall to $0.13 and then to $0.12.

relevant: Here’s what happened in the cryptocurrency industry today

Litecoin price analysis

Litecoin (LTC) is rising within a rising channel pattern, giving buyers a slight edge.

Traders buy dips up to support and sell near resistance in rising channels. If the price rebounds from support and rises above the 20-day EMA ($69.65), the door will be opened for a bounce to resistance near $77. This level is likely to induce selling on the downside.

The downside is that if the price falls and closes below the support line, it signals a short-term trend change. The LTC/USDT pair may fall to $62 and then to $59.

Looking at the 4-hour chart, we can see that the pair is falling inside a descending channel pattern. The price has reached a support level where buyers are likely to intervene. Any recovery attempt is expected to be met with selling at the 20-EMA. If the price falls from the 20-EMA, it means a rally sell. If the price closes below the support line, the price could fall to $62.

Buyers should keep the price above the 50-SMA to suggest that selling pressure is waning. The pair may then rise to the resistance level.

Monero Token Price Analysis

Monero (XMR) has been trading in a large range between $135 and $180 for several days, with buying on the downside and selling on the rise.

Prices fell below the moving average on October 31, but the bulls didn’t give much to the bears. This means the sale will close at a lower level. Buyers are trying to push the price back above the moving average. If successful, the XMR/USDT pair could go as high as $166. A break above this level could resume the journey towards $180.

This optimistic view will be invalidated in the near term if the price declines and falls below $150. This could push the price to $144 and then to $135.

The pair is stuck within a narrow range between $153 and $165. If buyers push the price above the 50-SMA, the pair could attempt to rise above $165 again. If the price closes above this resistance line, the pair could rise to $170 and later to $180.

Instead, if the price stays below the 20-EMA, the pair could fall to $153. If the price closes below this support line, it will be a favorable signal for the bears. Then a decline to $148 could begin.